TruTrace Technologies Reports Financial Results

Financial Results for Year Ended April 30, 2020

Toronto, Canada – TheNewswire – October 13, 2020 – TruTrace Technologies Inc. (CSE:TTT); (CNSX:TTT.CN); (OTC:TTTSF) (“TruTrace” or the “Company”), www.trutrace.co, creator of a fully integrated software platform, secured on a blockchain infrastructure that gives clients the ability to store, manage, share and immediately access quality assurance and testing details, as well as motion and movement intelligence on inventory, announces its financial results for the quarter ended January 31, 2020 and for the year ended April 30, 2020 (the “Annual Filings”). All figures are stated in Canadian dollars.

Management would like to address the recent Cease Trade Order which was a result of a misunderstanding that arose regarding the relief granted by the 45-day extension which was provided by Canadian Securities Administrators and Ontario Instrument 51-502: Temporary Exemption for Certain Corporate Finance Requirements (the “Temporary Relief”). On August 28, 2020, the Company announced that it was relying on the Temporary Relief from periodic filings normally required to be made by issuers due to the challenges posed by the COVID-19 pandemic, thereby effectively giving the Company until October 12, 2020 to complete its Annual Filings. Unfortunately, the Temporary Relief did not provide any relief from the September 29, 2020 deadline to file financial results for the three months ending July 31, 2021 (the “Quarterly Filings”). By relying on the Temporary Relief, management was unable to file the Quarterly Filings in a timely fashion as they could not be filed prior to the Annual Filings. Notwithstanding, management assures that it has prepared and will submit its Q1-2020 filings by the end of the day.

“We are extremely proud of what our team has endured and accomplished in our second full year of operations”, said TruTrace Technologies CEO Robert Galarza. “Our development of a comprehensive platform for tracking the quality of medical cannabis and the functional implementation into the traceability initiative of Medical Cannabis by Shoppers Drug Mart illustrates that our technology will serve as a cornerstone for verified, transparent and collaborative products within the cannabis sector. It has been a pleasure collaborating with some of the top Licensed Producers and analytical laboratories in Canada, as well as industry leaders like Deloitte Canada and we are excited about what the future has in store for TruTrace.”

Financial Highlights

  • – The Company generated revenue of $402,679 in fiscal 2020, compared to $10,000 in fiscal 2019.

    – Comprehensive loss was $4.59 million for the year, compared to $14.8 million in the prior period. Significant fiscal 2020 operating expenses included $2.07 million of product development costs, $814,485 in salaries, subcontractors and benefits and $762,554 of corporate development costs.

    – Net comprehensive loss was $4.5 million in fiscal 2020, compared to $14.8 million in the prior period. The variance as compared to the prior period was due to a reduction in operational expenses and development costs and a significant increase in revenue.

    – Funds used in operations totaled $4 million for the year, compared to $9 million in the prior period.

Fiscal 2020 Operating Highlights

  • – In June 2019, Canada’s largest pharmacy chain, Shoppers Drug Mart (“Shoppers”) announced the development and implementation of a Pilot Program with TruTrace which would utilize the Company’s proprietary StrainSecure(TM) platform in order to provide detailed inventory data to Shoppers as a part of their Medical Cannabis initiative thereby bringing a greater level of transparency and trust to medical practitioners throughout Canada. Thereafter, the Company successfully completed Phase 1 and Phase 2, and began Phase 3 of the Pilot Program with Shoppers.

    – In September 2019, TruTrace and global leader Deloitte announced a strategic alliance to deliver blockchain product traceability solutions to the cannabis industry. Deloitte has been a leading voice in cannabis intelligence and research and has advised and consulted clients at every level of the cannabis supply chain. TruTrace and Deloitte are actively working on several exciting initiatives.

    – The Company began working with several analytical testing laboratories, including: Anandia Laboratories, A&L Canada Laboratories, Inc., Molecular Science Corp. and Sigma Analytical with the goal of delivering greater transparency and visibility regarding the quality of products offered in the legal cannabis industry.

    – In conjunction with the Shoppers Drug Mart Pilot Program, the Company entered into agreements with several Licensed Cultivators of medical and recreational cannabis who agreed to employ the StrainSecure(TM) platform in order to collect, register, manage, track and publish verified testing data of their products, including: Aphria, Inc., Tilray Canada, Inc., WeedMD Inc. and Aurora Cannabis.

