Deloitte and TruTrace Technologies have announced a strategic alliance to deliver blockchain product-traceability solutions to the cannabis industry. "The alliance will improve clients’ ability to build trusted brands, ensure medical and recreational distributors and retailers receive accurate shipments, and provide consumers with confidence they are buying verified products from credible sources," the team with the companies say.
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.
"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," they further explain. "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."
“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. “We’re pleased to be able to play an integral role in helping all stakeholders in the cannabis space increase business performance and reputation while keeping consumers safe.”
For more information:
TruTrace
trutrace.co
Deloitte
deloitte.com
