Cannabis consultancy and technology firm Theracann International Benchmark Corp. is teaming up with TruTrace Technologies (CSE: TTT) (OTC: BKKSF), the creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, to combine their technologies to provide forensic levels of traceability of cannabis and cannabis derivatives at any point in the supply chain.
“Collaborating with TruTrace connects the dots between the provenance of material, genetics, testing information and patient data that is so vital to the safety and efficacy of the global market,” Theracann CEO Jason Warnock stated.
The companies signed a letter of intent to explore opportunities to combine TruTrace’s StrainSecure technology with Theracann’s ETCH biotrace genetic tracking system for cannabis and hemp.
The agreement will create the opportunity to integrate TheraCann’s ETCH biotrace platform uses both a physical molecular taggent and non-appendable Electronic Product Code Information Services (EPCIS) blockchain to provide forensic levels of traceability of cannabis and cannabis derivatives at any point in the supply chain with StrainSecure, TruTrace’s blockchain-based software designed to guarantee product quality and genetics from genome-to-patient.
Under the terms of the LOI, the parties agreed that: TruTrace will include Theracann as a preferred partner; and the parties will explore development and integration opportunities to utilize their mutual technologies to bring greater transparency and visibility to the legal cannabis industry.
The parties agreed to negotiate, settle and execute a definitive agreement formalizing their relationship on or before July 31. Entry into the formal agreement, and the closing of the transactions contemplated in it, are subject to certain conditions, including completion of each party’s satisfactory due diligence review of the other.
“Electronic Traceability for Cannabis and Hemp or ETCH uses a unique, safe and persistent molecular tag for the identification of any biomass, extraction, isolate, derivative or cannabis packaging. The molecular tag does not genetically modify the organism (non-GMO) and can be added or identified at any point within the supply chain,” Warnock added.
TruTrace recently announced a pilot program for Canada’s largest pharmacy chain Shoppers Drug Mart to create a central hub for identity management, asset tracking, validation, and product authentication.
“Creating an eco-system of technologies with the intent to provide patients, government, and the industry with supply chain integrity, true IP protection and analytical testing and validation is an important next step for the cannabis and hemp industry evolution,” Robert Galarza, the CEO of TruTrace Technologies, stated.