Shivom Ventures Limited (“Shivom”), a biotechnology data and analysis company optimising the way DNA is shared, secured and analysed through blockchain and AI technology, and TruTrace Technologies Inc. (CSE: TTT; OTC: TTTSF) (“TruTrace” or the “Company”), which has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, announced that the two companies have signed a letter of intent (“LOI”) to establish a strategic working relationship. The companies will explore a partnership to utilize both Shivom and TruTrace’s blockchain solutions in order to disrupt the global medicinal and recreational cannabis markets.
Through the LOI, Shivom is entering into the booming cannabis market, which is projected to hit US$40 billion by 2024 – nearly triple the US$14.9 billion estimated to be spent this year, according to ArcView Market Research and cannabis industry analysis firm BDS Analytics.
“Shivom is excited to enter the cannabis market via a strategic partnership with TruTrace, which has developed the first integrated blockchain platform to register and track IP in the cannabis industry,” said Shivom CEO, Henry Ines. “As the industry is still in its early stages in terms of understanding and uncovering all of the medicinal benefits associated with the use of CBD, Shivom is keen to work with leading organizations in the space such as TruTrace to further uncover additional therapeutic benefits based on one’s genomic profile and unique personal health information. Shivom anticipates significant opportunities to collaborate with TruTrace and its partners to provide clinical research opportunities, medical insights and personalized healthcare products to consumers and patients within the global cannabis ecosystem.”
“Shivom has developed some very interesting technology that combines genomics, cryptography and AI, and we are excited to begin collaborating with them,” said TruTrace CEO, Robert Galarza. “We plan to explore development and integration opportunities to advance clinical research, and bring greater transparency, insights and viability to the legal medical and recreational cannabis industry.”
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Shivom is a biotechnology data and analysis company optimising the way DNA is shared, secured and analysed. By utilising innovative technologies such as blockchain and machine-learning algorithms, we are able to democratise genomics.
Our mission is to bring exponential value to our end-users within the genomics industry. We believe that the unique combination of our in-depth knowledge for genomics, mixed with deep-rooted backgrounds in cryptography and AI is essential in the democratisation of genomics and healthcare data.
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.
To learn more about TruTrace Technologies please visit https://strainsecure.com/.
Disclaimer for Forward-Looking Information
Information in this news release with respect to Shivom has been provided by Shivom and not independently verified by TruTrace. This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the statements regarding: the expected partnership between TruTrace and Shivom; the expected benefits to the Company of the proposed relationship with Shivom; and that the Company and Shivom may develop a solution that has a disruptive effect on the global recreational and medicinal cannabis industry. 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; that the parties may be unable to negotiate a formal agreement with respect to the proposed partnership; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States, the United Kingdom and elsewhere; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry generally in Canada, the United States, the United Kingdom and elsewhere; and other risks. 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 statements contained in this press release are made as of the date of this press 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.