TruTrace Technologies Joins Forces with Customer Engagement Expert PharmaCentra to Provide a Blockchain-Secured Ecosystem for Medical Cannabis

TruTrace Technologies Joins Forces with Customer Engagement Expert PharmaCentra to Provide a Blockchain-Secured Ecosystem for Medical Cannabis

Companies will support quality-driven and traceability-focused clinical trials of cannabis-based therapies

March 01, 2021 09:00 AM Eastern Standard Time (for original article click here)

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 signed a letter of intent (LOI) with Georgia-based PharmaCentra LLC – through its subsidiary CannabisBPO — to support a clinical trial ecosystem built on standardized protocols and testing of cannabis products for use in the medical industry.

“We recognized that our background and service suite were transferable and necessary skills for the maturing cannabis market”

“As cannabis gains acceptance as a useful component of therapies to treat serious medical conditions, it is critical to ensure that all products used for patient care are safe and consistent,” says Robert Galarza, CEO of TruTrace. “This partnership is an important step toward making that a reality because there will be repeatable, verifiable processes for measuring the efficacy of cannabis-derived compounds that the entire biopharma industry can use to improve the quality of the therapies that are available to people who need them.”

With decades of experience in the healthcare and pharmaceutical sector, PharmaCentra decided to enter the cannabis space several years ago and operationalized as CannabisBPO. “We recognized that our background and service suite were transferable and necessary skills for the maturing cannabis market,” says Dan Berman, CEO of PharmaCentra and CannabisBPO. “We have deep knowledge in both sectors to bridge the knowledge gap between the two industries. In the pharmaceutical industry, the efficacy of the supply chain is rarely questioned – it’s just assumed to be measured correctly. Unfortunately, the same is not true for the cannabis sector as a whole. That’s why, together with TruTrace, we are excited to be playing a key role in bringing these standards to the industry.”

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.

About PharmaCentra/CannabisBPO

PharmaCentra and CannabisBPO are specialty contact providers with specific industry domain expertise in the pharmaceutical, healthcare and cannabis sectors. PharmaCentra specializes in pharmaceutical marketing and sales strategies, strategic patient, pharmacy, and physician outreach including clinical trial recruitment, pharmacy locator, tele-detailing and comprehensive healthcare management strategies. CannabisBPO is a specialty provider of contact center services for the cannabis industry specializing in sales, customer care, lead generation, patient/customer journey and win back initiatives. With locations in Canada, the US and work-from-home, the company offers outbound and inbound contact center services in a 24/7 multilingual setting. For more information, visit www.pharmacentra.com and www.cannabisbpo.com.

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

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

Kim Christmas for PharmaCentra/CannabisBPO
kchristmas@pharmacentra.com
(678) 671-2019

TruTrace Technologies and Applied DNA Sciences join forces to deliver complete cannabis product validation and authentication platform

TruTrace Technologies and Applied DNA Sciences join forces to deliver complete cannabis product validation and authentication platform

The companies intend to link together the power of proprietary SaaS platforms, blockchain, and molecular tagging technology to create a secure ecosystem that provides end-to-end traceability and full transparency.

TruTrace Technologies Inc (CSE:TTT) (OCTQB:TTTSF) and Applied DNA Sciences Inc (NASDAQ:APDN) (FRA:UDJP) are teaming up to deliver a complete cannabis product validation and authentication platform.

 

Both companies plan to approach the cannabis industry with their integrated solution comprised of Applied DNA’s CertainT platform and TruTrace’s StrainSecure platform, which will be underpinned by linking together the power of proprietary SaaS platforms, blockchain, and molecular tagging technology to create a secure ecosystem that provides end-to-end traceability and full transparency.

The companies have entered into a Strategic Alliance, Referral, and Technology Integration Agreement that allows each one to introduce the other into existing accounts, prospects, as well as cultivate new joint opportunities.

READ: TruTrace Technologies announces the appointment of Allan O’Dette as board chairman and of Pradeep Sood as a director

The agreement also calls for the integration of the companies’ respective platforms through APIs to exchange data elements as part of the complete chain of custody solution from source materials to product on the shelf. There is a mutual payment structure in place as engagements are brought online.

