TruTrace, TheraCann to launch blockchain cannabis platform

TruTrace, TheraCann to launch blockchain cannabis platform

TruTrace Technologies, the company behind the first blockchain-based platform for the registration and tracking of intellectual property for the cannabis industry, is teaming up with TheraCann International to expand their presence in the industry.

In a press release announcing the partnership, the two companies revealed that they had signed a letter of intent to work on a seed-to-sale blockchain-based weed tracking system. Under the terms of the agreement, the two committed to formalizing their relationship by July 31.

Based in Panama and Canada, TheraCann has developed various tools and technologies to ensure that weed and hemp can be traced from the farm to the shelves. And now, with the partnership, the company will add TruTrace’s StrainSecure blockchain-based system “to provide forensic levels of traceability of cannabis and cannabis derivatives at any point in the supply chain to guarantee product quality.”

The two companies will also apply the CertainT Tag-Test-Track platform in their operations. Developed by New York-based Applied DNA Services, the platform designates a unique molecular identity tag to a product that easily identifies it, including location, brand and date of manufacture. Simply put, the three companies will sequence the DNA of a weed shipment and record it on the blockchain platform for easy tracing and authentication.

Jason Warnock, CEO of TheraCann stated, “The ETCH biotrace system provides seed-to-sale traceability for cannabis and hemp and uses Applied DNA’s unique, safe and persistent molecular tag for the identification of any biomass, extraction, isolate, derivative or cannabis packaging. The molecular tag does not genetically modify the organism (non-GMO) and can be added into derivative products within the supply chain.”

Warnock also expressed optimism that the partnership with TruTrace would enable the company to cement its place as the go-to tracing systems company for the weed industry.

He added, “Collaborating with TruTrace connects the dots with an information platform linking the provenance of material, testing information and patient data that is so vital to the safety and efficacy of the global market.”

TruTrace has continued to make major moves as it strives to take advantage of the rapidly-expanding weed industry. According to estimates, the industry will be worth over $55 billion by 2027 and could overtake cigarette sales in the next decade. The company recently partnered with Canada’s largest pharmacy chain, Shoppers Drug Mart to use its technology to increase transparency, interoperability and product identification within the medical cannabis industry.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.