    – Internationally, the Company entered into an agreement with Columbia-based Clever Leaves, a leading vertically integrated global company and fully licensed producer of pharmaceutical-grade medical cannabis and hemp extracts with an aim to explore ways to employ the StrainSecure(TM) platform throughout Clever Leaves’ international operations.

    – The Company added key talent to its advisory board with the addition of regulatory and industry expert Deepak Anand, as well as the addition of experienced entrepreneur Cesare Fazari to its Board of Directors.

Subsequent Events

  • – In June 2020, the Company successfully negotiated a debt settlement with its primary development vendor in exchange for common shares of TruTrace thereby ensuring valuable intellectual property rights to the StrainSecure(TM) platform and securing its lead technology partner for future development.

    – In July 2020, the Company entered into a software license agreement with OrionOne Global, Inc., a global supply chain technology solution, which would not only ensure the long-term functionality of the StrainSecure(TM) and TruTrace Enterprise(TM) systems but should also open up several market opportunities for TruTrace in other key industries.

    – In July, 2020, University Health Network (UHN), a leading health research organization announced the launch of a first-of-its-kind Real-World Evidence study led by Dr. Hance Clarke, Director of Pain Services, Toronto General Hospital, and a recognized leader in educating Canadians about chronic pain management and the risk factors of continued opioid use. The study is in collaboration with Medical Cannabis by Shoppers and supported by the Company’s StrainSecure(TM) platform. By utilizing TruTrace, the study will be able to tie batch/lot specific product data to individual patient use.

    – The Company announced the inclusion of several additional Licensed Producers within the Real-World Evidence study in alignment with UHN and Shoppers including: MediPharm Labs Inc., Organigram Holdings, Inc., and Avicanna, Inc. amongst others.

    – In August 2020, the Company began showcasing its capabilities well beyond the cannabis sector by announcing implementation of the Company’s proprietary software by Riviera and West One Logistics regarding the delivery of quality sanitization products, as well as Safe Company in their mission to ensure the quality of medical and protective consumables, hospital supplies and air purification solutions.

Outlook

“The role of TruTrace in a ground-breaking medical cannabis study and its use and implementation by a top tier client base has begun to prove our value to the entire medical community,” said Robert Galarza. “It is now time to evolve our platform not only into an industry benchmark in the medical cannabis sector, but as a benchmark for quality in several other key markets.”

The Company’s goal is to build a framework for licensed producers and manufacturers, helping them to easily and inexpensively track their products throughout the testing process. TruTrace then places verified testing data on the blockchain for immutability and intellectual property protection and feeds that information through the ecosystem for full visibility throughout the supply chain. The resulting outcome is a trustworthy source of product and inventory data that can be used to support anything from clinical trials to medical efficacy studies, as well as providing regulators, medical practitioners, patients and even retail consumers a much-desired level of actionable intelligence. With TruTrace, all parties can see whether a product is clean, safe, pesticide-free and truly is what it claims to be.

More detailed financial information and analysis with respect to TruTrace’s results of operations are available in its audited financial statements and management’s discussion and analysis for the period ended April 30, 2020, both of which can be found on SEDAR at www.sedar.com.

About TruTrace Technologies www.trutrace.co:

TruTrace Technologies is the developer of a fully integrated software platform, secured on the blockchain, offering clients the ability to store, manage, share and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory. The platform was specifically designed to power the traceability of testing standards within the legal cannabis, nutraceutical, food and pharmaceutical space with a focus on the authentication of source materials or ingredients used in formulation.

For More Information:

