TruTrace Technologies (CSE:TTT) (OTCMKTS:BKKSF) is launching a new blockchain-secured pilot program with Canada’s largest pharmacy network to increase product transparency in the medical cannabis sector.
The Toronto-based company said on Monday that Shoppers Drug Mart has announced a new initiative with TruTrace to develop and deploy the pilot program as a central hub for identity management, asset tracking, validation and product authorization.
TruTrace’s StrainSecure technology will also act as a master registry for standardized testing, product verification and quality assurance. The company’s blockchain-based software is designed to guarantee product quality and genetics throughout the supply chain from genome to patient.
"This is a significant milestone that brings our technology together with one of the most trusted brands in Canada," said TruTrace Technologies CEO Robert Galarza.
"We believe it is a testament to our technology's ability to bring transparency and integrity to the cannabis industry and our shared mission. This initiative should help researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume."
Shoppers Drug Mart Vice President Ken Weisbrod said the pharmacy giant had gone to “great lengths” to find ways to validate the source of the medical cannabis it sells in its retail locations.
“The source of medical cannabis must be traceable and accountable for patients and practitioners to feel confident about it as a treatment," said Weisbrod in a statement.
"When a patient takes medication, there is an expectation that it is standardized, and they can expect consistent clinical outcomes and results. Although that's not always a guarantee within the medical cannabis industry at the moment, we're hoping this new program can help change that."
TruTrace said it expects the first phase of the pilot program to be completed by July 31, with full production and implementation targeted for the end of the year.
Shares of TruTrace rose 4.9% at C$0.32 on Monday morning.
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