TruTrace Technologies has developed an innovative platform named StrainSecure™, which leverages blockchain technology to enhance the transparency and reliability of data in the cannabis industry. This platform enables companies involved in the cannabis supply chain to efficiently document, manage, and share crucial information regarding product quality assurance and testing outcomes. Additionally, it provides insights into the logistics of inventory management, tracking everything from large batches to individual items.
In a conversation with Robert Glazara, the CEO of TruTrace Technologies, I gained insight into how this groundbreaking technology not only streamlines operations but also offers significant benefits for suppliers of medical cannabis. The key advantage here is trust; by ensuring that every piece of data can be securely stored and accurately traced back through each step of the supply chain, StrainSecure™ brings a new level of confidence to suppliers and consumers alike in the quality and safety of medical cannabis products.
Tell us the history of your company: its beginnings and development
My passion for tech development sparked in 2012, the same year I joined forces with my business partner, Tommy Stephenson. With his rich background in digital design and our shared knack for creating cutting-edge technology within legal bounds, we ventured into independent product development. Our collaborative journey began with a challenging project for Ghost Group, notably their premier platform Weedmaps.com, where we revamped their tech framework in 2014. Despite not holding any stake in the company, Tommy’s tenure as CTO was marked by significant contributions to its growth. This experience opened our eyes to the complexities of emerging markets.
In pursuit of creating something truly our own while leveraging our expertise, we turned our attention towards building a software solution tailored for the global freight and logistics sector in 2016. The versatility of this system piqued our interest in applying it to the cannabis industry; however, US federal laws around cannabis nudged us to explore opportunities beyond borders.
Canada’s progressive stance on medical Cannabis caught our attention. Starting from 2013, Canada began setting up a comprehensive legal structure around medical Cannabis—a movement that excited us immensely. By 2018, we launched TruTrace, focusing on innovating within the cannabis space by utilizing our core platform technology.
The legalization of recreational Cannabis in Canada and the subsequent market dynamics underscored an essential lesson: detailed product data is paramount—especially given Cannabis’s complex biology as a heterozygous plant where each offspring is unique but related through cloning propagation. Understanding a strain’s chemical composition down to its molecular level became crucial due to continuous genetic variations influenced by environmental factors.
This exploration solidified our belief that precise and reliable information about each cannabis product is not just beneficial—it’s vital—for both producers and consumers alike in navigating this burgeoning industry successfully.
Who are your usual customers?
Collaborating with cannabis growers and producers, our focus is to elevate the presentation of their craftsmanship. We aim to build consumer confidence by offering third-party verification alongside blockchain technology for transparent tracking of every product batch. This ensures that clients receive only the highest quality goods, backed by reliable data.
In addition, we’ve observed a demand among medical distributors, such as Shoppers Drug Mart in Canada, for a unified system that simplifies inventory management from various suppliers. This system would enable them to clearly communicate the unique benefits of each product to their customers, ensuring patients are well-informed about their choices.
Our role is crucial in bridging the gap between these distributors and manufacturers who are eager to distinguish themselves in the market. By focusing on quality enhancement and competitive differentiation, we assist our partners in not just meeting but exceeding industry standards.
Bridging the gap between medical and recreational cannabis markets
In the quest to understand and embrace cannabis for its medicinal benefits, there’s a noticeable divide between countries. While places like the United States and Canada have leaned towards recreational use, Europe and Australia are pioneering in recognizing its therapeutic potential. This isn’t just about preference; it hinges on stringent quality controls and manufacturing standards that ensure patient safety. These protocols, which are less emphasized in the leisure market, underline the need for comprehensive data management systems in medical cannabis production.
The pharmaceutical realm operates on a level of precision where minute details matter significantly. In stark contrast, the recreational cannabis industry often revels in ambiguity, focusing more on consumer enjoyment than on scientific evidence or health outcomes. Traditionally, pharmaceutical entities have relied heavily on exact sciences to develop patented formulas with consistent active ingredients. Cannabis strains geared towards recreation usually lack this meticulous approach, often marketed under catchy but medically meaningless names.
Recreational appeal aside, the overarching narrative from healthcare professionals underlines an unequivocal interest in cannabis’s healing properties. However, enthusiasm is tempered by challenges linked to drug interactions, particularly amongst populations already navigating complex medication regimens like those found in senior care settings. The absence of robust research into these interactions makes prescribing cannabis a daunting task for many doctors who are otherwise convinced of its benefits.
Moreover, while some celebrate cannabis as a natural alternative capable of reducing opioid dependency among patients seeking pain relief, others caution against viewing it as a one-size-fits-all remedy due to its psychoactive properties and potential adverse effects when mixed with other medications.
Ultimately advancing our understanding and acceptance of medical cannabis will rest on rigorous data analysis and ongoing research efforts aimed at unveiling how it interacts with various pharmaceuticals—efforts that could pave the way for safer prescriptions and broader usage within clinical settings without fear of contraindications.
As for taxation policies around medical cannabis use—a subject ripe for debate—I lean towards exemption from taxes entirely to support accessibility for those who stand to benefit most from its medicinal properties.
