Vancouver-based cannabis blockchain company TruTrace Technologies has completed the first phase of its blockchain-secured pilot program with Shoppers Drug Mart.
“As the cannabis sector continues to rapidly evolve in Canada, the industry needs to increase transparency to all stakeholders.”
The pilot program is designed to increase transparency, interoperability, and product identification within the medical cannabis industry. TrueTrace’s software will be used as a central hub for identity management, asset tracking, validation, and product authentication. Shoppers has commissioned TruTrace and Deloitte to execute Phase 2 of the pilot, with full production and implementation of TruTrace’s StrainSecure platform, slated to begin in November 2019.
“As the cannabis sector continues to rapidly evolve in Canada, the industry needs to increase transparency to all stakeholders by demonstrating adherence to rigorous procedures to maintain the overall integrity of the supply chain,” said David Stewart, partner within Deloitte’s Forensics practice. “Strengthening traceability and verification of cannabis products will bring benefits to the industry as a whole, and most importantly, build confidence and accountability into the cannabis medical value chain.”
Formerly known as Blockstrain, TruTrace Technologies is the developer of one of the first integrated blockchain platforms 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, as well as streamlining the administrative process.
The next phase of the pilot program will use Deloitte’s project management and advisory capabilities and TruTrace’s StrainSecure system to develop a centralized approach to medical cannabis standards, onboarding licenced producers and other partners to track all product history, from genome to distribution. The program is expected to 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.
RELATED: Cannabis tech companies TruTrace, Strainprint partner to integrate platforms
Under its StrainSecure system, the TruTrace team accumulates plant testing data and performs genomic verification in plant batches that are then designated in a blockchain-enabled database for intellectual property protection and strain validation. All information collected from the plants, including molecular and chemical makeup, can be traced through the technology.
“There is a clear consensus within the cannabis industry that the source and quality of medical cannabis must be transparent and identifiable in order to meet the expectations of patients and health care practitioners,” said Ken Weisbrod, vice president of business development at Shoppers Drug Mart.
“It is more important than ever to be able to assure all stakeholders, from regulators to health care practitioners, that the medical cannabis industry is taking the necessary steps to establish the infrastructure required to deliver standardized, consistent medication to our patients.”
Image courtesy Unsplash
