TruTrace Technologies enters into Working Relationship with Strainprint
TruTrace Technologies enters into Strategic Working Relationship with Strainprint Technologies.
May 07, 2019, 07:30 ET
Companies enter into LOI to integrate technologies for the medical cannabis industry
TORONTO, May 7, 2019 /CNW/ – TruTrace Technologies Inc. (TSXV: TTT; OTC: BKKSF) (“TruTrace” or the “Company“) today announced that it has entered into a letter of intent dated April 30, 2019 (the “LOI“) with Strainprint™ Technologies Ltd. (“Strainprint“). Under the terms of the LOI, the parties will work together to explore development and integration opportunities to utilize their mutual technologies in order to bring greater transparency and visibility to the legal cannabis industry.
“We’re thrilled to begin working with Strainprint in a greater capacity. What they’ve architected from an education and data standpoint is nothing short of remarkable, and we collectively believe that a synergistic relationship between our software platforms will bring a new level of verification and trust to the efficacy of medical cannabis,” said TruTrace CEO, Robert Galarza. “We look forward to formalizing the details of our working relationship and continuing to update the industry and shareholders as our work continues to evolve.”
“We’re excited to explore combining our award-winning data, analytics and research capabilities with TruTrace’s established and powerful platform. As the leading source of medical cannabis use data, with over 60 million data points from 1.2 million medical cannabis patient reported outcomes, we are uniquely positioned to work alongside TruTrace to help drive standardization, transparency and compliance that will shape the global cannabis industry in a meaningful way,” said Strainprint CEO, Andrew Muroff.
Terms of the LOI:
Under the terms of the LOI, the parties have agreed that: (a) TruTrace will include Strainprint as a preferred partner; and (b) the parties will explore development and integration opportunities to utilize their mutual technologies to bring greater transparency and viability to the legal cannabis industry. The parties have agreed to negotiate, settle and execute a definitive agreement formalizing their relationship (the “Formal Agreement“) on or before June 30, 2019. Entry into the Formal Agreement, and the closing of the transactions contemplated in it, are subject to certain conditions, including completion of each party’s satisfactory due diligence review of the other.