Companies enter into LOI to integrate technologies for the medical cannabis industry
TruTrace Technologies Inc. (TSXV:TTT; OTC:BKKSF) (“TruTrace” or the “Company”) today announced that it has entered into a letter of intent dated April 30, 2019 (the “LOI”) with Strainprint™ Technologies Ltd. (“Strainprint”). Under the terms of the LOI, the parties will work together to explore development and integration opportunities to utilize their mutual technologies in order to bring greater transparency and visibility to the legal cannabis industry.
“We’re thrilled to begin working with Strainprint in a greater capacity. What they’ve architected from an education and data standpoint is nothing short of remarkable, and we collectively believe that a synergistic relationship between our software platforms will bring a new level of verification and trust to the efficacy of medical cannabis,” said TruTrace CEO, Robert Galarza. “We look forward to formalizing the details of our working relationship and continuing to update the industry and shareholders as our work continues to evolve.”
“We’re excited to explore combining our award-winning data, analytics and research capabilities with TruTrace’s established and powerful platform. As the leading source of medical cannabis use data, with over 60 million data points from 1.2 million medical cannabis patient reported outcomes, we are uniquely positioned to work alongside TruTrace to help drive standardization, transparency and compliance that will shape the global cannabis industry in a meaningful way,” said Strainprint CEO, Andrew Muroff.
Terms of the LOI:
Under the terms of the LOI, the parties have agreed that: (a) TruTrace will include Strainprint as a preferred partner; and (b) the parties will explore development and integration opportunities to utilize their mutual technologies to bring greater transparency and viability to the legal cannabis industry. The parties have agreed to negotiate, settle and execute a definitive agreement formalizing their relationship (the “Formal Agreement”) on or before June 30, 2019. Entry into the Formal Agreement, and the closing of the transactions contemplated in it, are subject to certain conditions, including completion of each party’s satisfactory due diligence review of the other.
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 a single-source, accurate, validated and permanent account for cannabis strains from ownership to market.
Founded in Toronto in 2016, Strainprint™ Technologies Ltd. is the leading demand-side cannabis data and analytics company. With the world’s largest longitudinal, observational data-set of its kind and a mission to advance the scientific understanding of cannabis and its legitimization as a mainstream therapy, Strainprint helps medical cannabis patients and doctors to use cannabis in the most effective and responsible way possible. The Strainprint™ data platform supports global cannabis research and provides advanced business intelligence and treatment guidance to producers, retailers, medical practitioners, pharmacies, government and industry. Strainprint is HIPAA, PIPEDA and PHIPA privacy compliant, military-grade encrypted and all patient data is completely anonymized and at rest in Canada. Strainprint can be seamlessly embedded or integrated with most electronic medical records (EMR) and point of sale (POS) and seed2sale software systems. Strainprint Analytics is accessed by customer subscription, while the Strainprint App is free to patients and can be downloaded from both the iOS App Store and GooglePlay Store. Strainprint was created by patients for patients. To learn more of the genesis of the app, have a look at Steph’s Story or visit us at www.strainprint.ca, facebook, twitter, or linkedin.
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Disclaimer for Forward-Looking Information
This release contains “forward-looking statements”, which are based upon the current internal expectations, estimates, projections, assumptions and beliefs, and views of future events, of TruTrace and its management. Forward-looking statements can be identified by the use of terms such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words. Forward-looking statements in this news release are based upon the expectations, estimates, projections, assumptions and views of future events which management of the Company believe to be reasonable in the circumstances and include statements regarding: the expected synergies between the TruTrace and Strainprint technologies; the expected benefits to the Company of the proposed relationship with Strainprint; the expected date of entry into the Formal Agreement and conditions of closing to the transactions contemplated thereby; and that the Company and Strainprint will bring greater transparency and visibility to the legal cannabis industry. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance and other statements that are not statements of fact. Forward-looking statements necessarily involve known and unknown risks, including risks associated with the failure of the parties to agree on terms of a Formal Agreement; the ability of the parties to create technologies that make the cannabis industry more transparent and viable; general economic conditions; 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 ability of the parties to implement their respective business strategies; competition; and other risks. Such forward-looking statements are provided as of the date hereof and the Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.