TruTrace’s blockchain-based SaaS software is designed to guarantee product quality and strain genetics throughout global supply chains. Protecting consumers and brands from contaminants and counterfeiting is a key benefit of the platform under development.

For example, Shoppers Drug Mart, Canada’s largest retail pharmacy chain, currently uses TruTrace’s platform as its underpinning technology infrastructure for traceability and accountability associated with its medical cannabis program.

Applied DNA’s CertainT platform provides the physical tagging of cannabis products using a unique molecular tag to represent the brand and product. That tag is then tested at key nodes within a domestic or international supply chain. All of this authentication and chain-of-custody data is captured in the CertainT portal — which under the agreement will be integrated with the TruTrace platform.

The molecular tag can be applied to cannabis plants, oils, lotions, tablets, edibles, and packaging to serve as an immutable indicator of authenticity, origin, and provenance.

“We believe there are clear benefits for collaboration by our two companies to deliver a complete, end-to-end solution to cannabis companies,” said Dr James Hayward, CEO of Applied DNA, in a statement Tuesday. “We believe our combined solution will protect our clients’ brands and IP while also assuring the consumers use authentic and safe products.”

TruTrace CEO Robert Galarza added: “Partnering with Applied DNA is a natural progressing of our go-to-market strategy to align ourselves with best of breed technology solutions to bring additional value to our customers and the industry as a whole. CertainT is the perfect technology complement to our platform — providing that extra level of true transparency and traceability the industry needs as we enter the next phase of legalized cannabis across the globe.”

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

To My Fellow Shareholders: As we embark into 2021…

Message from CEO and Director, Robert Galarza

To My Fellow Shareholders:

As we embark into 2021, I want to personally reach out and thank you for your continued support.

We entered into the previous year with some exciting accomplishments, including the completion of the first two phases of the medical cannabis verification pilot program (“Pilot Program”) with Medical Cannabis by Shoppers (“Shoppers”) and made considerable strides with great Licensed Producer partners like: Aphria (TSX: APHA), Aurora Cannabis (NYSE: ACB), Avicanna, Inc. (TSX: AVCN), Dosecann, The Flowr Corporation (TSXV: FLWR), Medipharm Labs (TSE: LABS), Organigram (TSX: OGI), Radient Technologies (TSXV: RTI), WeedMD Rx (TSXV: WMD) and Zenabis (TSX: ZENA). Prior to that, in 2019, we began working with Colombia based Clever Leaves (NASDAQ: CLVR) on using StrainSecure™, our blockchain-secured platform, to register and track their pharmaceutical-grade medical cannabis and hemp extracts for a broader global market.


We knew that the successful launch of the Pilot Program with Shoppers had provided us with a remarkable opportunity to tie the utilization of our technology as a central hub for asset tracking, validation, and product authentication, into a real-world study for patients.

Global pandemic or not, this was an opportunity we could not miss.

Shoppers and UHN: Medical Cannabis Real World Evidence

Early in 2020, University Health Network, led by Dr. Hance Clarke—Director of Pain Services, Toronto General Hospital—began working with Shoppers on a first of its kind study that would utilize blockchain secured products whose data would be rendered in real time into a digital portal for patients and practitioners. This would effectively connect real time chemistry and the genetic details of every product with the patients using them in the study. It became our sole focus as an organization to ensure the success of this project.

Our team began working fervently with the digital team at Loblaws and Shoppers to ensure that our platform could render all necessary data into their ecosystem while working with the exceptional team at Ample Organics to integrate our technologies and meet the needs of our mutual client.

At the same time, we also began working with several leading analytical laboratories, including: SGS Canada, Sigma Analytical, High North and Anandia Labs to expedite testing data from participating Licensed Producers. In addition, we began coordinating a standardized process for managing testing with a keen focus on Good Manufacturing Practices (GMP) as a core tenet for our future.

The culmination of these efforts was a successful launch of the Medical Cannabis Real-World Evidence (MC-RWE) clinical trial in early July, and a continued commitment to expand and refine this program going into 2021.

