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TruTrace partners with Deloitte to grow its StrainSecure retail cannabis verification technology

StrainSecure uses blockchain technology to trace cannabis from seed to sale, guaranteeing customers and retailers know exactly what is in it

TruTrace Technologies Inc -
Deloitte serves 80% of Fortune Global 500 companies through its network of member firms, representing more than 150 countries and territories

TruTrace Technologies Inc (CSE:TTT) (OTCMKTS:TTTSF) is teaming up with renowned financial advisory and consulting firm Deloitte Touche Tohmatsu Limited to bring increased transparency to the retail cannabis industry, the companies announced in a joint statement Wednesday.

TruTrace’s StrainSecure system uses blockchain technology to trace cannabis from seed to sale, guaranteeing that customers and retailers alike know exactly what is changing hands. 

The strategic alliance with Deloitte will help bring that technology to a wider base of stakeholders. The firm says it serves 80% of Fortune Global 500 companies through its network of member firms, representing more than 150 countries and territories.

READ: TruTrace's medical cannabis verification program with Shoppers Drug Mart joined by genetic tester Segra

TruTrace CEO Robert Galarza believes that the network provides plenty of room for growth.

"It is essential for companies bringing emerging technology to market to find the best partners to grow with, and we are very excited about our alliance with one of the most respected names in global business," Galarza said via statement. "By working together to rapidly scale the adoption and implementation of our technology, we are confident that we can bring a greater level of traceability and trust to this evolving industry."

Shares of TruTrace climbed 2.2% Wednesday morning to C$0.24 on the CSE and nearly 3% to US$0.18 on OTC Markets.

—Updated to include stock movement—

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Trutrace Technologies Inc.

Price: 0.075 CAD

CSE:TTT
Market: CSE
Market Cap: $6.02 m
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