Robert Galarza, CEO

Tel: 888-775-4888

Email: info@trutrace.co

Twitter: @TruTraceTech

LinkedIn: @trutracetech

Facebook: https://www.facebook.com/TruTrace/

Instagram: @trutracetechnologies

Disclaimer for Forward-Looking Information

This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace, including statements regarding: the current economic climate and its effect on the Company’s client base business; that the Company’s technology will serve as a cornerstone for verified, transparent and collaborative products within the cannabis sector; that the software license agreement with OrionOne Global, Inc. should also open up several market opportunities for TruTrace in other key industries; the Company’s ability to successfully acquire new customers; the Company’s ability to successfully implement its technology, specifically the StrainSecure(TM) and TruTrace Enterprise(TM) Software as a Service (SaaS) solutions; management’s assumptions regarding the sustainability of recurring revenue streams; that our technology will play an instrumental role in empowering manufacturers, licensed producers, medical practitioners, regulators and consumers with information regarding the quality of products in their respective market; the Pilot Program is intended to increase transparency, interoperability and product identification within the medical cannabis industry; the Pilot Program will use the Company’s StrainSecure(TM) technology as a central hub for identity management, asset tracking, validation, and product authentication; StrainSecure(TM) will also serve as a master registry for standardized testing, product verification, and quality assurance; other LPs are expected to be announced as participants in the Pilot Program; that a number of prospective partners are expected to contribute to the successful implementation of the Company’s technology; the Company’s expectation that the Pilot Program will enable it to demonstrate the value of its technology platform to a broad cross-section of the industry; and the Company’s expected profitability. 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; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States, and elsewhere; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks beyond the Company’s control. 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 information contained in this news release is provided as of the date of this news 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.

TruTrace and Safe Company to Bring Product Validation to Personal Protective Equipment

TORONTO–(BUSINESS WIRE)–TruTrace Technologies, developer of a fully-integrated blockchain platform for the legal cannabis, food and pharmaceutical industries, today announced that medical distributor, Safe Company, has selected the TruTrace Enterprise™ SaaS platform to manage inventory and quality assurance processes for its medical and protective consumables, hospital supplies and air purification solutions.

Since the first wave of the COVID-19 global pandemic, there has been an exponential rise in the need for experienced and qualified manufacturers. Safe Company’s implementation of TruTrace software will provide reliable and dynamic data to its customers and partners. Each Safe Company product will be affixed with a unique Quick Response (QR) code and TruTrace verification seal that can be scanned to obtain immediate test results and all-encompassing quality details on every order, which can then be shared.

Over the past year we have seen a dramatic change in the way we live. The regular use of personal protective equipment (PPE) has become synonymous with how we will all adapt to a ‘new normal’ life,” said Robert Galarza, CEO of TruTrace. “It is therefore critical for quality products and experienced manufacturers to separate themselves from the opportunists. Safe Company brings forth the highest standards, and TruTrace is honored to be working together to secure and validate the quality of its products.”

About TruTrace Technologies

TruTrace Technologies is the developer of a fully-integrated software platform, secured on the blockchain, offering clients the ability to store, manage, share and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory. The platform was specifically designed to power the traceability of testing standards within the legal cannabis, nutraceutical, food and pharmaceutical space with a focus on the authentication of source materials or ingredients used in formulation.

For more information, please visit www.trutrace.co and www.safe-company.com.

Proactive: TruTrace Technologies working with Riviera & West One Logistics to launch sanitizer products

TruTrace Technologies (CSE:TTT) (OTCQB:TTTSF) CEO Robert Galarza tells Proactive the developer of a fully-integrated blockchain platform for the legal cannabis, food and pharmaceutical industries has said it is teaming up with Riviera & West One Logistics to ensure the highest quality for its line of products including Hygen-X hand and surface sanitizer products. Galarza says TruTrace’s launch with the company will mark the first implementation of its proprietary TruTrace Enterprise SaaS platform in sectors outside of the medical cannabis sector.

TruTrace Technologies Ensures Consumer Safety for Riviera Beverages

TORONTO–(BUSINESS WIRE)–TruTrace Technologies (CSE: TTT; OTCQB: TTTSF), developer of a fully-integrated blockchain platform for the legal cannabis, food and pharmaceutical industries, today announced that it has teamed with Riviera & West One Logistics to ensure the highest quality for its line of products including Hygen-X hand and surface sanitizer products. Riviera is a leading provider of bottled products in North America and overseas from an FDA-licensed facility in Southern California. TruTrace’s launch with the company will mark the first implementation of its proprietary TruTrace Enterprise™ SaaS platform in sectors outside of the medical cannabis sector.

Because of the COVID-19 pandemic, there has been a dramatic rise in the need for quality hand and surface sanitizer products around the world. Unfortunately, this high demand has also created a lineage of substandard products, highlighted by the FDA’s recent warnings about deficient and even dangerous products in the market. As a result, Riviera, in association with West One Logistics Hygen-X, has made transparency and product validation a top priority.

“Our vision when we started TruTrace was to provide transparent data on the quality of products of all types,” said Robert Galarza, CEO of TruTrace. “In light of the COVID-19 pandemic, we have seen a market flooded with disinfectants that are sub-standard, which is unacceptable. We are thrilled to be a catalyst for change in supporting top quality manufacturers like Riviera in their effort to distinguish from other operators.”
About TruTrace Technologies

TruTrace Technologies is the developer of fully-integrated software, secured on a blockchain infrastructure, that gives clients’ the ability to store, manage, share and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory. The platform was specifically designed to power the traceability of testing standards within the legal cannabis, nutraceutical, food and pharmaceutical space with a focus on the authentication of source materials or ingredients used in formulation.

