Deloitte and TruTrace Technologies (CSE: TTT) (OTCQB: TTTSF) have formed a strategic alliance to build blockchain product-traceability solutions to the cannabis industry.
In a statement, the companies said the new system will improve clients’ ability to build trusted brands, ensure accurate shipments to medical and recreational distributors and retailers, and help consumers buy verified products from credible sources.
Solution to Main Challenge
Cannabis legalization in Canada has resulted in exciting opportunities and innovations for industry stakeholders, as well as complex business challenges.
One of the main challenges facing the industry is strain security—ensuring the product in the store matches its promised origin. For the Canadian cannabis industry to be transparent and reliable, both retailers and consumers need to know what they are buying.
“This technology builds trust in the cannabis industry, not only between producers and retailers but also between retailers and consumers,” says David Stewart, a partner in Deloitte Canada’s Forensics practice.
StrainSecure
Using its StrainSecure system, the TruTrace team collects plant-testing data and performs genomic verification in plant batches.
The information is 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, is tracked along the supply chain, from seed to sale.
The StrainSecure platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, significantly reducing administrative time and expenses.
