Zenabis joins Shoppers Drug Mart Pilot Project to bring
Greater Intelligence to Medical Cannabis
TORONTO, June 27, 2019 /CNW/ - TruTrace Technologies Inc. (CSE: TTT; OTC: 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 that Zenabis Global Inc. (TSX:ZENA) ("Zenabis"), a Canadian licensed cultivator of medical and recreational cannabis, will employ the Company's StrainSecure™ platform to collect, register, manage, track and publish verified testing data of its cannabis plant DNA and strains.
Use of the StrainSecure platform is intended to enable Zenabis to validate its cannabis strains and provide its customers with increased transparency about the authenticity, quality and origin of its products. In addition, Zenabis is joining the Shoppers Drug Mart ("Shoppers") and TruTrace medical cannabis verification pilot project (the "Pilot Project") announced last week at the World Cannabis Congress. Shoppers aims to improve industry accountability and patient outcomes through the Pilot Project.
"This initiative continues to gain momentum with the signing of a forward-thinking cannabis cultivator like Zenabis who recognizes the value of providing verified product data to their patients and customers," said TruTrace Technologies CEO Robert Galarza. "The recent launch of this traceability pilot project with Canada's leading pharmacy brand demonstrates the importance of standardization and traceability in designing and evaluating treatment programs for patients."
Zenabis' Chief Revenue Officer, David Lluncor, added, "We're extremely excited to be part of the pioneer group of licensed producers partnered with TruTrace Technologies and Shoppers Drug Mart, who are committed to increasing transparency, traceability, and standardization in the cannabis industry. In particular, we're happy to be able to play a role in offering Canadian medical patients and adult-use consumers assurances that they are being supplied safe, high quality, cannabis and hemp CBD products."
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.
TruTrace Technologies has signed multiple licensed producers to the StrainSecure platform since the start of 2019, and is engaged with partners of all types in support of the Pilot Project.
Phase 1 of the Pilot Project is expected to be completed by July 31, with full production and implementation targeted for late November 2019.
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.
Zenabis is a significant Canadian licensed cannabis cultivator of medical and recreational cannabis, and a propagator and cultivator of floral and vegetable products. Zenabis employs staff coast-to-coast, across facilities in Atholville, New Brunswick; Delta, Aldergrove, Pitt Meadows and Langley, British Columbia; and Stellarton, Nova Scotia. In addition to gaining technologically advanced knowledge of plant propagation, the recent addition of state-of-the-art greenhouses in Langley, Pitt Meadows and Aldergrove provides Zenabis with 3.5 million square feet of facility space that can, upon full conversion, be dedicated to cannabis production.
If all facility space at Zenabis Atholville, Zenabis Stellarton, Zenabis Delta and Zenabis Langley is fully converted and dedicated to production, Zenabis will own, and have access to 660,000 square feet of high quality indoor cannabis production space, as well as 2.1 million square feet of greenhouse cannabis production space at its Langley facility, with this production strategically positioned on Canada's coasts. Zenabis expects these facilities to have an annual design capacity of 131,300 kg of dried cannabis by the third quarter of 2019. These facilities, if fully built out and converted for cannabis production, would have an annual design capacity to yield approximately 479,300 kg of dried cannabis annually, for both national and international market distribution. An additional 700,000 square feet of greenhouse space will be used to continue the existing propagation business and produce industrial hemp, and can be converted to cannabis production at such a time that is beneficial to the strategic position of the Company. The Zenabis brand name is used in the cannabis medical market, while the Namaste and Blazery brand names are used in the cannabis adult-use recreational market, and the True Büch brand name is used for Zenabis' kombucha products.
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: Zenabis's proposed use of the StrainSecure platform and participation in the Pilot Program; that use of the platform is intended to enable Zenabis to validate its cannabis strains and provide its customers with increased transparency; the ability of TruTrace Technologies' platform to bring transparency and integrity to the cannabis industry; and that Phase 1 of the Pilot Program is expected to be completed by July 31, with full production and implementation targeted for late November 2019. 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 Zenabis may not derive the expected benefits from use of the StrainSecure platform or participation in the Pilot Program; 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE TruTrace Technologies Inc.
For further information: TruTrace Technologies Inc: Robert Galarza, Chief Executive Officer and Director; Media Relations: Lori Harito, RNMKR Agency, 416-523-9602, firstname.lastname@example.org; Investor Inquiries: Swapan Kakumanu, Chief Financial Officer, 403-681-2549, email@example.com