TORONTO, Aug. 20, 2019 /CNW/ - TruTrace Technologies Inc. (CSE: TTT; OTCQB: TTTSF) ("TruTrace"), creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, today announced that it has signed a letter of intent ("LOI") to establish a strategic working relationship with Anandia Laboratories Inc. ("Anandia"). The two companies intend to collaborate on an integrated testing solution in relation to TruTrace's development of a blockchain-secured traceability ecosystem for the cannabis industry.
Anandia is considered an industry leader in science, genetics, and independent cannabis product testing. Pursuant to the LOI, Anandia will serve as a primary analytical and genetic testing partner in the TruTrace ecosystem. The parties will also explore ways to work together on rapidly expediting and optimizing the testing processes under the Cannabis Act (Canada) as set forth by Health Canada, as well as evolving genetic testing practices in the cannabis industry.
Anandia is also expected to be one of the featured testing facilities in the Shoppers Drug Mart ("Shoppers") and TruTrace Technologies medical cannabis verification pilot program (the "Pilot Program"). As announced by Shoppers at the second annual World Cannabis Congress, the Pilot Program is built on TruTrace's proprietary StrainSecure™ platform, which focuses on testing and verification to confirm the origin, authenticity and quality assurance of cannabis products.
"We are very excited to have Anandia join us as a testing partner in the StrainSecure ecosystem," said TruTrace Technologies CEO Robert Galarza. "Its genetic testing expertise and capabilities combined with its full range of analytical testing makes it a 'one-stop shop' that we expect will play an important role in our traceability program."
"Establishing a comprehensive traceability program is an important step for the cannabis industry in offering full transparency and verification for patients and consumers," said Dr. John Coleman, Anandia President and Co-Founder. "We are supportive of these objectives and look forward to working with TruTrace, Shoppers and others in the Pilot Program."
Under the StrainSecure program, 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 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.
Already the industry leader, Anandia is the largest dedicated cannabis testing lab in Canada. Headquartered among Vancouver's burgeoning tech community, Anandia's new state-of-the-art facility was custom-designed for cannabis testing. Between the company's Vancouver and Toronto labs, Anandia provides 19 different tests and services. These include the full suite of testing services required by Health Canada, plus other value-add tests such as full cannabinoid, terpene, and flavonoid profiling; genetic-based testing; predictive profiling; and genetics archiving services. While operating independently, Anandia is a wholly owned subsidiary of Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) (Frankfurt: 21P; WKN: A1C4WM).
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: Anandia's participation in the Pilot Program; that use of the platform is intended to enable Anandia to provide final test data on medical cannabis products validating the functionality of the TruTrace platform and meeting the quality assurance requirements of Shoppers and the Canadian consumer; and the ability of TruTrace Technologies' platform to bring transparency and integrity to the cannabis industry. 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; that Anandia's participation in the Pilot Program may not result in the expected results of the Pilot Program or support the quality assurance mandate of Shoppers; whether sufficient numbers of researchers, clinicians, physicians, pharmacists and patients will be available to participate in the Pilot Program; potential negative results of the Pilot Program; 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, 403-681-2549, [email protected]; Anandia: Lana Culley, VP, Business Development, 604-367-7910, [email protected]; Sarah Bancroft, Public Relations, 778-866-8769, [email protected]