FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Shoppers Drug Mart to pilot blockchain-secured traceability program for medical cannabis.”
Shoppers Drug Mart announced a new initiative with software company, TruTrace Technologies (CSE: TTT) (OTC: BKKSF), to develop and deploy a blockchain-secured pilot program intended to increase transparency, interoperability and product identification within the medical cannabis industry (the “Pilot Program”).
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 a single-source, accurate, validated and permanent account for cannabis strains from ownership to market.
Cannabis legalization has become a trending topic among many country’s agendas as the medical applications continue to spread. Extensive clinical trials have reached conclusions that cannabis can be used effectively to a variety of medically diagnosed conditions such as cancer, Alzheimer’s, Parkinson’s, multiple sclerosis, and epilepsy. However, many countries still do not see cannabis as an approved medicinal treatment despite positive data from studies. On the other hand, the U.S. Food and Drug Administration approved Epidiolex, which is used to treat epilepsy among children. Epidiolex is the first cannabis-derived drug to ever be approved by the FDA. Moreover, other international markets such as Australia, Germany, Poland, Colombia, Uruguay, and Israel have all moved to adopt medicinal cannabis legislation. And while the medical sector is much more prominent around the world, the recreational marketspace is heating up as well. Primarily, the U.S. and Canada are fueling the recreational sector because of their growing user base. And although the U.S. has not moved to fully legalize cannabis, it is accountable for the largest market share because of its early adoption of the plant’s medical applications. Furthermore, as Canada’sadult-use market continues to mature, it is expected that the recreational sector will surpass the medical sector in terms of market share. Additionally, while some countries are adopting cannabis legislation for medical purposes, a handful are also approving cannabis for economic reasons. For instance, the U.K. and Thailand are in the process of restructuring their legal framework, causing the global revenue growth for the market to witness significant growth. Additionally, countries such as South Africa and New Zealand are also in the works of potentially legalizing cannabis for medical use and may become emerging markets in the near future. The spur of countries moving towards cannabis legalization highlights the global impact the plant has had. And as a result, the global legal marijuana market is projected to reach USD 66.3 Billion by the end of 2025 while registering a CAGR of 23.9%, according to data compiled by Grand View Research.
The industry is accelerating at a rapid rate as more countries continue to acknowledge the benefits of cannabis. Moreover, with the combination of technology, the industry is positioned to witness exponential growth. Technology plays a vital role in virtually every single global industry because it is essential in order to thrive and stand out among the competition. In the cannabis industry, entrepreneurs and companies have developed and launched state-of-the-art tech to aid different market segments. Notably, seed-to-sale technology has become prominent because it is a government mandated requirement among growers and retailers. Seed-to-sale means that an individual company controls the entire production chain from when the seed is planted, harvested, processed and then sold to the consumer. Moreover, seed-to-sale technology can help companies track their supply and determine where it may have been, where it is going, and exactly what products are part of the shipment. It can also be used to track the quality of the strain, determining how much cannabinoids are active within the buds. Seed-to-sale technologies can be simply built on a software-based platform, however, others have taken another step forward and integrated blockchain and artificial intelligence. Blockchain and AI can completely automate the growing process, eliminating the need for human labor. For example, AI can be used to control crop irrigation, which results in better use of resources, minimizing labor and creating higher yields due to optimal watering. Moreover, advanced technology can track climate conditions and lighting to provide plants with an exceptional growing environment. “That’s why we firmly believe that technology stands at the center of the industry’s advancement and growth. Just as the tech industry were critical components in helping regulators through their myriad trials and errors in Cannabis 1.0, this innovation will continue to generate market growth, improve public perception, protect public health and safety and enhance the implementation of state programs and regulations. These innovations will establish and secure the safety and credibility that is critical to a Cannabis 2.0 model,” said Ben Curren, Chief Executive Officer and Founder of Green Bits. “By bringing a Silicon Valley problem-solving approach to an industry still in its infancy, tech companies are helping to drive regulators from their traditionally staid ways and into the future.”
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