Deloitte and TruTrace Technologies Inc. (CSE: TTT) (OTCQB: TTTSF) (“TruTrace“) have announced a strategic alliance to deliver blockchain product-traceability solutions to the cannabis industry. The alliance will improve clients’ ability to build trusted brands, ensure medical and recreational distributors and retailers receive accurate shipments, and provide consumers with confidence they are buying verified products from credible sources.
Cannabis legalization in Canada has resulted in exciting opportunities and innovations for industry stakeholders, as well as complex business challenges. One of the main challenges facing the industry is strain security—ensuring the product in the store matches its promised origin. For the Canadian cannabis industry to be transparent and reliable, both retailers and consumers need to know what they are buying.
Using its StrainSecure™ system, the TruTrace team collects plant-testing data and performs genomic verification in plant batches. The information is 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, is tracked along the supply chain, from seed to sale.
The StrainSecure™ platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, significantly reducing administrative time and expenses.
“It is essential for companies bringing emerging technology to market to find the best partners to grow with, and we are very excited about our alliance with one of the most respected names in global business,” says Robert Galarza , CEO of TruTrace. “By working together to rapidly scale the adoption and implementation of our technology, we are confident that we can bring a greater level of traceability and trust to this evolving industry.”
Deloitte’s leadership in the cannabis space will expedite the ability of this technology to reach key stakeholders, helping increase transparency in business decisions for everyone along the supply chain.
“This technology builds trust in the cannabis industry, not only between producers and retailers but also between retailers and consumers,” says David Stewart , a partner in Deloitte Canada’s Forensics practice. “We’re pleased to be able to play an integral role in helping all stakeholders in the cannabis space increase business performance and reputation while keeping consumers safe.”
Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights and service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 264,000 professionals—9,400 of whom are based in Canada—make an impact that matters, please connect with us on LinkedIn, Twitter or Facebook.
Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
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.