We are extremely proud of this accomplishment and believe it marks a big step in bridging the cannabis industry with the mainstream medical sector.

2020 Business Development

In addition to our work with Shoppers and UHN, and our expanding relationships with leading Licensed Producers and laboratories, we are also grateful for our ability to take advantage of the digital business processes unfolding worldwide. Through this technology, we were able to maintain and expand our relationship with partners like Deloitte Canada and Microsoft and continued to work with partners to refine our strategy for the emerging cannabis, food, nutraceutical and pharmaceutical industries. From hemp-derived CBD fitness water AKESO™ produced by NXT Water, to the emerging personal protective equipment (PPE) needs of Safe Company, and Hygen-X sanitization products manufactured and distributed by Riviera and West One Logistics, our commitment to transparency through innovative technology continues to serve as a hallmark of our organization.

OrionOne Global

Additionally, 2020 afforded us an opportunity to begin securing our long-term future by finalizing critical intellectual property rights, and implementing a strategy that would support a broader international business model.

In July, we secured a software-license agreement with OrionOne Global, Inc., (“OrionOne”) a technology provider with a cloud based multi-enterprise collaborative logistics platform that acts as a smart-hub for navigating shipments and logistics within the global supply chain. This license not only provides us with critical technology to support commercialization of our core products, but also creates new opportunities to work with clients focusing on imports and exports. An example of this was our collective participation in a pilot launched in August by Avicanna. This project focused on utilizing our joint technologies to support the traceability of Avicanna’s isolated CBG exports from Colombia to the United States, as well as commercial exports of isolated CBD from Columbia to the United States. We believe this initiative is a first of its kind example of how these mutual technologies can function in a broader international context, especially as the legal landscape of cannabis and hemp-derived products continues to grow.

The Road Ahead

Heading into 2021, we are continuing to make operational improvements that we consider to be in the best interest of our shareholders with a focus on increasing revenue and expanding our business. We are extremely optimistic about the changing sentiment we are seeing around our technology, as well as the cannabis industry overall.

A more refined approach to the commercial utilization of blockchain, combined with the glaring supply chain issues highlighted during the global pandemic have started to bear fruitful discussions about the expansive potential of this technology. We are very optimistic that companies and industries will continue to invest in this future. Furthermore, despite the early growing pains that the Canadian cannabis market faced, we are seeing a renewed commitment to rectifying early mistakes and bringing forth a future dedicated to meeting the needs of patients and customers.

To our shareholders, partners and allies within the cannabis community, and the entire Medical Cannabis by Shoppers team, we thank you for your unwavering support and for sharing our vision. Our promise to each of you is to remain committed to a successful future for us all.

We have a renewed optimism for the changes evolving in the Canadian market, as well as potential evolution we hope to see in the United States and beyond. We believe we are perfectly positioned to take advantage of these opportunities. We are starting 2021 with industry validation, critical product adoption and an ecosystem of partners and affiliates looking to mature our industry together.

Additionally, we are extremely excited to be joined by remarkable leaders of industry at the Company’s Board level. Early in 2020, we had the fortunate opportunity to be joined by Cesare Fazari, a seasoned entrepreneurial strategist with a career of completing turnkey projects for Shoppers Drug Mart, Marshalls, Trade Secret and Public Mobil. Most recently, we’ve had the privilege of welcoming two key new board members to help guide the Company into the future. Mr. Allan O’Dette, current CEO of the Ontario Medical Association has joined as our new Chairman of the Board, and successful entrepreneur, business leader and community activist Mr. Pradeep Sood is serving as an independent director. It has been one of the great honours of my career to begin working with these three esteemed leaders of industry. Their personal integrity and professional ethics serve as a compass and guide for our future.

In summary, TruTrace is well-positioned for the year ahead. Our newly refined leadership, market validation and renewed strategy, provides us with the catalyst required to capitalize on the opportunities we expect to see in the near future. The TruTrace name has begun to garner industry recognition amongst manufacturers, distributors, regulators and consumers, and we are thrilled about our prospects.

