- PharmaCielo is the first non-Canadian medical cannabis producer
to join the Canadian Pilot Program
- TruTrace's technology offers full transparency and traceability
of medical cannabis from the plant's cultivar DNA through to the
final product – ensuring quality, standardization and enhanced
product safety
TORONTO and RIONEGRO,
Colombia, Aug. 8, 2019 /CNW/ - PharmaCielo
Ltd. ("PharmaCielo" or the "Company")
(TSXV:PCLO, OTC:PHCEF), the Canadian parent of Colombia's premier cultivator and producer of
medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S.,
today announced it has joined the TruTrace Technologies, Inc.
("TruTrace") (CSE:TTT, OTCQB:TTTSF) and Shoppers Drug
Mart initiated medical cannabis pilot verification program ("Pilot
Program"). PharmaCielo is the first international medical cannabis
producer to join this seed-to-sale tracking
initiative.
"We are pleased to have a recognized international medical
cannabis producer joining and supporting our technology and the
Canadian Pilot Program. As a new and burgeoning industry that
impacts people's health and wellbeing, it is imperative to build
accountability into the supply chain and product offerings. I am
thrilled to have partners like PharmaCielo joining the platform
with Shoppers, sharing the same vision that we have and
representing the global industry perspective to push it forward,"
said TruTrace Technologies CEO Robert
Galarza.
The Pilot Program uses TruTrace's StrainSecure™ blockchain
technology as a central hub for the data collection, registration
and tracing of medicinal cannabis products from the plant's DNA and
strains through to the final product batch, ensuring its
authentication and quality assurance throughout the production and
distribution chain.
"The product registration hub is the right type of initiative
the industry needs to bring it on par with the pharmaceutical and
food industries in terms of full transparency and traceability,"
said David Attard, CEO with
PharmaCielo Ltd. "We see great value in this technology and its
importance to the industry. PharmaCielo fully supports this
initiative, as it aligns with our commitment to adhering to the
highest operational and ethical standards in everything we do."
Launched in mid-June at the second annual World Cannabis
Congress, Shoppers Drug Mart and TruTrace initiated a Pilot Program
that will provide stakeholders, including distributors, medicinal
patients and regulators the knowledge and insight that comes with
the ability to authenticate and track the origin of a single
product or a batch back to the cannabis plant it came from. Since
launch, momentum has been demonstrated by Canadian licensed
producers coming on board.
About PharmaCielo
PharmaCielo Ltd. (TSXV:PCLO, OTC:PHCEF) is a global company,
headquartered in Canada, with a
focus on ethically and sustainably processing and supplying all
natural, medicinal-grade cannabis oil extracts and related products
to large channel distributors. PharmaCielo's principal (and wholly
owned) subsidiary is PharmaCielo Colombia Holdings S.A.S.,
headquartered at its nursery and propagation centre located in
Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo
and PharmaCielo Colombia Holdings are comprised of a diversely
talented group of international business executives and specialists
with relevant and varied expertise. PharmaCielo recognized the
significant role that Colombia's
ideal location will play in building a sustainable business in the
medical cannabis industry, and the Company, together with its
directors and executives, is executing on a business plan focused
on supplying the international marketplace.
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.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as, "expects", "is expected", "intends", "believes", or
variations of such words and phrases or state that certain actions,
events or results "may" or "will" be taken, occur or be achieved.
Forward-looking statements include statements with respect to
the value of TruTrace's technology, enhanced transparency and
tracing capabilities of the cannabis industry using this
technology, and the ability of the technology to authenticate and
track the origin of a single product or a batch back to cannabis
plant. Forward-looking statements are based on assumptions,
including with respect to TruTrace's StrainSecure™ blockchain
technology functioning as anticipated, and its impact on the
cannabis industry generally that management believes are
reasonable in the circumstances, but the actual results,
performance or achievements of TruTrace's technology and how it
impacts PharmaCielo's business, if at all, may be materially
different from any future results, performance or achievements
expressed or implied by any forward-looking statements.
Forward-looking statements can be affected by known and unknown
risks, uncertainties and other factors, including, but not limited
to, risks that TruTrace's StrainSecure™ blockchain
technology will not function or will not function up to
expectations associated with its usage, that use of this technology
will not impact PharmaCielo's business or that its impact will be
minimal, and uncertainty of the cannabis market generally.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Except as required by law, PharmaCielo undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE PharmaCielo Ltd.