Shivom and TruTrace Technologies to Explore Clinical Solutions for Cannabis Market

Published: June 26, 2019

Shivom and TruTrace Technologies to Explore Clinical Solutions for Cannabis Market

Shivom Ventures Limited, a biotechnology data and analysis company, and TruTrace Technologies Inc., a cannabis-specific blockchain company, announced that the two companies have signed a letter of intent (“LOI”) to establish a strategic working relationship. The companies will explore a partnership to utilize both Shivom and TruTrace’s blockchain solutions in order to disrupt the global medicinal and recreational cannabis markets. Through the LOI, Shivom is entering into the booming cannabis market, which is projected to hit US$40 billion by 2024 – nearly triple the US$14.9 billion estimated to be spent this year, according to ArcView Market Research and cannabis industry analysis firm BDS Analytics.

“Shivom is excited to enter the cannabis market via a strategic partnership with TruTrace, which has developed the first integrated blockchain platform to register and track IP in the cannabis industry,” said Shivom CEO, Henry Ines. “As the industry is still in its early stages in terms of understanding and uncovering all of the medicinal benefits associated with the use of CBD, Shivom is keen to work with leading organizations in the space such as TruTrace to further uncover additional therapeutic benefits based on one’s genomic profile and unique personal health information. Shivom anticipates significant opportunities to collaborate with TruTrace and its partners to provide clinical research opportunities, medical insights and personalized healthcare products to consumers and patients within the global cannabis ecosystem.”

“Shivom has developed some very interesting technology that combines genomics, cryptography and AI, and we are excited to begin collaborating with them,” said TruTrace CEO, Robert Galarza. “We plan to explore development and integration opportunities to advance clinical research, and bring greater transparency, insights and viability to the legal medical and recreational cannabis industry.”

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