Theracann International Benchmark Corporation, a leading full service international cannabis consultancy and technology firm in conjunction with TruTrace Technologies, (CSE: TTT) (OTC: BKKSF) creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, announced today that they have signed a letter of intent dated June 19th, 2019 (the “LOI”) 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.
“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,” said Jason Warnock, Chief Executive Officer of Theracann. “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.”
TruTrace Technologies has established working relationships with a number of complementary technology providers, and 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,” says Robert Galarza, CEO of TruTrace Technologies. “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.”
Terms of the LOI:
Under the terms of the LOI, the parties have agreed that: (a) TruTrace will include Theracann as a preferred partner; and (b) 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 have agreed to negotiate, settle and execute a definitive agreement formalizing their relationship (the “Formal Agreement”) on or before July 31st, 2019. 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.
About Theracann International Benchmark Corporation
Founded in 2016, Theracann offers a full turn-key solution for the international cannabis marketplace. Theracann provides business, technology and industry experts who apply advanced methodologies that help clients plan, design, implement and manage their canna-businesses. Integrating indoor cannabis operations along with the successful groundbreaking Enterprise Resource Planning and Compliance (ERP+C) software OS2, their vertical computer automated cannabis aeroponic cultivation system (Sprout AI), and patented genetic molecular tracking (ETCH BioTrace). Theracann International provides canna-businesses with solutions to fit global banking and license regulatory requirements.
About TruTrace Technologies:
TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. Their 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 mandatory genetic quality control testing for legal cannabis. The technology is proprietary, immutable, and cryptographically secure, thereby establishing an accurate and permanent account for cannabis strains from ownership to market.