TORONTO, Aug. 14, 2019 /CNW/ - TruTrace Technologies Inc. (CSE: TTT; OTCQB: TTTSF) ("TruTrace" or the "Company"), creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, today announced the successful completion of Phase 1 of the blockchain-secured pilot program (the "Pilot Program") with Shoppers Drug Mart ("Shoppers"). The Pilot Program is specifically designed to increase transparency, interoperability and product identification within the medical cannabis industry. Shoppers has also engaged TruTrace and Deloitte Canada LLP ("Deloitte") to execute Phase 2 of the Pilot Program, with full production and implementation of TruTrace's StrainSecure platform targeted for late November 2019.
Phase 2 of the Pilot Program, using Deloitte's project management and advisory capacity and TruTrace's StrainSecure™ system, will be focused on developing a unified approach to medical cannabis standards, onboarding licenced producers and other partners to track and trace all product history—from genome to distribution. The program is expected to help researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume.
Under their StrainSecure™ system, the TruTrace team collects plant testing data and performs genomic verification in plant batches which are then registered in a blockchain-enabled database for intellectual property protection and strain validation. All information gathered from the plants, including their molecular and chemical makeup, can be tracked via the technology.
"We have been encouraged by the response to this traceability initiative. There is a clear consensus within the cannabis industry that the source and quality of medical cannabis must be transparent and identifiable in order to meet the expectations of patients and health care practitioners," said Ken Weisbrod, Vice President of Business Development, Shoppers Drug Mart. "It is more important than ever to be able to assure all stakeholders, from regulators to health care practitioners, that the medical cannabis industry is taking the necessary steps to establish the infrastructure required to deliver standardized, consistent medication to our patients. Shoppers has turned to two trusted leaders, TruTrace and Deloitte Canada LLP, to assist us in the second phase of the project."
"As the cannabis sector continues to rapidly evolve in Canada, the industry needs to increase transparency to all stakeholders by demonstrating adherence to rigorous procedures to maintain the overall integrity of the supply chain," said David Stewart, Partner within Deloitte's Forensics practice. "Strengthening traceability and verification of cannabis products will bring benefits to the industry as a whole, and most importantly, build confidence and accountability into the cannabis medical value chain. We are proud to be part of such an important initiative given Deloitte Canada's leadership in the cannabis space."
First announced in early June at the second annual World Cannabis Congress in Saint John, New Brunswick, the Pilot Program is being developed and implemented by TruTrace utilizing their proprietary StrainSecure™ platform. StrainSecure serves as the central hub for identity management, asset tracking, validation and product authentication, as well as a master registry for standardized testing, product verification, and quality assurance.
About TruTrace Technologies:
TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. TruTrace's technology allows cannabis growers and breeders to identify and secure rights to their intellectual property. It also streamlines the administrative process and reduces the costs of genetic and mandatory quality-control testing for legal cannabis. TruTrace's technology is proprietary, immutable and cryptographically secure, thereby establishing an accurate and permanent account for cannabis strains from ownership to market.
About Shoppers Drug Mart:
Shoppers Drug Mart is one of the most recognized and trusted names in Canadian retailing. The company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With almost 1,300 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the company is one of the most convenient retailers in Canada. The company also licenses or owns 47 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec), and provides cosmetic dermatology services at two standalone locations, the Beauty Clinic. As well, the company owns and operates 43 corporate Wellwise by Shoppers Drug Mart stores and an ecommerce site Wellwise.ca, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, and MediSystem Inc., a provider of pharmaceutical products and services to long-term care facilities. Shoppers Drug Mart is an independent operating division of Loblaw Companies Limited.
Disclaimer for Forward-Looking Information
This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace, including statements regarding: the Pilot Program, including its intended scope, characteristics, and perceived benefits; the ability of TruTrace Technologies' platform to increase transparency, interoperability and product identification within the medical cannabis industry; that the initiative should allow researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume; and that Phase 2 of the Pilot Program is expected to be completed by November 2019, followed by full production and implementation. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct and actual results and future events could differ materially from those anticipated in such information. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with: general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States, and elsewhere; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks beyond the Company's control. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release. Forward-looking information contained in this news release is provided as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE TruTrace Technologies Inc.
For further information: TruTrace Technologies Inc: Robert Galarza, Chief Executive Officer and Director; Media Relations: Corey Herscu, RNMKR Agency, 416-300-3030; Investor Inquiries: Swapan Kakumanu, Chief Financial Officer, 844-656-3629, [email protected]