PR: TruTrace Technologies provides corporate strategy update

TruTrace Technologies Inc., creator of a fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, today provided an updated outlook for its corporate strategy and priorities for 2020. Highlights include a targeted expansion of the Company’s StrainSecure traceability platform into the pharmaceutical and nutraceutical verticals, as well as entry into several international markets.

“The success of the medical cannabis verification pilot program has been tremendously important for us. It has validated our technology and begun to establish the StrainSecure platform as a potential de facto standard for quality assurance and traceability in the Canadian cannabis industry,” said TruTrace Technologies CEO Robert Galarza. “We are currently focused and investing additional resources on transition of our platform into a fully operational ecosystem that could provide a revenue stream and in turn enable us to achieve cash-flow positive operations by the end of calendar year 2020, while also allowing us to pursue other exciting opportunities.”

Mr. Galarza continued: “The technology we initially deployed in the medical cannabis sector is highly applicable in other verticals such as pharmaceuticals, nutraceuticals and even food safety, where it is equally important to have complete transparency on the origin and authenticity of products. In the next year we are aiming to establish a foothold in these sectors, as well as extend our footprint in cannabis traceability into several markets outside of Canada.”

Key Accomplishments in Calendar 2019

TruTrace made significant progress in the execution of its business plan in 2019, highlighted by the following:

  • By the close of 2019, TruTrace completed the first two phases of the medical cannabis verification pilot program (the “Pilot Program”), which is designed to increase transparency, interoperability and product identification within the medical cannabis industry.
  • The first two phases of the Pilot Program also included the addition of several licensed producers and testing partners into the StrainSecure platform.
  • Additionally, the development team enhanced the Company’s technology, including meeting and incorporating the global traceability standards of GS1, furthering our partnership with Microsoft by utilizing their Azure solution for Canada, completing comprehensive modules to support laboratory management and dynamic quality assurance and finalizing APIs into several key technology partners.
  • Established relationships with customers and prospective partners in several international markets, as well as the pharmaceutical sector and the nutraceutical sector, with a view to ascertaining their unique needs and potentially adding them to the StrainSecure platform.
  • Finalized a strategic alliance with global giant Deloitte to combine TruTrace’s technology with Deloitte’s leadership in the cannabis space and to 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.
  • Increased revenue and began to mitigate operational expenses as management was able to shift its focus from core product development to sales and account management.

Calendar 2020 Strategic Priorities

The Company’s strategic priorities in 2020 include a planned expansion of its addressable market through the following initiatives:

  • Continue its execution of the StrainSecure medical cannabis traceability platform and advance the platform from POC to full operational implementation, thereby establishing a potential revenue stream to fund the Company’s growth.
  • Deploy StrainSecure with an initial set of licensed producers in several rapidly growing international medical cannabis markets.
  • Advance several key strategic partnerships and alliances.
  • Commencing business development initiatives with pharmaceutical and nutraceutical customers including utilization of the Company’s traceability platform, adapted to meet specific requirements of these sectors.

The Company plans to provide updates throughout the year on the progress it makes towards achieving these strategic goals.

About TruTrace Technologies

TruTrace Technologies has developed an 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.

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