Finally, it cannot be stated enough that this year could not have been achieved without the remarkable professionalism and personal dedication of our team. The countless hours of sacrifice and effort combined with the grit and determination of each one of you allowed us to fulfill some remarkable accomplishments through an unconventional year. I cannot thank you enough for your commitment to our company and our future.

I look forward to continuing to serve you all and keep you abreast of our progress throughout the year.

Best regards,

Robert Galarza

Chief Executive Officer and Director

TruTrace Technologies, Inc.

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.

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

TruTrace Technologies Signs Software Licensing Agreement with OrionOne Global

July 3, 2020 – TheNewswire – TruTrace Technologies Inc. (CSE:TTT); (CNSX:TTT.CN); (OTC:TTTSF) (“TruTrace” or the “Company”), creator of a fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, is pleased to announce it has signed a software license agreement with OrionOne Global, Inc. (“OrionOne”), a global supply chain provider delivering best-in-class technology which serves as a logistics and tracking smart-hub for navigating shipments and logistics worldwide.

Under the agreement (the “License Agreement“), TruTrace will be able to leverage the OrionOne platform to support commercialization of its core products for its customers. “Finalizing this license agreement with OrionOne not only assures the long-term functionality of StrainSecure(TM), but we believe it will open up market opportunites for TruTrace in other key industries,” stated Robert Galarza, CEO of TruTrace. “Our core mission was built on traceability of quality assurance and testing details at a very granular level and we believe the incorporation of logistics tracking will significantly expand our client base.”

“We are thrilled to bring together these synergetic technologies. Licensing OrionOne will give TruTrace the ability to maximize its commercial opportunites, as well as begin to expand its offering beyond the cannabis industry,” said Tommy Stephenson, Founder and CEO of OrionOne. “When we developed OrionOne over four years ago it was done so with a macro view of shipping and logistics which will compliment the precise level of detail provided by TruTrace incredibly well.”

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 from batches and lots to serialized items.

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.

Highlights of the system include:

– Interoperable and collaborative

– Master registry for source ingredients

– Data secured and immutable

– API integrations to 3rd party systems for record management, reporting and e-commerce

– Real-time testing details connected to each inventory item

– Master testing dashboard for manufacturers and laboratories, including financials

– Digital management of LOD (Limits of Detection) and LOQ (Limits of Quantification) to power transparent testing

– Dynamic batch/lot management

– Quality assurance specs and threshold alert capabilities

Under the License Agreement, the Company has agreed to pay OrionOne, a company controlled by an officer of the Company, Tommy Stephenson, an initial license fee of CAD $385,000 which shall be paid through the issuance of 7,700,000 common shares of the Company (each, a “Common Share“) at a deemed price of $0.05 per Common Share to OrionOne. The initial term of the License Agreement is five years, renewable for consecutive five year terms with the license being perpetual in nature. In addition, the Company agreed to pay OrionOne a fee of US$25,000 within 30 days of the closing of the Company’s next equity financing, or six months from the date of the License Agreement, whichever is sooner. The Company also agreed to pay OrionOne a nominal annual license fee in lieu of royalty payments.

The Common Shares issued in connection with the License Agreement are subject to resale restrictions imposed by applicable law or regulation, including a statutory hold period expiring November 3, 2020.

The License Agreement with OrionOne (the “License“) was a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The License was exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in section 5.5(b) of MI 61-101 as the Company’s Common Shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(1)(b) of MI 61-101 in that the fair market value of the License did not exceed $2,500,000 and the other conditions set out in section 5.7(1)(b) of MI 61-101 were met. As the material change report disclosing the License is being filed less than 21 days before the transaction, there is a requirement under MI 61-101 to explain why the shorter period was reasonable or necessary in the circumstances. In the view of the Company it was necessary to immediately close the Licenes and therefore, such shorter period was reasonable and necessary in the circumstances to secure valueable rights for the Company.

