TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:TTTSF) announced Tuesday afternoon that it has entered into an agreement with biotechnology data company Shivom Ventures Limited to explore blockchain opportunities in the global cannabis market.
The two companies are teaming via a strategic working relationship to utilize both TruTrace and Shivom’s blockchain solutions in the medicinal and cannabis recreational markets.
Shivom is a biotechnology data and analysis company that optimizes the way DNA is shared, secured and evaluated through blockchain and artificial intelligence technology.
READ: TruTrace and Theracann team up to integrate blockchain cannabis quality-control platform with molecular tagging technology
The agreement marks UK-based Shivom’s first step into the cannabis market, according to its CEO Henry Ines, who said in a statement that the company was “excited” to partner with TruTrace.
"As the industry is still in its early stages in terms of understanding and uncovering all of the medicinal benefits associated with the use of CBD, Shivom is keen to work with leading organizations in the space such as TruTrace to further uncover additional therapeutic benefits based on one's genomic profile and unique personal health information,” said Ines.
"Shivom has developed some very interesting technology that combines genomics, cryptography and AI, and we are excited to begin collaborating with them," said TruTrace CEO Robert Galarza.
"We plan to explore development and integration opportunities to advance clinical research, and bring greater transparency, insights and viability to the legal medical and recreational cannabis industry."
Shivom said that it anticipates there will be numerous opportunities to collaborate with TruTrace to provide clinical research opportunities, medical insights and personalized healthcare products to consumers and patients within the global cannabis ecosystem.
Based in Toronto, TruTrace has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry, allowing cannabis growers and breeders to identify and secure rights to their intellectual property.
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