TruTrace Technologies Inc revealed that Flora Growth Corp (NASDAQ:FLGC) has inked agreements with the company and Applied DNA Sciences (NASDAQ:APDN) Inc to launch a complete global cannabis product validation and authentication platform for consumers, distributors, and government regulators.
The Candian company said the technology integration and build-out is underway. Flora will use TruTrace's blockchain-based software-as-a-service (SaaS) to track inventory and conduct product quality testing, including molecular tagging through Applied DNA's CertainT platform to track the cannabis flower and derivatives originating from Flora’s core Cosechemos cultivation and extraction facility in Bucaramanga, Colombia.
“The implementation of these technologies will ensure the products exported out of Colombia and delivered to global customers are derived directly from Flora's operations, substantially reducing any concerns over counterfeit or illicit market products,” said the company.
READ: TruTrace Technologies partners with LeafWorks to create blockchain-secured platform for cannabis supply chain validation
Flora believes the technology will differentiate its low-cost, organically produced cannabis flower and derivatives from competitors as TruTrace's blockchain-based SaaS software is designed to guarantee product quality. In a nutshell, TruTrace’s immutable, cryptographically secure technology combines the power of big data with the security of blockchain to provide strain identification, and verification for cannabis at scale.
"Agriculture is one of the oldest industries known to man, yet the technology necessary to support the cannabis industry continues to lag behind many others. This solution will empower Flora and its trading partners with tools needed to report and rapidly search through records in real-time," TruTrace CEO Robert Galarza said in a statement.
"Today's cannabis industry is desperately seeking legitimacy as it gains global acceptance, moving from the underworld of the illicit drug trade into a transparent and highly regulated emerging industry. The immutable power of big data is the key to that trust, and we applaud Flora Growth for launching this cutting-edge initiative to lead the charge in setting a new global standard for cannabis distribution," he added.
Meanwhile, Flora Growth Chief Revenue Officer Jason Warnock pointed out that in the globalized market, “supply chain provenance is becoming an increasingly important component” for every major international consumer packaged goods company.
“This is particularly true for the cannabis industry, where concerns over the sale and distribution of products from the illicit market persist for businesses," added Warnock. "Flora anticipates that the added assurance, efficiency, and transparency brought by these technologies will optimize our value proposition to customers, differentiate us from peers, and increase our sales opportunities."
"We are pleased for the opportunity to empower Flora's global supply chain strategy with our CertainT platform," said Applied DNA CEO James Hayward. "Through our integration with TruTrace, we are injecting an unprecedented level of transparency, traceability, and trust into cannabis supply chains reflective of Flora's commitment to its global customer base."
Shoppers Drug Mart, Canada's largest retail pharmacy chain, currently uses the TruTrace platform as its underpinning technology infrastructure for traceability and accountability associated with its medical cannabis program.
Applied DNA's CertainT trademark platform provides the physical tagging of cannabis products using a unique molecular tag to represent the brand and product. That tag is then tested at key nodes within a domestic or international supply chain. All authentication and chain-of-custody data is captured in the CertainT portal and integrated into the TruTrace platform.
“The molecular tag can be applied to cannabis products such as plants, oils, lotions, tablets, edibles, and their packaging to serve as an immutable indicator of authenticity, origin, and provenance,” said the company.
Contact the author Uttara Choudhury at firstname.lastname@example.org
Follow her on Twitter: @UttaraProactive