For More Information:

Robert Galarza, Chief Executive Officer and Director, 844-656-3629

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 the Company, such as statements that TruTrace will be able to leverage the OrionOne platform to support commercialization of its core products, and the companies will work together to discover mutually beneficial opportunities in markets around the world; the License Agreement assures the long-term functionality of StrainSecure(TM), the Company’s hopes that it will open up market opportunites for TruTrace in other key markets; the Company’s belief that linking into global freight will significantly expand its client base; and that licensing OrionOne will give TruTrace the ability to maximize its commercial opportunites, as well as begin to expand its offering beyond the cannabis industry. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including adverse market conditions and other factors beyond the Company’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. 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 Technologies Announces Appointment of New Director

TORONTO, March 10, 2020 – TruTrace Technologies Inc. (CSE: TTT) (OTCQB: TTTSF) (“TruTrace” or the “Company”), today announced the appointment of Cesare Fazari to its Board of Directors, effective March 9, 2020.

Mr. Fazari is a founding partner of Northwood Developments and has been active in the company for over 30 years. He specializes in commercial retail rollout, having completed thousands of turnkey projects for major commercial franchises such as Shoppers Drug Mart, Marshalls, Trade Secrets and Public Mobile to name a few.

With his entrepreneurial vision, Mr. Fazari has been the seed Venture Capital investor in many successful public companies such as Hydropothacary Corp., Ianthus, Drone Delivery Services and others. Mr. Fazari also previously sat on the board of the public merchant bank, Fountain Asset Corporation and is currently on the advisory board of several public and private companies. Mr. Fazari is actively involved in charitable organizations including The Breakfast Club of Canada, The Canadian Cancer Society and the Good Shepard Food Bank.

TruTrace also announced that Swapan Kakumanu has resigned from his position as a Director effective March 9, 2020, and continues to serve as Chief Financial Officer and Secretary of the Company. The Company wishes to thank Mr. Kakumanu for his service and contributions to the Board.

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.

For Information: 

Robert Galarza,
Chief Executive Officer and Director,
844-656-3629.

Investor Inquiries:
Swapan Kakumanu,
Chief Financial Officer,
844-656-3629, swapan@trutrace.co  

TruTrace and Strainprint Plan to Establish a New Joint Venture

TruTrace and Strainprint to Collaborate on Technology to Drive Transparency and Safety for Consumers and Cannabis Industry Stakeholders

Companies plan to establish Joint Venture that combines Strainprint’s comprehensive patient data with the StrainSecure™ traceability platform.

——————————

TruTrace Technologies Inc. (CSE: TTT) (OTCQB: TTTSF) (“TruTrace”), creator of a fully-integrated blockchain platform that registers and tracks intellectual property for the cannabis industry, and Strainprint® Technologies Ltd. (“Strainprint”), the leader in medical cannabis data and analytics, today announced plans to establish a joint venture (“JV”) to develop new tools and systems designed to improve the overall experience of cannabis patients and consumers by connecting validated product data with authenticated patient data.

The companies intend to create an ecosystem of technologies that will provide compliance, transparency and efficacy data, based upon product validation and accurate real-world evidence. This ecosystem will leverage each company’s best-in-class offering to support the needs of patients, medical professionals, regulators and insurers. The ecosystem will be open for integration with electronic medical records, seed2sale and point-of-sale software systems.

“We expect that our complementary platforms, and the new tools we create, will help ensure safe, effective and consistent medicine for cannabis patients and consumers,” said Strainprint CEO, Andrew Muroff. “Layering TruTrace’s StrainSecure genetic-level product data from across the entire supply chain will only solidify the accuracy of our patient-reported outcomes. Combining our resources will result in detailed information that is simply not currently available from any other source.”

“As the cannabis industry continues to scale to maturity, we anticipate an increasing focus on product validation and standardization of treatments so that consumers can derive the maximum benefits from their medication,” said TruTrace Technologies CEO Robert Galarza. “Based on our ongoing work with Strainprint, we believe our two companies are uniquely positioned to deliver a next-generation set of tools that can be used by a variety of stakeholders.”

In May 2019, TruTrace and Strainprint began a strategic relationship which saw the two companies integrate their existing technologies to better serve their shared customers, including Shoppers Drug Mart. The success of this relationship has led to more formal plans to jointly develop new tools and a game-changing technology ecosystem to meet the needs of a broader set of potential customers, both in Canada and internationally.

