FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “TruTrace Technologies Appoints Deepak Anand as an Advisor.”
TruTrace Technologies Inc. (TSX-V: TTT) (OTC: BKKSF) announced Deepak Anand, CEO and Co-Founder of Materia Ventures, will become an advisor to the Company. Mr. Anand brings significant experience having worked closely with senior government officials, politicians, policy makers, health professional organizations, clinical practitioners, educators and investors. Mr. Anand can provide business development leadership and direction, particularly with respect to engagement with governmental bodies and regulatory agencies in jurisdictions in Canada, Europe and South America. Additionally, as Materia Ventures continues to build out its infrastructure and technology assets across Europe, there will be opportunities for expanding the partnership and strategic opportunities between Materia and the Company.
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.
Technology has become prominent in almost every aspect of daily life for most consumers in the West. Even though technology has had a widespread impact, it continues to penetrate into other regions across the world as more and more consumers adapt to the digital era. It has become apparent in most global industries that the use of technology is required in order to thrive among the competition. For instance, major markets such as retailers, banks, healthcare, and even the food industry have incorporated technology in order to operate more efficiently and effectively. For instance, retailers and banks introduced digital payment portals to speed up the transaction process of payments, while the food industry created mobile apps so consumers can order remotely. Meanwhile, the healthcare industry integrated advanced technology to accurately diagnose and operate on patients. Moreover, one industry that has benefitted from the evolution of technology is the cannabis market. Tech entrepreneurs and investors are eager to introduce ideas such as blockchain into the market space. Notably, verification and tracking systems have become highly popular across various cannabis segments because companies can track their product from seed-to-sale. Seed-to-sale verification keeps a transparent process between both the vendor and the consumer. Furthermore, The Verge reported that advanced technological applications such as machine learning and automation are becoming increasingly popular within the cannabis industry. For example, a Massachusetts-based company, Bloom Automation, has developed a robot that can automate the cannabis trimming process, eliminating the need for humans. Technology remains one of the key aspects to a successful business and as more companies shift towards technology, the cannabis industry has the potential to become the next disruptive global market. According to data compiled by MarketsandMarkets research, the global cannabis market is projected to grow from USD 10.3 Billion in 2018 to USD 39.4 Billion by 2023. Additionally, the market is expected to register a CAGR of 30.7% during the forecast period.
Cannabis technology companies have created innovative products that tap into a handful of sectors from cultivation and extraction to manufacturing and retail. And while the industry is still within its infancy stage due to enforced international regulations, many countries have moved forward and begun to legalize cannabis for medical use. Compared to the more saturated markets, the cannabis industry is still relatively small, meaning that the rewards for entrepreneurs entering into the industry are potentially large. Michael Garbuz, Co-Founder and President of Materia Ventures and Founder of High 12 Brands, predicts that technology is going to play a significant role within the developing industry. Specifically, Garbuz mentions that Canada’s market is less developed than the U.S. despite having legalized cannabis entirely. The U.S. market is more mature than any other international market because select states adopted cannabis legislations as early as the mid-1990s. Nonetheless, the integration of technology can help further promote small markets, allowing them to seize some of the global market share. “A lot of individuals nowadays are working on really advanced technologies to improve and optimize the formulation and delivery of cannabis. We are seeing new technologies that control how quickly you feel the effects, the consistency of effects, and the entire consumer experience. Tech innovation and ongoing R&D are ingredients that the industry needs to continue to mature and grow,” said Garbuz.
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