TruTrace Technologies Inc., creator of a fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, and Strainprint® Technologies Ltd. (“Strainprint”), the leader in medical cannabis data and analytics, today announced plans to establish a joint venture (“JV”) to develop new tools and systems designed to improve the overall experience of cannabis patients and consumers by connecting validated product data with authenticated patient data.
The companies intend to create an ecosystem of technologies that will provide compliance, transparency and efficacy data, based upon product validation and accurate real-world evidence. This ecosystem will leverage each company’s best-in-class offering to support the needs of patients, medical professionals, regulators and insurers. The ecosystem will be open for integration with electronic medical records, seed2sale and point-of-sale software systems.
“We expect that our complementary platforms, and the new tools we create, will help ensure safe, effective and consistent medicine for cannabis patients and consumers,” said Strainprint CEO, Andrew Muroff. “Layering TruTrace’s StrainSecure genetic-level product data from across the entire supply chain will only solidify the accuracy of our patient-reported outcomes. Combining our resources will result in detailed information that is simply not currently available from any other source.”
“As the cannabis industry continues to scale to maturity, we anticipate an increasing focus on product validation and standardization of treatments so that consumers can derive the maximum benefits from their medication,” said TruTrace Technologies CEO Robert Galarza. “Based on our ongoing work with Strainprint, we believe our two companies are uniquely positioned to deliver a next-generation set of tools that can be used by a variety of stakeholders.”
In May 2019, TruTrace and Strainprint began a strategic relationship which saw the two companies integrate their existing technologies to better serve their shared customers, including Shoppers Drug Mart. The success of this relationship has led to more formal plans to jointly develop new tools and a game-changing technology ecosystem to meet the needs of a broader set of potential customers, both in Canada and internationally.
TruTrace and Strainprint have signed a detailed Memorandum of Understanding (“MOU”) outlining their plans for expanded collaboration in the form of a 50/50 joint venture to be based in Toronto. The establishment of the JV is subject to the successful completion of a formal JV Agreement.
Strainprint® Technologies Ltd. is the leading real-world-evidence research platform for medical cannabis data and analytics. Since 2016, Strainprint has provided technology tools to patients, doctors, pharmacists, producers, retailers and regulators to monitor the health and safety of medical cannabis users across North America. With over 1.5 million medical cannabis interactions and 80 million data points on the effects of lab-tested cannabis products, Strainprint is uniquely positioned to provide data-backed insights to formulators, insurers and drug developers. Strainprint can be seamlessly integrated with most electronic medical records, seed2sale and point-of-sale software systems. The Strainprint App is free to patients and can be downloaded from both the iOS App Store and Google Play Store. http://www.strainprint.ca, facebook, twitter, linkedin.
TruTrace Technologies has developed an 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 an accurate and permanent account for cannabis strains from ownership to market.