(via TheNewswire)
Toronto - TheNewswire - November 19, 2019 - TruTrace Technologies Inc. (CNSX:TTT.CN) (OTC:TTTSF) ("TruTrace" or the "Company"), creator of the first fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, and Clever Leaves, a leading vertically-integrated global company and fully licensed producer of pharmaceutical-grade medical cannabis and hemp extracts, announced today that Clever Leaves has joined TruTrace's StrainSecure(TM) platform to bring standardization and product validation into its international distribution strategy.
The StrainSecure platform allows partner laboratories to collect plant testing data and perform genomic verification in plant batches which are then registered in a blockchain-enabled database for intellectual property protection and strain validation. All information gathered from the plants, including their molecular and chemical makeup, can be tracked via the program.
The StrainSecure(TM) platform will collect, register, manage, track and publish verified testing data of Clever Leaves' cannabis plant DNA and strains, including prospective shipments into the Canadian market. The platform will enable Clever Leaves to validate its medical cannabis strains and provide its customers with increased transparency about the authenticity, quality and origin of its products.
"Our Genome-to-Sale(TM) software continues to gain traction as industry stakeholders increasingly recognize the critical importance of being able to provide account for the origin and quality of cannabis products," said TruTrace Technologies CEO Robert Galarza. "Clever Leaves is on track to become a major international supplier, and we are pleased to provide our full support of their initiatives at this early stage of their expected growth."
"We are committed to establishing full transparency and traceability of our strains. This is especially important for medical cannabis, where clinical outcomes and research conclusions are dependent on a level of consistency that can only come from being able to track a product's origin; the TruTrace platform is uniquely capable of providing this assurance," said Andres Fajardo, President of Clever Leaves. "We look forward to working with TruTrace and Shoppers Drug Mart on this initiative as we pursue our goal of becoming the largest medical cannabis company in the world." In February 2019, Clever Leaves became the first company authorized by Health Canada to import cannabis from Colombia into Canada.
About TruTrace Technologies:
TruTrace Technologies has developed the first integrated blockchain platform 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. It also streamlines the administrative process and reduces the costs of genetic and mandatory quality-control testing for legal cannabis. TruTrace's technology is proprietary, immutable and cryptographically secure, thereby establishing an accurate and permanent account for cannabis strains from ownership to market.
About Clever Leaves:
Clever Leaves is a multi-national cannabis company operating in compliance with federal and state laws, with an emphasis on ecologically sustainable, large-scale cultivation and processing as the cornerstone of building out distribution and brands. Clever Leaves is a leading vertically integrated producer of medical cannabis and hemp extracts and is currently cultivating over 1.5 million square feet of greenhouses under Good Agricultural and Collection Practices (GACP) in Colombia, with expected expansion to 2.3 million square feet by the end of 2019 and the goal of reaching 10 million square feet by 2021. Clever Leaves obtained its Good Manufacturing Practices (GMP) certification from INVIMA, Colombia's food and drug regulatory agency, after inspection of its top-of-the-line extraction facility and is in the process of being certified with European Good Manufacturing Practices (EU GMP). Clever Leaves' first extraction facility is capable of extracting 24,000 kilograms of dried flower currently, with expansion underway to increase expected extraction capacity to 324,000 kilograms of dried flower per year by mid-2020. Clever Leaves is also expanding its cultivation and extraction capabilities to Portugal, where it currently owns over 9 million square feet of property with over 100,000 square feet of greenhouses and anticipates its first harvests in 2020. With offices in Canada, Colombia, Germany, Portugal, the United Kingdom and the United States, Clever Leaves is one of the world's largest hemp and medical cannabis producers.
For More Information:
Swapan Kakumanu
Chief Financial Officer, TruTrace Technologies
844-656-3629
swapan@trutrace.co
Diana Siguenza
Strategic Communications Director
+57 310-236-8830
diana.siguenza@cleverleaves.com
www.cleverleaves.com
Press contacts:
McKenna Miller
KCSA Strategic Communications
347.487.6197
Cleverleaves@kcsa.com
Disclaimer for Forward-Looking Information
This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace, including statements regarding: the ability of the StrainSecure platform to bring standardization and product validation into Clever Leaves' international distribution strategy; that the StrainSecure tm platform will collect, register, manage, track and publish verified testing data of Clever Leaves' cannabis plant DNA and strains, including prospective shipments into the Canadian market; the ability of the StrainSecure platform to enable Clever Leaves to validate its medical cannabis strains and provide its customers with increased transparency about the authenticity, quality and origin of its products; that TruTrace's Genome-to-Sale(TM) software continues to gain traction as industry stakeholders increasingly recognize the critical importance of being able to provide account for the origin and quality of cannabis products; Clever Leaves' success in becoming a major international supplier and its expected growth; Clever Leaves' goal of becoming the largest medical cannabis company in the world; Clever Leaves' expected expansion to 2.3 million square feet by the end of 2019 and the goal of reaching 10 million square feet by 2021; Clever Leaves' planned expansion to increase its extraction capacity to 324,000 kilograms of dried flower annually by early next year; and Clever Leaves' anticipated first harvests in 2020. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct and actual results and future events could differ materially from those anticipated in such information. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with: general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States, and elsewhere; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks beyond the Company's control. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release. Forward-looking information contained in this news release is provided as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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