TruTrace Technologies and California-based Nonnie's Nectar Execute Letter of Intent to Begin Product Validation Program
TORONTO, May 16, 2019 /CNW/ - TruTrace Technologies Inc. (TSXV: TTT; OTC: BKKSF) ("TruTrace" or the "Company"), 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 Nonnie'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 StrainSecure™ platform to collect, register, manage, track and publish verified testing data of several of their products in the market.
Under this arrangement TruTrace will produce a unique quick-response (QR) code for each associated SKU, which will then render real-time test results of each product on StrainSecure's hosted solution. Customers will be given dynamic information on the products they are holding in their hands while still in the store. Upon completion of the collection and registration of the products, Nonnie's Nectar will then be able to guarantee the contents, origin and quality of their products. The LOI will be superseded by a formal agreement and the transactions contemplated therein are subject to the approval of the TSX Venture Exchange.
Our step forward with Nonnie's Nectar is an illustration of the growing traction that our proprietary software is gaining, and the value of secure and verified testing data for this growing industry. Companies throughout the hemp and cannabis industries are recognizing the inherent and significant value in protecting and publishing the quality of their crafted products
said TruTrace Technologies Chief Executive Officer and Director, Robert Galarza.
With our unique technology, Nonnie's Nectar will soon be able to guarantee the safety and potency of their full-spectrum hemp extract products and support their mission of creating the highest quality extracts with no solvents, heavy metals or pesticides
TruTrace Technologies will enable us to guarantee that our products contents, purity and potency are exactly as labelled, providing our customers with level assuredness about our dedication to quality control
said Ryan Beers, Chief Executive Officer of Nonnie's Nectar.
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 a single-source, accurate, validated and permanent account for cannabis strains from ownership to market.
About Nonnie's Nectar:
Nonnie's Nectar is a line of premium organic hemp extract CBD products. Its products are already in market and currently being sold across the US in natural grocery stores as well as online. Nonnie's Nectar has already proven market fit and consumer demand, with more than half a million in sales in 2018 alone and a perfect 5-star product reviews on each and every product it sells.
Nonnie's Nectar is led by a management team with deep knowledge and experience in both the cannabis and health and wellness industries. Ryan Beers, the Company's CEO and product visionary, boasts more than 10 years of experience in retail cannabis products and was an early innovator in the cannabis consumer vaping industry. Ryan was inspired to create a THC-free CBD capsule (Nonnie's Nectar's first product) to help his grandmother ("Nonnie") avoid seizures associated with late-onset epilepsy, and that's when he witnessed first-hand the incredible potential health benefits of CBD. Oriana Leo, Co-Founder and Chief Strategy Officer, an experienced sales and marketing executive with deep experience in the health and wellness industry, leads the Company's efforts to rapidly expand its retail footprint, wholesale partnerships and online consumer demand.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward-Looking Information
This news release contains statements with respect to Nonnie's Nectar and its products, and TruTrace Technologies has not independently verified any of these statements. Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: the ability of TruTrace's technology to provide full transparency and quality assurance for consumers of Nonnie's Nectar products; and the expected operation of TruTrace's technology with respect to Nonnie's Nectar products. Such statements are based on management's current assumptions with respect to the expected application and performance of TruTrace's technology; the assumed content of the products of Nonnie's Nectar; and other factors, and are subject to various risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including that: TruTrace's platform may not operate as expected; the quality of the products included in Nonnie's Nectar products may not be as expected; legislative changes may occur that negatively impact TruTrace's business and other factors beyond TruTrace's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits TruTrace will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and TruTrace disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE TruTrace Technologies Inc