For more information, please visit www.trutrace.co.

Disclaimer for Forward-Looking Information

This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of TruTrace, such as statements that TruTrace’s launch with Riviera and West One Logistics will mark the first implementation of its proprietary TruTrace EnterpriseTM SaaS platform in sectors outside of the medical cannabis sector; and that TruTrace will be a catalyst for change in supporting top quality manufacturers like Riviera in their effort to distinguish from other operators. There are numerous risks and uncertainties that could cause actual results and TruTrace’s plans and objectives to differ materially from those expressed in the forward-looking information, including adverse market conditions and other factors beyond TruTrace’s control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. TruTrace 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.

Contacts
Corey Herscu for TruTrace Technologies
corey@verbfactory.com
(416) 300-3030

Robert Galarza
robert@trutrace.co
(888) 775-4888

New Cannabis Ventures: Organigram Partners with Shoppers in Medical Cannabis Pilot Program

Organigram Joins Medical Cannabis by Shoppers Inc. and TruTrace in Effort to Track Source and Genetics of Cannabis Used by Medical Patients.

Project aims to match therapeutic outcomes to specific cannabis profiles and ensure consistent product for patients and healthcare practitioners…

Using Trutrace’s StrainSecure™ system, the program collects plant testing data and performs genomic verification in plant batches which are then registered in a blockchain-enabled database for intellectual property protection and strain validation. All information gathered from the plants, including their molecular and chemical makeup, can be tracked via the technology…

In the absence of assigned drug identification numbers (DIN) for cannabis products, quantifying the genetics and metabolomics, as well as potency and equivalencies of cannabis products is of interest to producers, distributors, shippers, government agencies, payers, clinicians and patients.

“Maintaining an effective traceability ecosystem about these details throughout the supply chain is a component of providing consistent medicine,” says Engel.

Using TruTrace technology, Shoppers has partnered with University Health Network in Toronto (UHN) to launch ‘Medical Cannabis Real World Evidence’ (MCRWE), a new ground-breaking study on cannabis and health which will track outcomes with TruTrace validated product for the first time in history.

This novel observational study is targeting a minimum of 2,000 patients who will be followed over a 24-week period.  Enrolled patients will have access to certain fully verified products on the Medical Cannabis by Shoppers platform, which have been tested for detailed cannabinoid and terpene profiles.  More information about the study can be found here.

Business Insider: Canada’s largest drugstore chain is partnering with a tech company to create an online database to track cannabis quality

“There is a stigma around recommending cannabis to patients in Canada. While medical cannabis has been legal in Canada for 19 years, doctors still feel uncertain authorizing its use to patients. 

Shoppers Drug Mart, Canada’s largest drugstore chain, is partnering with product quality and verification testing company TruTrace to create an online database to track cannabis quality.

The goal is to collect data on cannabis products from seed to sale, including a detailed chemistry and genetics of the plant and its metabolomic signatures, to understand what types help which patients.

“There was this idea that it was going to fix everything from Parkinson’s to Alzheimer’s to osteoarthritis to multiple sclerosis, but where’s the evidence?” said Dr. Hance Clark, who’s been working with Shoppers for the past four years. “The answer is, there isn’t much. It’s all anecdotal. So then the question is, how could we do this better, how could we change the system?”…

Shoppers Drug Mart, Canada’s largest drugstore chain, is attempting to mitigate confusing guidelines and information around cannabis use with a new partnership with the California based TruTrace, which does product quality and verification testing. The two are creating a new online portal, called Medical Cannabis By Shoppers Drug Mart, accessible to both patients and doctors that will track exactly what strains of flower, how many milligrams of THC, and what kinds of chemicals are in the products…”

Blockchain and pharmacies: How technology can make selling medical cannabis safer

By Robert Galarza

Many patients swear by medical cannabis as an effective treatment for a wide swathe of ailments and symptoms, including chronic pain, opioid dependency, nausea, sleep disturbances, and anxiety.

