TruTrace Technologies (CSE:TTT) (OTCMKTS:BKKSF), the blockchain platform that tracks intellectual property in the cannabis industry, announced Monday that it was teaming up with Theracann International Benchmark Corporation and its genetic tracking technology.
The companies signed a letter of intent and plan to integrate StrainSecure, TruTrace’s genome-to-patient quality control software, with ThereCann’s Electronic Traceability for Cannabis and Hemp, or ETCH, technology.
ETCH affixes a traceable molecular tag to cannabis that provides precise details about the given strain and its derivatives at any point in the supply chain.
TruTrace stock climbed 6% to C$0.27 in Toronto and fell 5.6% to US$0.19 on OTC Markets.
BIG PICTURE: TruTrace Technologies takes on cannabis tracking with its proprietary blockchain platform
The companies are expected to sign a formal agreement by the end of July.
“Creating an ecosystem 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," TruTrace CEO Robert Galarza said. "We are excited to connect Theracann's ETCH molecular track and trace system with StrainSecure and to explore additional opportunities for collaboration between our organizations."
TruTrace, based in Vancouver, lets cannabis growers and breeders to secure their intellectual property rights.
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