TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:TTTSF), the company running the Shoppers Drug Mart medical cannabis verification pilot program, announced Wednesday that Segra International Corp, an agriculture technology company, will be joining the project.
According to a statement, the companies have signed a letter of intent under which Segra will serve as the lead genetic verification provider for the program. Segra’s role will be to extract DNA from samples of medical cannabis and create a reference against which future batches can be tested for purity.
The idea of the Shoppers Drug Mart program is to facilitate accuracy and transparency in the medical cannabis industry, and genetic testing lies at the heart of that, TruTrace CEO Robert Galarza said in the statement.
READ: TruTrace expects Shoppers Drug Mart pilot program using its StrainSecure technology to drive momentum in fiscal 2020
“Genetic verification is an essential element of our goal to establish traceability and help medical professionals match therapeutic outcomes to specific genetic and chemical profiles,” said Galarza. “As the program scales, we need genetic testing to be completed quickly, efficiently and reliably, and we believe Segra is the right partner to deliver on each of these attributes.”
For TruTrace’s part, the program relies on its blockchain-based StrainSecure technology, which acts as a hub for identity management, asset tracking, validation and product authentication. The Toronto-based company saw its shares rise 6.5% Wednesday to C$0.25 on Bay Street and 2.5% to US$0.18 in New York.
Shoppers Drug Mart, the Canadian pharmacy chain, is playing host, and the program already has members like Harvest One Cannabis Inc (CVE:HVT) (OTCMKTS:HRVOF), WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF) and the Flowr Corporation (CVE:FLWR) (OTC:FLWPF) supplying product.
—Updated to reflect stock movement—
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