Integrated blockchain platform StrainSecure tracks intellectual property (IP) in the cannabis industry
TruTrace's technology is proprietary, immutable and cryptographically secure
Consumers and regulators want to know whether a cannabis product sold at a dispensary is safe and meets quality control standards
Recently signed an important deal with Shopper Drug Mart, which will see its technology be used in a pilot program
In short? Information and data is power. The Vancouver-based firm is combining the power of big data with the security of blockchain to provide strain identification, registration and verification available for cannabis at scale.
TruTrace's StrainSecure platform will allow growers and breeders to identify and secure rights to their IP while streamlining admin and reducing the costs for genetic and mandatory quality-control testing for legal cannabis. The fact is that consumers and regulators both want to know whether a cannabis product sold at a dispensary is safe and meets quality control standards.
Its proprietary technology establishes a single-source, accurate, validated and permanent account for cannabis strains along the way, from ownership to market.
StrainSecure’s secure application programming interface network also enables providers and software developers to build cannabis-centric applications. Not to mention the back that StrainSecure will have billions of data points at multiples steps of the cannabis logistics chain.
In terms of revenue generation, each batch booked through the system will generate revenue, along with every registered, tested and certified strain. Additionally, monthly SaaS and custom software development will also help generate revenue.
How is it doing?
It's been a busy 2019 for the firm, which listed on the Canadian Securities Exchange (CSE) in June, a move that will increase its exposure to potential global investors and improve liquidity, according to the firm. The firm will now officially open its Los Angeles office, expand operations and take advantage of the significant business opportunities south of the border.
TruTrace also recently announced a milestone deal with Shopper Drug Mart, see a pilot program use TruTrace's StrainSecure™ technology as a central hub for identity management, asset tracking, validation, and product authentication. StrainSecure will also serve as a master registry for standardized testing, product verification, and quality assurance.
READ: Shoppers Drug Mart to use TruTrace's StrainSecure technology in pilot program to verify medicinal cannabis
"This is a significant milestone that brings our technology together with one of the most trusted brands in Canada," said TruTrace Technologies CEO Robert Galarza.
"We believe it is a testament to our technology's ability to bring transparency and integrity to the cannabis industry and our shared mission. This initiative should help researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume."
TruTrace said it expects the first phase of the pilot program to be completed by July 31, with full production and implementation targeted for the end of the year.
TruTrace has been busy with other deals as well.
In May, Trutrace announced it struck a deal with Strainprint Technologies Ltd, a demand-side cannabis analytics company, to explore development and integration opportunities using each company’s technology to advance transparency and viability in the cannabis sector. The Strainprint data platform supports global cannabis research and provides advanced business intelligence and treatment guidance to producers, retailers, medical practitioners, pharmacies, government and industry.
"We're thrilled to begin working with Strainprint in a greater capacity,” said Galarza. “What they've architected from an education and data standpoint is nothing short of remarkable, and we collectively believe that a synergistic relationship between our software platforms will bring a new level of verification and trust to the efficacy of medical cannabis.”
CEO says busy times ahead as it bolsters platform further
The next few months will be key for TruTrace as it continues to bolster its platform. It's looking to roll out its phase-one platform by the end of July.
"We have industry buy-in from very significant companies, from licensed producers to clients of our to oncoming clients, as well as software companies and other third-party seed-to-sale tracking companies, laboratories that are all coming together to be able to build this system."
Contact Katie Lewis at [email protected]