Cannabis startup Theracann teamed up with TruTrace Technologies, the blockchain platform that tracks intellectual property in the cannabis industry, to add “DNA tag-based forensic traceability and authenticity with TruTrace’s Industry Blockchain Hub.” The announcement came Monday, in which the two companies reportedly signed a letter of intent (“LOI”) and plan to integrate StrainSecure, TruTrace’s genome-to-patient quality control software, with ThereCann’s Electronic Traceability for Cannabis and Hemp, or ETCH, technology. In other words, they will be sequencing marijuana’s DNA to further place it on blockchain as ETCH affixes a traceable molecular tag to cannabis that provides precise details about the given strain and its derivatives at any point in the supply chain.
“The biotrace system provides seed-to-sale traceability for cannabis and hemp and uses Applied DNA’s unique, safe and persistent molecular tag for the identification of any biomass, extraction, isolate, derivative or cannabis packaging,” said CEO Jason Warnock in a release. “Collaborating with TruTrace connects the dots with an information platform linking the provenance of material, testing information and patient data that is so vital to the safety and efficacy of the global market.”
Under the terms of the LOI, both companies agreed upon TruTrace including Theracann as a preferred partner, meanwhile, both parties will explore development and integration opportunities to utilize their mutual technologies to bring greater transparency and visibility to the legal cannabis industry. In addition, the parties reportedly agreed to execute a definitive agreement formalizing their relationship on or before July 31st, 2019.
TruTrace Technologies has established several working relationships with complementary technology providers and recently announced a pilot program for Canada’s largest pharmacy chain, Shoppers Drug Mart, in hopes of creating a central hub for identity management, asset tracking, validation, and product authentication.
“Creating an eco-system of technologies with the intent to provide patients, government, and the industry with supply chain integrity, true IP protection and analytical testing and validation is an important next step for the cannabis and hemp industry evolution,” says Robert Galarza, CEO of TruTrace Technologies. “We are excited to connect Theracann’s ETCH molecular track and trace system with StrainSecure and to explore additional opportunities for collaboration between our organizations.”