Deloitte and TruTrace Technologies Inc. form strategic alliance to improve cannabis quality control and safety for retailers and consumers
TORONTO, Sept. 4, 2019 /CNW/ - Deloitte and TruTrace Technologies Inc. (CSE: TTT; OTCQB: TTTSF) ("TruTrace") have announced a strategic alliance to deliver blockchain product-traceability solutions to the cannabis industry. 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.
Cannabis legalization in Canada has resulted in exciting opportunities and innovations for industry stakeholders, as well as complex business challenges. One of the main challenges facing the industry is strain security—ensuring the product in the store matches its promised origin. For the Canadian cannabis industry to be transparent and reliable, both retailers and consumers need to know what they are buying.
Using its StrainSecure™ system, the TruTrace team collects plant-testing data and performs genomic verification in plant batches. The information is 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, is tracked along the supply chain, from seed to sale.
The StrainSecure™ platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, significantly reducing administrative time and expenses.
"It is essential for companies bringing emerging technology to market to find the best partners to grow with, and we are very excited about our alliance with one of the most respected names in global business," says Robert Galarza, CEO of TruTrace. "By working together to rapidly scale the adoption and implementation of our technology, we are confident that we can bring a greater level of traceability and trust to this evolving industry."
Deloitte's leadership in the cannabis space will expedite the ability of this technology to reach key stakeholders, helping increase transparency in business decisions for everyone along the supply chain.
"This technology builds trust in the cannabis industry, not only between producers and retailers but also between retailers and consumers," says David Stewart, a partner in Deloitte Canada's Forensics practice. "We're pleased to be able to play an integral role in helping all stakeholders in the cannabis space increase business performance and reputation while keeping consumers safe."
About Deloitte
Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights and service to address clients' most complex business challenges. To learn more about how Deloitte's approximately 264,000 professionals—9,400 of whom are based in Canada—make an impact that matters, please connect with us on LinkedIn, Twitter or Facebook.
Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
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.
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 TruTrace and Deloitte strategic alliance, and its ability to improve cannabis quality control and safety for retailers and consumers, improve clients' ability to build trusted brands, ensure medical and recreational distributors and retailers receive accurate shipments, provide consumers with confidence they are buying verified products from credible sources, bring a greater level of traceability and trust to the cannabis industry, help stakeholders increase business performance and reputation, and expedite the ability of StrainSecuretm technology to reach key stakeholders and help increase transparency in business decisions for everyone along the supply chain. Although TruTrace 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 TruTrace 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 TruTrace '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 TruTrace. 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. TruTrace 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.
SOURCE TruTrace Technologies Inc.
Kyle Wyskiel, Deloitte, 416-354-1574, [email protected]; Yasmine Gholam, Deloitte, 514-393-7049, [email protected]; TruTrace Technologies Inc: Robert Galarza, Chief Executive Officer and Director; Media Relations: Corey Herscu, RNMKR Agency, 416-300-3030; Investor Inquiries: Swapan Kakumanu, Chief Financial Officer, 844-656-3629, [email protected]
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