Today at the second annual World Cannabis Congress, Shoppers Drug Mart announced a new initiative with software company, TruTrace Technologies (CSE: TTT)(OTC: BKKSF) (“TruTrace Technologies”), 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”).
The Pilot Program will use TruTrace’s StrainSecure technology as a central hub for identity management, asset tracking, validation, and product authentication. StrainSecure will also serve as a master registry for standardized testing, product verification, and quality assurance.
“We’ve gone to great lengths over the past six years to fully understand the challenges and opportunities that exist within the medical cannabis industry and taken steps to apply similar principles from traditional medicine to this new industry. The source of medical cannabis must be traceable and accountable for patients and practitioners to feel confident about it as a treatment,” said Ken Weisbrod, Vice President, Shoppers Drug Mart. “When a patient takes medication, there is an expectation that it is standardized, and they can expect consistent clinical outcomes and results. Although that’s not always a guarantee within the medical cannabis industry at the moment, we’re hoping this new program can help change that.”
“This is a significant milestone that brings our technology together with one of the most trusted brands in Canada,” said TruTrace Technologies CEO Robert Galarza. “We believe it is a testament to our technology’s ability to bring transparency and integrity to the cannabis industry and our shared mission. This initiative should help researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume.”
Phase 1 of the pilot program is expected to be completed by July 31, with full production and implementation targeted for late November 2019.
Photo source: SOURCE TruTrace Technologies Inc