How does blockchain fit into the picture?
From the onset, our tech team dove headfirst into the world of blockchain, captivated by its potential to revolutionize market operations. The allure of blockchain lies in its unparalleled capacity for facilitating swift and secure international transactions—a game-changer for businesses everywhere. In particular, it presents a golden opportunity for certifying crucial milestones in the supply chain process, thereby guaranteeing product quality. This includes verifying testing protocols, outcomes, intellectual property details, and ownership records.
For instance, in the cannabis sector, utilizing blockchain technology allows us to begin with a comprehensive record of mother plants. These initial entries create a digital foundation on which inventory can be expanded securely. As products go through various stages of development—from cloning to final sale—each step is meticulously recorded. This not only maintains a lineage from original plant to end product but also identifies related products emerging from similar processes.
Moreover, we’ve engaged with groups interested in establishing industry-specific marketplaces powered by blockchain. This is particularly thrilling as it addresses the age-old issue of trust between international vendors—a hurdle easily overcome with blockchain’s transparency and accountability features.
Our journey into blockchain also led us to anchor genetic codes onto this platform for several clients. Essentially giving each strain a digital identity that can be referenced or tested against at any time provides an unprecedented level of traceability and security.
In essence, our exploration into blockchain underscores its transformative power across industries—enhancing security, trustworthiness, and efficiency in ways previously unimagined. It’s not just about being on the cutting edge; it’s about paving new paths towards sustainable business practices that are transparent and reliable for everyone involved.
What does the future hold for the cannabis industry?
In the formative years of their growth, both Canada and the United States stumbled a bit in paving the path toward legalization. The Canadian sector expanded rapidly, propelled by lofty ambitions, yet it operates within a market that’s more modest in size than appearances suggest. Despite this, Canada boasts some of the most advanced operations within the industry. To carve out success on a global scale and facilitate international trade, establishing universal standards and practices is imperative.
This challenge looms large for multi-state operators across the US and extends to those in Colombia and Canada, among others. The task of exporting products has not been tackled with vigor or to a degree seen in other sectors.
The United States is currently wrestling with significant supply chain disruptions, exemplified by delays in receiving goods from Mexico—a mere one-and-a-half-hour journey by sea can culminate in products languishing at ports for weeks. This predicament underscores an issue yet unaddressed by the cannabis industry: its absence from broader supply chain considerations.
Addressing these hurdles requires visionary leadership willing to confront these challenges head-on. It’s about viewing this as a collective endeavor that spans continents—creating collaborative pathways between Europe, Australia, Canada, Colombia, potentially the US should it align with this movement, South Africa, and beyond promises not just to navigate but also transcend these barriers.
What old rules allow businesses to transport cannabis products internationally?
There’s a growing consensus that the medical marijuana sector deserves greater acknowledgment and respect within the market, particularly for those prioritizing product quality. Elevating standards within the medicinal aspect could naturally lead to improvements in recreational use as well. However, the challenge of national legalization is complicated by varying state stances and potential legal hurdles related to states’ rights.
A more feasible approach might be focusing on recognizing cannabis primarily as a medicinal product in America. Establishing a set of universally accepted standards and practices could pave the way for collaboration globally, much like other industries have achieved through collective efforts.
Given its relative infancy, the cannabis industry remains scattered but stands on the brink of significant evolution. The goal is to forge a foundation based on standardization which would enable companies to extend their operations across different regions seamlessly. The anticipation is that such developments will materialize in the coming years, marking a new era of maturity and integration for the cannabis industry worldwide.
Any final remarks or key points you’d like to emphasize?
In today’s competitive market, the real treasures are not just products but the unique ideas behind them—known as intellectual property (IP). This concept is becoming increasingly vital for businesses, especially those providing innovative solutions. Winning in this space means recognizing and leveraging IP effectively. Once a company establishes ownership over a distinct IP, particularly one that shows proven benefits through research, it’s akin to striking gold. This advantage could propel a company miles ahead of its competition.
However, this golden opportunity comes with its set of challenges. Without proper documentation and ownership proof, valuable IPs risk being diluted by others who might replicate or modify the original work without any credit to its creators. This situation underscores the value of securing IP rights—not just for bragging rights but as a strategic move to safeguard financial rewards and recognition.
The pivotal role of IP isn’t confined to traditional industries; it’s making waves in emerging fields like psychedelics too. Take psilocybin, for example—it’s showing promise in treating PTSD based on preliminary studies. Standardizing such treatments could revolutionize patient care by offering consistent and effective remedies.
Yet, despite these advances, plant-based medicine remains distinctly different from pharmaceuticals due to its inherent variability. Recognizing and managing this variance without compromising on quality is the next frontier for industry leaders. Embracing this challenge will not only enhance patient care but also drive innovation forward across sectors relying on natural compounds.
Ultimately, understanding and valuing IP within these contexts can lead to groundbreaking advancements in both traditional markets and new frontiers like psychedelic therapy—delivering consistency in care that patients deserve while fostering an environment ripe for discovery and growth.
