TruTrace Technologies and Molecular Science Corp Enter into Strategic Working Relationship

Published: May 10, 2019

TruTrace Technologies and Molecular Science Corp Enter into Strategic Working Relationship

TruTrace Technologies Inc. has entered into a letter of intent dated April 30, 2019 with Molecular Science Corp. (“MSC”). Under the terms of the LOI, the parties will work together to explore opportunities to combine the blockchain-secured technology of TruTrace with the analytical expertise of MSC in order to deliver greater transparency and visibility around the quality of products being offered in the legal cannabis industry.

“Working with MSC marks a significant step forward for TruTrace in our mission to create a true testing benchmark for the Canadian cannabis market,” said TruTrace CEO, Robert Galarza. “Its comprehensive process of analytical testing on cannabis and cannabis products, including potency, terpene profiling, pesticide levels, heavy metals content and mycotoxins testing, combined with its commitment to bringing awareness to testing standards, ensures a higher level of quality control for the industry. By combining its services with the StrainSecureā„¢ platform, we anticipate being able to finally create a benchmark for the cannabis industry.”

“MSC’s collaboration with TruTrace represents an important step towards establishing and maintaining world-leading standardization and transparency for cannabis quality control in this rapidly-evolving market. The integration of MSC’s analytical testing expertise with TruTrace’s robust and secure technology platform is an opportunity for both parties to make a significant contribution to this important goal,” said MSC CEO, Christian Carswell.

Under the terms of the LOI, the parties have agreed that: (a) TruTrace will include MSC. as a preferred partner; and (b) the parties will explore development and integration opportunities to utilize their mutual technologies to bring greater transparency and visibility to the legal cannabis industry. The parties have agreed to negotiate, settle and execute a definitive agreement formalizing their relationship (the “Formal Agreement”) on or before June 30, 2019. Entry into the Formal Agreement, and the closing of the transactions contemplated in it, are subject to certain conditions, including completion of each party’s satisfactory due diligence review of the other.