TruTrace and Strainprint have signed a detailed Memorandum of Understanding (“MOU”) outlining their plans for expanded collaboration in the form of a 50/50 joint venture to be based in Toronto. The establishment of the JV is subject to the successful completion of a formal JV Agreement.

“As the cannabis industry continues to scale to maturity, we anticipate an increasing focus on product validation and standardization of treatments so that consumers can derive the maximum benefits from their medication...”

TruTrace Technologies CEO Robert Galarza

About Strainprint®
Strainprint® Technologies Ltd. is the leading real-world-evidence research platform for medical cannabis data and analytics. Since 2016, Strainprint has provided technology tools to patients, doctors, pharmacists, producers, retailers and regulators to monitor the health and safety of medical cannabis users across North America. With over 1.5 million medical cannabis interactions and 80 million data points on the effects of lab-tested cannabis products, Strainprint is uniquely positioned to provide data-backed insights to formulators, insurers and drug developers. Strainprint can be seamlessly integrated with most electronic medical records, seed2sale and point-of-sale software systems. The Strainprint App is free to patients and can be downloaded from both the iOS App Store and Google Play Store. http://www.strainprint.ca, facebook, twitter, linkedin.

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.

Media Inquiries:
Jessica Moran, Director of Marketing & Communications, 519-494-5379
jessica.moran@strainprint.ca

Investor Inquiries:
TruTrace Technologies, Swapan Kakumanu, Chief Financial Officer, 844-656-3629, swapan@trutrace.co

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 successful negotiation and completion of a formal joint venture agreement; the ability of TruTrace and Strainprint to develop new tools and systems designed to improve the overall experience of cannabis patients and consumers by connecting validated product data with authenticated patient data; the creation of an ecosystem of technologies that will provide compliance, transparency and efficacy data, based upon product validation and accurate real-world evidence; The ability of TruTrace and Strainprint to leverage their best-in-class offerings to support the needs of patients, medical professionals, regulators and insurers; the ability of the technology to drive transparency and safety for consumers and cannabis industry stakeholders; the ability of the technology to help ensure safe, effective and consistent medicine for cannabis patients and consumers; and the cannabis industry’s increasing focus on product validation and standardization of treatments so that consumers can derive the maximum benefits from their medication.

Although TruTrace 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 TruTrace 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 TruTrace’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 TruTrace. 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. 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.

See original release on CISION

TruTrace Technologies Provides Corporate Strategy Update

Company plans to build on proven successes with entry into international markets,
pharmaceutical and nutraceutical verticals

TORONTO, January 14, 2020 – TruTrace Technologies Inc. (CSE: TTT) (OTCQB: TTTSF) (“TruTrace” or the “Company“), 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 StrainSecuretm 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.

For More Information:

Robert Galarza, Chief Executive Officer and Director, 844-656-3629. Investor Inquiries: Swapan Kakumanu, Chief Financial Officer, 844-656-3629, swapan@trutrace.co 

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 expansion of the Company’s StrainSecuretm traceability platform into the pharmaceutical and nutraceutical verticals, as well as entry into several international markets, and the applicability of the Company’s technology to those sectors; the Company’s aims to establish a foothold in the pharmaceutical and nutraceutical sectors, as well as extend its footprint in cannabis traceability into several markets outside of Canada; the transition of the Company’s platform from POC into a fully operational ecosystem that will allow the Company to pursue other exciting opportunities; the establishment of the StrainSecure platform as the de facto standard for quality assurance and traceability in the Canadian cannabis industry; the advancement of the Pilot Program to full operational implementation; the advancement of several key strategic partnerships and alliances; the commencement of business development initiatives with pharmaceutical and nutraceutical customers including utilization of the Company’s traceability platform, adapted to meet specific requirements of these sectors; and the Company’s plans to provide updates throughout the year on the progress it makes towards achieving these strategic goals.

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.

This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about the Company, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this news release was made as of the date of this news release and was provided for the purpose of providing further information about the Company’s future business operations. The Company disclaims any intention or obligation to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, except as required by law. Investors are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.