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Trutrace Technologies Inc
Symbol TTT
Shares Issued 110,061,732
Close 2021-07-29 C$ 0.055
Recent Sedar Documents

Trutrace signs LOI with LeafWorks for pot blockchain

2021-07-29 11:37 ET - News Release

Mr. Robert Galarza reports

TRUTRACE TECHNOLOGIES PARTNERS WITH CALIFORNIA-BASED LEAFWORKS TO CREATE A BLOCKCHAIN-SECURED PLATFORM FOR VALIDATION OF CANNABIS SUPPLY CHAINS

Trutrace Technologies Inc. has signed a letter of intent with LeafWorks Inc., a female-founded agtech (agricultural technology) genomics company specializing in plant identification, research and development initially for the cannabis industry, to create a blockchain-secured platform for supply chain validation in order to meet growing standards within the cannabis industry.

LeafWorks' proprietary supply chain certification service is a DNA-based testing method that tracks and verifies a client's cannabis material as it moves across the supply chain. LeafWorks' third party verification service tracks, samples and assesses batch consistency; incorporates DNA-level quality control measures; and mitigates fraud both in and out of a client's supply chain. With Trutrace providing the means to secure this information through blockchain and providing traceability throughout the supply chain, cannabis cultivators will soon have a critical tool for incorporating validation testing into their operations to meet FDA- (U.S. Food and Drug Administration) and cGMP-level (current good manufacturing practice) compliance.

"As the cannabis and hemp industries continue to evolve, it will be absolutely vital for manufacturers and cultivators to provide validation within the supply chain," said Dr. Kerin Law, PhD, LeafWorks' co-founder and chief scientific officer. "Whether via the implementation of regulations or commercial standards, we are leading the market with data-driven solutions to meet the demands of a maturing marketplace."

"The days of cannabis prohibition are numbered, and the roles of cannabis in both medical and recreational settings will continue to gain acceptance. For cultivators, this means taking a mature approach to their supply chain in order to meet the growing demands of larger distribution partners," said Robert Galarza, chief executive officer of Trutrace. "This partnership provides a foundation for continued advancement as the extensive testing and profiling provided by LeafWorks will now be secured on the immutable ledger of the Trutrace blockchain."

About Trutrace Technologies Inc.

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 (certificates of authenticity), 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.

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