TheraCann International announces patent license agreement covering cannabis tracking and traceability
CNW Group
CNW GroupFebruary 15, 2018
PANAMA CITY , Feb. 15, 2018 /CNW/ - TheraCann International Benchmark Corporation, a leading full service international cannabis business and technology firm ("TheraCann") is pleased to announce they have obtained exclusive license to the patent covering the company's cannabis tracking and product diversion pipeline. Included as part of TheraCann's new tracking division, the patent includes claims covering the attachment, detection and traceability of cannabis and includes an ongoing collaboration agreement with Dr. Dan Weinthal , Ph.D. in Plant science from Tel Aviv University in association with the ARO Volcani center, Israel .
TheraCann International Benchmark Corporation (CNW Group/TheraCann International)
TheraCann International Benchmark Corporation (CNW Group/TheraCann International)
"This is an exciting time for this industry," Dr. Weinthal says "the ability to partner with a leading technology firm like TheraCann allows this science to innovate faster to deliver new products and solutions to protect legal cannabis markets worldwide."
The global legal cannabis economy is expected to reach $140 Billion within 10 years with many Countries expanding medical and recreational usage restrictions in 2018. Australia , Canada , the United States , Columbia and Uruguay have already seen dramatic growth in their cannabis sectors, however the prospect of illegal products entering the legal supply chain remains a serious concern in each case. A new report by Arcview Market Researchi asserts that even though legal North American cannabis sales rose to $6.9 Billion in 2016, 87% of all cannabis sales still come from black or grey market sources.
Chris Bolton , Chief Operating Officer of TheraCann International, says "The future of the cannabis marketplace is in transforming the black-market system to legal and regulated sources. True traceability including the ability to track products from cultivation, extraction and derivative processing in to edibles or other forms, will provide a clear method to eliminate black market products from entering the regulated marketplace."
This latest patent agreement fits with TheraCann's recent joint venture announcement with TKS Ventures (dba Tokes Platform)ii and multi-year agreement with Applied DNA Sciences Inc (APDN)iii to provide an immutable link between the authenticity of goods and the authenticity of digital transactions to create a unique and forensic identifier throughout the cannabis supply chain.
"Beyond the obvious cost savings in enforcement and diversion control," says Bolton, "The consumer should be protected from harmful or even dangerous products entering the market, the retailer should be protected in the event of recall or product deficiencies, and the government or regulatory body should have the confidence to know, with certainty, that a product produced from a licensed facility is the same product that is ultimately sold to consumers."
