TORONTO, Oct. 7, 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, and Sigma Analytical Services ("Sigma Analytical"), a provider of comprehensive testing and analytical services for the cannabis industry, today announced that the two companies have entered into a letter of intent ("LOI") to establish a strategic working relationship.
Pursuant to the LOI, TruTrace plans to include Sigma Analytical as a genetics verification and testing partner in its blockchain-secured traceability ecosystem, and the parties will explore development and integration opportunities to rapidly expedite and optimize testing processes in the cannabis and hemp industries.
Sigma Analytical is also expected to participate in the TruTrace Technologies and Shoppers Drug Mart medical cannabis verification pilot program (the "Pilot Program") as a testing partner. The Pilot Program, which is designed to increase transparency, interoperability and product identification within the medical cannabis industry, uses TruTrace's StrainSecure™ technology as a central hub for identity management, asset tracking, validation, and product authentication.
"Sigma has been advancing the understanding of cannabis chemistry and has established a global scientific network of pioneers to facilitate standardizing testing and quality assurance in this new and promising field of science," said Ashton Abrahams, Chief Operating Officer of Sigma Analytical. "Working with TruTrace and Shoppers Drug Mart to track and trace the process and products will have significant synergy with what Sigma is doing and will be valuable to the fast-growing cannabis industry."
"We are pleased to add Sigma Analytical as a partner in our StrainSecure ecosystem," said TruTrace Technologies CEO Robert Galarza. "The Sigma team has established a track record of innovation in the cannabis industry and we look forward to collaborating with them as we continue to build out our platform and processes."
As a full-service testing and research GMP-compliant laboratory, Sigma Analytical offers comprehensive testing and analytical services, as well as R&D, and consulting in cannabis, hemp and derived products across North and South America. Equipped with the most advanced analytical instruments and validated SOPs, Sigma possesses a tremendous amount of acquired know-how and expertise in the areas of cannabis and hemp sample preparation, processing, digestion, method development, and analysis.
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.
About Sigma Analytical Services
Sigma Analytical Services, headquartered in Toronto, Canada, is a unique full-service testing and research GMP-compliant laboratory offering comprehensive testing and analytical services, R&D, and consulting in cannabis and derived products along with consulting and high-level training for set-up and operation of cannabis quality assurance/quality control (QA/QC) and R&D labs. Sigma Analytical maintains a global presence with projects and laboratories spanning North and South America, as well as several strategic partnerships with major analytical instrument providers, testing labs, producers, service providers, and universities across Canada, South America, United States, Europe and Australia. Sigma Analytical has emerged as a thought leader in advancing the understanding of cannabis chemistry and is establishing a global scientific network of pioneers to facilitate research and knowledge sharing in this new and promising field of science.
For more information about the company please contact us at +1 888 406 0016 or visit sigmaanalytical.com.
Disclaimer for Forward-Looking Information
This news release includes forward-looking information within the meaning of Canadian securities legislation, including statements regarding: TruTrace's plans to include Sigma Analytical as a genetics verification and testing partner in its blockchain-secured traceability ecosystem, and that the parties will explore development and integration opportunities to rapidly expedite and optimize testing processes in the cannabis and hemp industries; Sigma Analytical's expected participation in the Pilot Program as a testing partner; and that Sigma Analytical working with TruTrace and Shoppers Drug Mart to track and trace the process and products will have significant synergy with Sigma Analytical's operations and will be valuable to the fast-growing 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: the ability of the parties to rapidly expedite and optimize testing processes in the cannabis and hemp industries; 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; 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]; Sigma Analytical: Ashton A. Abrahams, Co-Founder and COO, +1-888-406-0016, [email protected]