Deloitte and TruTrace Technologies Inc. (CSE: TTT; OTCQB: TTTSF) (“TruTrace“) have announced a strategic alliance to deliver blockchain product-traceability solutions to the cannabis industry. The alliance will improve clients’ ability to build trusted brands, ensure medical and recreational distributors and retailers receive accurate shipments, and provide consumers with confidence they are buying verified products from credible sources.
Cannabis legalization in Canada has resulted in exciting opportunities and innovations for industry stakeholders, as well as complex business challenges. One of the main challenges facing the industry is strain security—ensuring the product in the store matches its promised origin. For the Canadian cannabis industry to be transparent and reliable, both retailers and consumers need to know what they are buying.
Using its StrainSecure system, the TruTrace team collects plant-testing data and performs genomic verification in plant batches. The information is registered in a blockchain-enabled database for intellectual property protection and strain validation. All information gathered from the plants, including their molecular and chemical makeup, is tracked along the supply chain, from seed to sale.
The StrainSecure platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, significantly reducing administrative time and expenses.
“It is essential for companies bringing emerging technology to market to find the best partners to grow with, and we are very excited about our alliance with one of the most respected names in global business,” says Robert Galarza, CEO of TruTrace. “By working together to rapidly scale the adoption and implementation of our technology, we are confident that we can bring a greater level of traceability and trust to this evolving industry.”
Deloitte’s leadership in the cannabis space will expedite the ability of this technology to reach key stakeholders, helping increase transparency in business decisions for everyone along the supply chain.
“This technology builds trust in the cannabis industry, not only between producers and retailers but also between retailers and consumers,” says David Stewart, a partner in Deloitte Canada’s Forensics practice. “We’re pleased to be able to play an integral role in helping all stakeholders in the cannabis space increase business performance and reputation while keeping consumers safe.”
SOURCE TruTrace Technologies Inc.