TTTSF (.0475) TruTrace Technologies launches 2.0 version of its StrainSecure cannabis-tracking technology
The new version adds a number of new features to the blockchain-enabled technology, such as expanded API capabilities and digital documentation system.
Other improvements include a real-time collaboration module, a detailed inventory management system, and risk mitigation and recall prevention tools
TruTrace Technologies Inc has launched a new version of its proprietary cannabis-tracking platform StrainSecure.
The 2.0 version of the platform adds a number of new features to the blockchain-enabled technology, such as expanded API capabilities and digital documentation systems.
Most notably, the enhanced scan page gives brands a fully-customizable solution to showcase their product’s quality to consumers and market directly from a scan of their packaging.
READ: TruTrace Technologies to roll out cannabis validator with top cannabis cultivator Flora Growth
Other improvements include a real-time collaboration module, a detailed inventory management system, and risk mitigation and recall prevention tools.
"Over the first two years of our business, and after extensive work with leading organizations such as Shoppers Drug Mart (Loblaws), University Health Network, and Deloitte, we’ve gained a deep understanding of the new challenges facing this industry. The second version of StrainSecure will allow us to provide our clients with turnkey tools specifically designed to support the quality of their products and increasing engagement with their customers,” TruTrace CEO Robert Galarza told shareholders in a statement.
According to Vancouver-based TruTrace, most software systems utilized in the industry are fragmented or built only to manage internal operations, which leads to increased administrative costs, reduced revenue and more risks. StrainSecure 2.0 is designed to decrease administrative costs, increase revenue, scale business operations and highlight product quality, the company noted.
Riviera Beverages COO Tony Antillon said that implementing StrainSecure could reduce or prevent recalls, keeping a company from “crippling losses".
"The technology developed by TruTrace is revolutionary not only in its ability to showcase good management practices in action, but also the ability to mitigate significant recall risks in the consumer packaged goods space," Antillon told investors.
"The costs associated with a recall are extremely high as manufacturers must cover costs on a per-store and per-item basis with lack of transparency and traceability being a major contributing factor.”
TruTrace develops fully integrated software, secured on a blockchain infrastructure, that allows brands to store, manage, share, and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory.
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