As a result of the regulatory changes that occurred when cannabis was federally legalized in October 2018, patients can now purchase their cannabis online from one of their most trusted sources: the pharmacy, rendering the therapeutic drug more accessible than ever before. Ordering medical cannabis from a familiar source may be less intimidating — and more convenient — to some patients than a visit to their local recreational weed dispensary, and purchasing medication online from a reputable pharmacy can help reinforce patients’ peace of mind (and provide more treatment options) in a way that ordering directly from a single licensed producer simply can’t match.

However, a common issue that often arises with medical cannabis is that pharmacists responsible for prescribing medicine for patients are accustomed to dispensing medications with a standardized level of active ingredients, and thus are reluctant to contend with the variability that can occur when dispensing plant-based treatments such as the cannabis flower.

The potential for inconsistency, paired with the lack of a comprehensive, central source of information that details the particular qualities of a specific product or cultivar, can make dispensing cannabis a daunting task. In light of medical cannabis dispensation by pharmacies being in its nascent stages, pharmacists, patients, and caregivers alike may not feel fully confident in selecting from the plethora of cannabis products available to them — never mind the correct dose, frequency, and ideal method of consumption.

Enter blockchain.

Whether dried flower, extracts, topicals, or edibles, blockchain tech allows patients and healthcare professionals to access vital information about cannabis products such as the level of major cannabinoids such as THC (aka tetrahydrocannabinol, the intoxicating compound in the cannabis plant) and CBD (aka cannabidiol, a psychoactive, but non-intoxicating compound found in cannabis), as well as minor cannabinoids and terpenes (organic aromatic compounds secreted in the plant’s glands, which are speculated to affect the properties of cannabis due to the entourage effect).

Managing critical quality data on cannabis products, such as detailed analytical test details, as well as genetics, metabolomics, and other critical manufacturing information documents, is essential to standardizing quality. Furthermore, by collecting and storing this information on a blockchain database, it can create the foundation for a more accurate, scientifically-backed method of tracking cannabis-based treatments that more closely resembles one expected of any other pharmaceuticals.

But the benefits of blockchain tech aren’t limited to measuring and tracking levels of THC and CBD.

Blockchain can also help advisors and healthcare professionals assess consistency from batch to batch and inform patients of any potential variations in their meds, which is crucial information when determining the correct dose and product in a sea of cultivars and consumption options.

Blockchain can also help pharmacists who are unfamiliar with cannabis guide patients towards the cultivars (known colloquially as “strains”) that are most suited for the patient’s specific needs, including both the specific interactions of the drug and the drug’s contraindications (the impact on the patient’s other medications).

Pharmacies are uniquely positioned in that they can dispense cannabis to patients via online channels while simultaneously being acquainted with their medical histories and any other medications they may be prescribed or purchasing over-the-counter. Armed with that patient familiarity and a tried-and-tested source of information, sourcing medical cannabis from pharmacies can help ensure a safe experience with limited side effects and without contraindications — while maximizing the efficacy of the treatment.

The immutability and rapid access to data provided by blockchain can be an indispensable tool. Blockchain helps patients successfully treat their symptoms with the added peace of mind that comes with obtaining their medication, be it pill or plant, under the banner of a trusted pharmacy. Implementing this technology in a pharmacy setting can empower patients to be confident about the safety, consistency, and reliability of the medical cannabis product, and it can enable pharmacies to remain on the cutting edge of patient care while dispensing safe and effective treatment options tailored to each individual.

Robert Galarza is Chief Executive Officer of TruTrace Technologies, developer of the first integrated blockchain platform that registers and tracks intellectual property from Genome to Sale for the cannabis industry.

Technical420: MediPharm Labs Selected for First Real-World Evidence, Patient-Centred Clinical Trial Using Blockchain Technology

MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE:MLZ) a global leader in specialized, research-driven pharmaceutical-quality cannabis extraction, distillation and derivative products, today announced its participation in a ground-breaking collaboration between University Health Network and Medical Cannabis by Shoppers Inc. that will use blockchain technology to track medical cannabis products from seed to sale….

The collaboration will use a blockchain-secured software platform – designed by TruTrace Technologies Inc. (CSE: TTT)(OTCQB: TTTSF) (CSE: TTT)(OTCQB: TTTSF) and integrated with the Medical Cannabis by Shoppers portal – to manage, track and trace medical cannabis strains in 7 distinct products manufactured by MediPharm Labs, or about 20% of the study formulary, in various formats including oils and extracts throughout each step of the supply chain.

