TORONTO, Sept. 11, 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, is pleased to announce that Tilray Canada Ltd. ("Tilray Canada"), a subsidiary of Tilray, Inc. (NASDAQ:TLRY), a global pioneer in cannabis research, cultivation, production and distribution, has joined the Shoppers Drug Mart ("Shoppers") medical cannabis verification pilot program (the "Pilot Program").
The Pilot Program is designed to increase transparency, interoperability and product identification within the medical cannabis industry. Shoppers recently announced the successful completion of Phase 1 of the Pilot Program and the addition of Deloitte Canada LLP in a project management and advisory role to execute Phase 2. Full production and implementation of TruTrace's StrainSecure™ platform is targeted for late November 2019.
First announced by Shoppers in 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.
"Tilray has maintained a keen focus on the importance of quality medical cannabis, from their clinical research initiatives to their strategic partnerships in the global medical market," said TruTrace Technologies CEO Robert Galarza. "We are very excited to begin working with them in the Pilot Program, and we believe our blockchain enabled verification and traceability of their products will only further bolster their global brand."
Under the StrainSecure™ program, the TruTrace team, in conjunction with their partner laboratories, 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 program.
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.
Tilray is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 13 countries spanning five continents.
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]