FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “TruTrace Technologies signs Zenabis to its Cannabis Validation Testing Program.”
TruTrace Technologies Inc. (CSE: TTT) (OTC: TTTSF), creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, announced that Zenabis Global Inc., a Canadian licensed cultivator of medical and recreational cannabis, will employ the Company’s StrainSecure™ platform to collect, register, manage, track and publish verified testing data of its cannabis plant DNA and strains.
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.
Medical cannabis legalization has been sweeping throughout countries worldwide as many look for alternatives to traditionally prescribed treatments and medications. Before the modern era, cannabis was a popular herbal medicinal treatment in Chinese, Indian, Egyptian, and Islamic cultures. However, under international regulations, cannabis was deemed illegal nearly a century ago because of the psychoactive properties stemming from the marijuana derivative of the plant. However, despite regulatory laws, many countries have since decided to move forward and legalize medical cannabis due to its therapeutic benefits. Countries such as Australia, Canada, Chile, Czech Republic, Germany, Italy, Mexico, the U.K, and parts of the U.S. have all adopted medicinal cannabis legislation. Predominantly, cannabis is used to treat a variety of medical ailments which includes cancer, chronic pain, depression, diabetes, glaucoma, migraines and epilepsy. Current modern treatments and surgical procedures to treat conditions such as cancer and epilepsy can be highly expensive for an average person. For instance, the treatment of epilepsy (VNS therapy) in the U.S. can cost upwards of USD 20,000, which includes implants and a surgical procedure. However, the costs of surgery and care can vary in different parts of the U.S. and can increase over time, according to the Epilepsy Foundation of Greater Chicago. Furthermore, patients will also need regular appointments with their neurologist to check the device, so while VNS therapy can be effective for patients suffering from epilepsy, the price can be quite hefty. Recently, however, the U.S. Food and Drug Administration legalized Epidiolex, the first cannabis-derived drug used to treat Dravet syndrome and Lennox-Gastaut syndrome common among children. As clinical trials and research continue to undergo, government regulators are becoming more inclined to evaluate the efficacy of cannabis. And as more U.S. states and countries continue to legalize cannabis for medical applications, the market is positioned to become a global phenomenon, as according to data compiled by IMARC Group, the global medical cannabis market was estimated at a value of USD 13.4 Billion in 2018. By 2024, the market is expected to exceed a value of USD 44.4 Billion while exhibiting a CAGR of 22.9% from 2019 to 2024.
While cannabis is having a large impact in many countries, the penetration of the market is still relatively low. In 2017, the U.S. had approximately 2.61 million medical cannabis patients among the total 216.11 million total residents in the states that legalized medical cannabis, according to the Marijuana Policy Project. The statistics showed that most states only had 3% or less of their total population using medical cannabis, perhaps due in large part to the taboos that surround the drug. Stereotypically speaking, most people associate cannabis with getting “high” and tend to overlook the benefits of the plant. In order to progress further, the FDA explicitly mentioned that it will require more large-scale positive clinical trials in order to officially approve cannabis for specific medical treatments. Nonetheless, concluded and ongoing trials have highlighted that patients have seen a significant reduction and noted that the use of cannabis has worked very well. “The debate over the therapeutic benefits of medical marijuana is ongoing. While a number of states in the U.S. have active medical marijuana laws (and a growing number allow recreational use), the federal government continues to classify it as a Schedule I controlled substance. Not only does that make it illegal to possess, it also limits medical studies into the potential benefits of cannabis,” said Angela Morrow, Registered Nurse and certified hospice and palliative care nurse. “Medical marijuana remains controversial but it is gaining traction as a legitimate recommendation for a variety of symptoms. Even though many states have legalized the use of cannabis for medicinal purposes (and a few for recreational use), it’s going to take more moves by policymakers and the U.S. government for it be accepted and sold nationwide. This will, however, likely require a much larger body of legitimate scientific research to prove or disprove the efficacy of medical marijuana, and potentially loosen the restrictions on its use.”
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