Today at the second annual World Cannabis Congress, Shoppers Drug Mart announced a new initiative with software company, TruTrace Technologies (CSE:TTT) (OTC:BKKSF) (“TruTrace Technologies”), to develop and deploy a blockchain-secured pilot program intended to increase transparency, interoperability and product identification within the medical cannabis industry (the “Pilot Program”).
The Pilot Program will use TruTrace’s StrainSecure™ technology as a central hub for identity management, asset tracking, validation, and product authentication. StrainSecure will also serve as a master registry for standardized testing, product verification, and quality assurance.
“We’ve gone to great lengths over the past six years to fully understand the challenges and opportunities that exist within the medical cannabis industry and taken steps to apply similar principles from traditional medicine to this new industry. The source of medical cannabis must be traceable and accountable for patients and practitioners to feel confident about it as a treatment,” said Ken Weisbrod, Vice President, Shoppers Drug Mart. “When a patient takes medication, there is an expectation that it is standardized, and they can expect consistent clinical outcomes and results. Although that’s not always a guarantee within the medical cannabis industry at the moment, we’re hoping this new program can help change that.”
“This is a significant milestone that brings our technology together with one of the most trusted brands in Canada,” said TruTrace Technologies CEO Robert Galarza. “We believe it is a testament to our technology’s ability to bring transparency and integrity to the cannabis industry and our shared mission. This initiative should help researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume.”
Phase 1 of the pilot program is expected to be completed by July 31, with full production and implementation targeted for late November 2019.
About Shoppers Drug Mart:
Shoppers Drug Mart is one of the most recognized and trusted names in Canadian retailing. The company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With almost 1,300 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the company is one of the most convenient retailers in Canada. The company also licenses or owns 47 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec), and provides cosmetic dermatology services at two standalone locations, the Beauty Clinic. As well, the company owns and operates 43 corporate Wellwise by Shoppers Drug Mart stores and an ecommerce site Wellwise.ca, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, and MediSystem Inc., a provider of pharmaceutical products and services to long-term care facilities. Shoppers Drug Mart is an independent operating division of Loblaw Companies Limited.
About TruTrace Technologies:
TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. Their 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 mandatory genetic quality control testing for legal cannabis. The 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
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace Technologies and Shoppers Drug Mart (collectively, the “Companies”). Forward-looking information is based on certain key expectations and assumptions made by the management of the Companies., including the statements regarding: the Pilot Program, including its intended scope, characteristics, and perceived benefits; the ability of TruTrace Technologies’ platform to bring transparency and integrity to the cannabis industry; that the initiative should allow researchers and clinicians to match therapeutic outcomes to specific genetic and chemical profiles, and provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume; that Phase 1 of the Pilot Program is expected to be completed by July 31, with full production and implementation targeted by for November 2019. Although the Companies believe 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 Companies can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Companies disclaim 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. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; other parties involved in the Pilot Program; that sufficient numbers of researchers, clinicians, physicians, pharmacists, and patients will be available to participate in the Pilot Program; potential negative results of the Pilot Program; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally and other risks, events or circumstances that 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 Companies. The reader is cautioned not to place undue reliance on any forward-looking information contained in this news release.