FinancialBuzz.comâ€™s latest Buzz on the Street Show: Featuring Our Corporate News Recap on â€śTruTrace Technologies and California-based Nonnieâ€™s Nectar Execute Letter of Intent to Begin Product Validation Program.â€ť
TruTrace Technologies Inc. (TSX-V: TTT) (OTC: BKKSF), creator of the first blockchain-enabled fully-integrated IP tracking platform for the cannabis industry, today announced it has entered into a letter of intent dated May 15, 2019 with Nonnieâ€™s Nectar, LLC, a Los Angeles-based hemp extract company that produces premium full-spectrum hemp-based products grown in the U.S.A. using organic farming practices, to employ the StrainSecureâ„˘ platform to collect, register, manage, track and publish verified testing data of several of their products in the market.
TruTrace Technologies has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. TruTraceâ€™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. TruTraceâ€™s technology is proprietary, immutable and cryptographically secure, thereby establishing a single-source, accurate, validated and permanent account for cannabis strains from ownership to market.
All over the world, the debate over cannabisâ€™ ability to replace traditional medicines goes on as more medicinal applications continue to emerge. A handful of countries have already adopted medical cannabis programs due to the positive results of multiple extensive studies, while others, however, still remain on the fence. Nevertheless, countries such asÂ Australia,Â Canada,Â France,Â Germany, and large swathes of the U.S. have already implemented medicinal cannabis legislation. According to Healthline, marijuana, a derivative of the cannabis plant, has been used to treat chronic pain as far back asÂ 2900 B.C.Â However, international government bodies classified cannabis and its derivatives as a narcotic due to the psychoactive effects caused by its THC compound. In order to overturn the classification, medical institutions and researchers have begun conducting clinical trials to evaluate the efficacy of the plant and its chemical components. Now, scientists have discovered that certain components of the cannabis plant, such as CBD and THC, are heavily linked to the successful treatment of a variety of medical conditions. The human body contains a biological system dubbed the endocannabinoid system which is connected to biological functions such as sleep, appetite, pain, and the immune system response. The human body naturally produces these endocannabinoids, which are neurotransmitters that bind to cannabinoid receptors in the nervous system. As a result, studies have shown that cannabinoids can effectively suppress pain, stimulate appetite, or alleviate depression. Currently, the medical cannabis sector accounts for the majority of the global cannabis market because of its widespread adoption. However, researchers have suggested that a larger shift from medical to recreational cannabis is expected to occur as countries likeÂ CanadaÂ and the U.S. ramp up their adult-use programs. Nonetheless, despite the ongoing development within the recreational market, medical cannabis will continue to be more readily available and accessible to consumers around the globe. According to data compiled by Mordor Intelligence, the global cannabis market was valued atÂ USD 14.5 BillionÂ in 2018. By 2024, the market is projected to reachÂ USD 89.1 Billion while exhibiting a CAGR of 37% during the forecast period from 2019 to 2024.Â
Traditionally, most users consume cannabis via smoking. However, with further development of the marketplace, companies have begun developing new products. Notably, cannabis extracts are becoming some of the most popular products within the market space as they can be processed in many different ways and all provide different end products. For instance, kief is the simplest form of extracts and is composed of trichomes broken off the dried plant. On the other hand, butane hash oil (BHO) is a concentrate made using butane as the main solvent. Kief and BHO can differ heavily in their THC makeup due to their extraction process as kief can contain anywhere from 20% to 60% THC levels, while BHO can contain as much as 80% to 90% THC levels. There are also many other forms of extracts such as hash, supercritical CO2 oil, and rosin and they all have different extraction methods. The products are also popular with both recreational and medical consumers because of their potent effect. Extracts like BHO and rosin are especially popular among medical patients because of the high THC levels that help alleviate chronic illnesses. Extracts like kief and hash are more popular among recreational users due to the much simpler extraction process. â€śToday, extracts are more popular than ever. Dispensaries that use the cannabis database Leafly to organize their inventories have added 300,000 concentrate items to their offerings since the beginning of the yearâ€”an almost 600 percent increase over the same period last year. To keep up with demand, extraction labs and equipment manufacturers have developed increasingly sophisticated apparatuses to produce the stuff, and safer, higher-volume production methods,â€ť according toÂ Robbie Gonzales, Senior Writer at WIRED and former Senior Science Editor at Gizmodo.
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