The Flowr Corporation Joins Shoppers Drug Mart and TruTrace Technologies Pilot Program for Validation of Medical Cannabis
July 31, 2019 MJ Shareholders
July 31st, 2019
TORONTO, July 31, 2019 /CNW/ – The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr“) and TruTrace Technologies Inc. (CSE: TTT; OTCQB: TTTSF) (“TruTrace” or the “Company“) today announced that Flowr joined the Shoppers Drug Mart (“Shoppers“) medical cannabis verification pilot program (the “Pilot Program“), which was announced last month at the World Cannabis Congress. The Pilot Program is intended to increase transparency, interoperability and product identification within the medical cannabis industry.
The Pilot Program uses TruTrace’s StrainSecure™ technology as a central hub for identity management, asset tracking, validation, and product authentication. StrainSecure™ will also serve as a master registry for standardized testing, product verification, and quality assurance.
Under the StrainSecure™ program, the TruTrace team collects plant testing data and performs genomic verification in plant batches which are then registered in a blockchain-enabled database for intellectual property protection and strain validation. All information gathered from the plants, including their molecular and chemical makeup, can be tracked via the program.
“Our medical cannabis products in Canada are available through Shoppers as we believe the pharmacy model offers significant benefits to patients. We fully support the objectives of this Pilot Program and look forward to working with our partners to ensure patients have access to medicinal cannabis they can trust,” said Dr. Lyle Oberg, Flowr’s Chief Medical and Policy Officer. “Medical cannabis patients expect that their medication is safe, standardized and of high quality, and we believe this formal traceability program can play an important part of the overall process of building that trust.”
“We are very pleased to see Flowr join the Pilot Program and affirm its commitment to achieving the highest standards of transparency and accountability,” said TruTrace Technologies CEO Robert Galarza. “It is more important than ever to provide assurance to patients about the origins and quality of their cannabis.”
Flowr has a supply agreement with Shoppers to supply its FlowrRx brand of medical cannabis products. Patients can visit Shoppers’ ecommerce site, shoppersdrugmart.ca/cannabis, to learn more.
About TruTrace Technologies:
TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. TruTrace’s technology allows cannabis growers and breeders to identify and secure rights to their intellectual property. It also streamlines the administrative process and reduces the costs of genetic and mandatory quality-control testing for legal cannabis. TruTrace’s technology is proprietary, immutable and cryptographically secure, thereby establishing an accurate and permanent account for cannabis strains from ownership to market.
About Shoppers Drug Mart:
Shoppers Drug Mart is one of the most recognized and trusted names in Canadian retailing. The company is the licensor of full-service retail drug stores operating under the name Shoppers Drug Mart (Pharmaprix in Québec). With almost 1,300 Shoppers Drug Mart and Pharmaprix stores operating in prime locations in each province and two territories, the company is one of the most convenient retailers in Canada. The company also licenses or owns 47 medical clinic pharmacies operating under the name Shoppers Simply Pharmacy (Pharmaprix Simplement Santé in Québec), and provides cosmetic dermatology services at two standalone locations, the Beauty Clinic. As well, the company owns and operates 43 corporate Wellwise by Shoppers Drug Mart stores and an ecommerce site Wellwise.ca, making it the largest Canadian retailer of home health care products and services. In addition to its retail store network, the company owns Shoppers Drug Mart Specialty Health Network Inc., a provider of specialty drug distribution, pharmacy and comprehensive patient support services, and MediSystem Inc., a provider of pharmaceutical products and services to long-term care facilities. Shoppers Drug Mart is an independent operating division of Loblaw Companies Limited.
Disclaimer for Forward-Looking Information
This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of TruTrace, including statements regarding: Flowr’s proposed use of the StrainSecure platform and participation in the Pilot Program; that use of the platform is intended to enable Flowr to validate its cannabis strains and provide its customers with increased transparency; that the StrainSecure platform will serve as a master registry for standardized testing, product verification, and quality assurance; and the ability of TruTrace Technologies’ platform to bring transparency and integrity to the cannabis industry. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that it will prove to be correct and actual results and future events could differ materially from those anticipated in such information. Forward-looking information necessarily involves known and unknown risks, including, without limitation, risks associated with: general economic conditions; that Flowr may not derive the expected benefits from use of the StrainSecure platform or participation in the Pilot Program; whether sufficient numbers of researchers, clinicians, physicians, pharmacists and patients will be available to participate in the Pilot Program; potential negative results of the Pilot Program; adverse industry events; loss of markets; future legislative and regulatory developments in Canada, the United States, and elsewhere; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks beyond the Company’s control. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release. Forward-looking information contained in this news release is provided as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE TruTrace Technologies Inc.
For further information: TruTrace Technologies Inc: Robert Galarza, Chief Executive Officer and Director; Media Relations: Corey Herscu, RNMKR Agency, 416-300-3030; Investor Inquiries: Swapan Kakumanu, Chief Financial Officer, 844-656-3629, [email protected]
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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