Through a collaboration Theracann, a Panamanian based firm that deals with products under the line of cannabis has partnered with TruTrace Technologies to genetically track products such as cannabis and hemp from the former’s line of business. Although the partnership as per now is held together through a signed letter of intent, the two firms have set plans in motion to set the particulars of their collaboration in order soon.
Through their partnership, Theracann will now be able to track the movements of their products from production to the time they reach the market through the integration of two systems. The two systems set to be integrated TheraCann’s non-appendable Electronic Product Code Information Services (EPCIS) blockchain and TruTrace’s StrainSecure™ system.
While the two systems will be integrated and work to complement each other, the centerpiece of the whole structure is the sequencing of weed’s DNA and onboarding it into a blockchain network to enable tracking and tracing of products. In detail, the latter is all about a biotrace system which uses unique Applied DNA to provide seed to sale traceability of hemp and cannabis.
Applied DNA explores a persistent molecular tag which is also unique and safe to offer identification capabilities of any cannabis packaging, isolate derivative, extraction, and biomass; hence, identification is possible.
“Through us collaborating with TruTrace, we are connecting two dots which form a chain made up of an information platform that links the provenance of the material, testing information and patient data which is vital to the safety and efficacy of the global market.” Jason Warnock CEO of TheraCann. “While the molecular tags link everything up, it does not modify the organism.”
While the above marks yet another time that blockchain technology is entering a different sector, the benefits are much more for stakeholders in this sector. However, first and foremost, it will streamline the industry to bring transparency and visibility to the now legalized cannabis sector. Furthermore, the two partners now have a blank canvas full of opportunities yet to be explored to improve service delivery in their industry.
Similarly, blockchain technology will help get rid of fraud in the sector and also help farmers in protecting their intellectual property. Per the formal agreement, the parties will formalize facts of their partnership before the 31st of July 2019.