Shivom Ventures Ltd., a biotechnology data and analysis company optimizing the way DNA is shared, secured and analyzed through blockchain and AI technology, has signed a letter of intent with TruTrace Technologies (CSE: TTT) (OTC: TTTSF) to establish a partnership to disrupt the global medicinal and recreational cannabis markets.

Through the LOI, Shivom is entering into the booming cannabis market, which is projected to hit US$40 billion by 2024 – nearly triple the US$14.9 billion estimated to be spent this year, according to ArcView Market Research and cannabis industry analysis firm BDS Analytics.

“Shivom is excited to enter the cannabis market via a strategic partnership with TruTrace, which has developed the first integrated blockchain platform to register and track IP in the cannabis industry,” Shivom CEO Henry Ines stated.

“As the industry is still in its early stages in terms of understanding and uncovering all of the medicinal benefits associated with the use of CBD, Shivom is keen to work with leading organizations in the space such as TruTrace to further uncover additional therapeutic benefits based on one’s genomic profile and unique personal health information. Shivom anticipates significant opportunities to collaborate with TruTrace and its partners to provide clinical research opportunities, medical insights and personalized healthcare products to consumers and patients within the global cannabis ecosystem,” Ines added.

The companies did not disclose any further details about their plans.