Robert Galarza, CEO, TruTrace Technologies commented, “The evolution of the medical cannabis industry over the past several years has been nothing short of remarkable and the commitment by MediPharm Labs to implement the highest level of product quality through certified GMP standards and protocols, as well as a desire to advance innovation, collaboration and technology alongside companies like ours will only further drive our industry forward. We are excited to explore how the power of dynamic and transparent data can support their initiatives in Canada and beyond.”

“This important study, conducted by one of the largest  health research organizations in Canada, will have wide-reaching benefits for cannabis patients and MediPharm Labs as we remain dedicated to producing pharmaceutical-quality products that are rigorously tested and verified on a lot-by-lot basis using GMP certified standards,” said Pat McCutcheon, Chief Executive Officer, MediPharm Labs. “Our view is that this study has the potential to enhance confidence in medical cannabis by giving physicians and patients true transparency into product chemistry, composition and effectiveness so that they can prescribe validated products and adjust their treatment regimens based on real-world evidence. We are proud to be a contributing partner with leaders in the fields of science, technology, medical dispensary and cannabis who have come together to make this study possible.”…

Shoppers Drug Mart and TruTrace add data insights to help doctors

TruTrace Technologies (CSE: TTT-OTCQB: TTTSF) CEO Robert Galarza joined Steve Darling from Proactive Vancouver with news the their partner company Shoppers Drug mart is now looking to increase available data from its online medical cannabis marketplace to try and allow doctors to access more data.

Galarza discusses that data and how that is a way to allow doctors more data so they can feel more comfortable prescribing the drug to their patients.

Shoppers Drug Mart to grow medical pot sales with data

Shoppers Drug Mart is adding more robust data to its online medical cannabis marketplace to help doctors get comfortable prescribing the drug.

The Loblaw-owned (L.TO) pharmacy chain launched its Medical Cannabis by Shoppers Drug Mart digital portal nationwide last December. Unlike recreational pot, medical cannabis is exclusively sold online. Shoppers Drug Mart offers products from a dozen licenced producers through its pot website.

Ken Weisbrod, the company’s vice president of business development, and a pharmacist by trade, sees better data as key to gaining the trust of doctors wary of prescribing cannabis, due to the unknowns compared to conventional pharmaceuticals with Drug Identification Numbers. 

“Cannabis is a combination of many different molecules in the plant, so doctors have to get their head around that,” he told Yahoo Finance Canada on Wednesday. “What we want to do for them is provide them with a much more robust look at the products that we offer.”

Shoppers is launching a new online portal for doctors on Thursday as part of a study led by the University Health Network aimed at matching patients with the right cannabis products. It will include detailed cannabinoid and terpene information designed to help medical professionals better understand the properties of pot strains.

Weisbrod said the process can be more complicated than simply determining the right product. Since licenced producers often source cannabis through third-party wholesale agreements, there can be variations from batch to batch. That’s a problem for doctors who demand consistency.

“There have been some patients who start therapy on cannabis, and it’s doing wonders for them. Then it doesn’t work in a couple of months. Part of that reason is, it might not necessarily be the same product that they were originally on,” he said. “That really isn’t the way of medicine.”

Last June, Shoppers announced a partnership with blockchain company TruTrace Technologies (TTT.CN) to oversee product consistency, quality and genetics throughout the supply chain from genome-to-patient with the goal of bringing medical cannabis closer in line with standards for other drugs.

“In Canada, we have roughly 85,000 physicians. Really a small cohort, less than 10 per cent, have really embraced cannabis,” Weisbrod said. “Having a change in the way physicians prescribe takes years. It doesn’t happen overnight.”

Toronto-based Auxly Cannabis Group (XLY.V) sells to medical users through the Shoppers portal. Chief executive officer Hugo Alves said the additional data showcases his company’s testing and quality assurance measures for the doctors writing prescriptions.

“Now that science, innovation, and importantly research are becoming a more prevalent part of cannabis as a medicine, a trend that you will see is an absolute demand for increasing rigour in consistency and accuracy,” he said in an interview. “It’s raising the bar on standards throughout the entire industry.”

Weisbrod said Shoppers Drug Mart remains focused on the medical side of the cannabis business, and does not intend to pursue recreational sales. He declined to comment on the size of the company’s share of the Canadian medical market. 

As for next steps, Weisbrod hopes regulatory changes will soon allow medical cannabis to be offered in the company’s physical pharmacies.

“In 2022, they’ll look into the medical regime, and maybe they’ll open it up and put it in pharmacies,” he said. “Our hope is for patients to walk in and get cannabis like their other medications.”

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.