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“Genome to Sale” Sells Shoppers Drug Mart

Dave Jackson Dave Jackson, Stockhouse
1 Comment| September 18, 2019


Investors looking for a big deal in a big new sector of the cannabis space need look no further than this.
 
A full-service software company that operates an integrated blockchain platform has completed the first phase of its blockchain-secured pilot program with Canada’s largest retail drugstore chain.
 
Shoppers Drug Mart, with about 1,300 pharmacies across Canada, is partnering with TruTrace Technologies Inc. (CSE:TTT, OTC:TTTSF, Forum) on a pilot program that will use blockchain to ensure the traceability of cannabis used by medical patients. Simply put, the blockchain-secured program is “specifically designed to increase transparency, interoperability, and product identification within the medical cannabis industry.”
 
Both companies hope to set new standards for the thriving cannabis industry in Canada, but also internationally. 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 program, with full production and implementation of TruTrace’s StrainSecure platform, slated to begin in November 2019.

And some of the biggest names in the cannabis business and business in general are getting in on the action.
 
On September 11th, TruTrace  announced that industry giant Tilray Inc. (NASDAQ:TLRY) had joined the Shoppers medical cannabis verification pilot program. TruTrace Technologies CEO Robert Galarza commented on the latest technology partnership:
 
"Tilray has maintained a keen focus on the importance of quality medical cannabis, from their clinical research initiatives to their strategic partnerships in the global medical market. We are very excited to begin working with them in the Pilot Program, and we believe our blockchain enabled verification and traceability of their products will only further bolster their global brand."
 
On September 5th, Aphria Inc. (T.APHA) joined Phase 2 of the TruTrace / Shoppers Pilot Program. Shortly after the announcement was made, shares of TruTrace jumped 13.3 percent at C$0.26 in Toronto and were up 7.3 percent at US$0.19 in New York. Aphria shares were also on the rise, up 0.3 percent at US$6.76 in New York.
 
Mr. Galarza had this to say about the Aphria partnership:
 
"The participation of a major licensed producer like Aphria, with their expertise and dedication to medical patients, is essential to the success of the Pilot Program. Together we are working to develop a unified approach to medical cannabis standards that will help ensure full traceability and consistent patient outcomes."


(Click image to play video)
 
Aphria’s Irwin D. Simon, Chair of the Board of Directors and Interim CEO:
 
 "We are thrilled to partner with Shoppers Drug Mart and TruTrace Technologies to increase transparency within the medical cannabis industry. At Aphria Inc., we take responsibility to heart and recognize the importance of standardized testing and quality assurance. This program reflects our ongoing commitment to protecting the health and safety of our patients."
 
To say TruTrace would be busy and focussed on growth would be an understatement. On September 4th, the Company made another major announcement – reporting a strategic alliance with Delloite to deliver blockchain product-traceability solutions to the cannabis industry. Deloitte’s role is to expedite the technology to reach key stakeholders, allowing for increased transparency in business decisions. All asset data throughout the supply chain will be stored though the blockchain enabled StrainSecure platform…from genome to sale. According a Company press release, “the alliance will improve clients' ability to build trusted brands, ensure medical and recreational distributors and retailers receive accurate shipments, and provide consumers with confidence they are buying verified products from credible sources.”

This another major coup for the Company and its leadership team as it brings the power of the world’s number one consulting and management firm into full force with TruTrace’s industry-leading technology.
 

The Shoppers Drug Mart Pilot Program: What it’s All About

Under its StrainSecure system, the TruTrace team collects 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.
 
Ken Weisbrod, Vice President of Business Development, at Shoppers Drug Mart explains that for patients to feel confident about using medical cannabis, its source must be “traceable and accountable”:
 
“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. 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.”
 
He went on to explain the benefits of standardization to investors in this nascent, but future-forward, blockchain technology:
 
“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.”

And back on July 31st, The Flowr Corporation (TSX.V:FLWR; OTC:FLWPF, Forum) jumped on board in a big way:
 
“Our medical cannabis products in Canada are available through Shoppers as we believe the pharmacy model offers significant benefits to patients. We fully support the objectives of this Pilot Program and look forward to working with our partners to ensure patients have access to medicinal cannabis they can trust,” said Dr. Lyle Oberg, Flowr’s Chief Medical and Policy Officer. “Medical cannabis patients expect that their medication is safe, standardized and of high quality, and we believe this formal traceability program can play an important part in the overall process of building that trust.”


(Click image to enlarge)

 
In Closing
 
The technology in accurately and securely the data of thousands of strains of cannabis is immense. Under the StrainSecure program, the TruTrace team has already secured partnerships with industry giants, not the least of which is Shopper Drug Mart.
 
Investors with a keen eye to the future should also keep one eye open on this Company and this unique Pilot Program.
 

(Click image to enlarge)

   

FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.



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