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.
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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
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