Polish startup Trustt has raised $453,600 (€400,000) in pre-seed funding for its ambitious tracking platform via blockchain, which it says will help regulate the European cannabis market. Trustt will also give growers using its technology the ability to control exactly what is visible on the blockchain, in an effort to protect “trade secrets.”
According to Trustt, the funding will allow it to complete its proprietary Trustt Trace platform and begin testing the technology with leading cultivators in the U.K., Ireland, Malta, Poland, Denmark, and Uganda in the spring of this year. When finalized, the company says its “blockchain technology” will track every step of a product’s lifecycle, from growing the seeds to packaging the final product, producing a digital record consisting of hundreds of data points.
Compliant and cost-effective
In the future, and with some collaboration with regulators, Mike Sikorski, co-founder of Trustt, believes this could not only allow growers to increase their prices, but also significantly shorten the compliance process, helping to reduce the time it takes for companies to bring their products to market.
Mike Sikorski says the completion of the platform will allow him to “achieve our vision of making cannabis products safer for consumers while helping producers stay compliant and more profitable.”
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