The Flowr Corporation Joins Shoppers Drug Mart and TruTrace Technologies Pilot Program for Validation of Medical Cannabis
The Flowr Corporation (TSXV: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.
American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.
Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.
Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).