CMTREX 2018 Ltd (CMTREX) and Theracann International Benchmark Corporation (Theracann) today announced that they have executed a Letter of Intent (LOI) for a mutually collaborative initiative to integrate Theracann’s proprietary Etch Biotrace™ tagging and tracking technology into the CMTREX Trading Platform. The announcement was made at the CannaTech Panama conference, an event designed to educate and network with the burgeoning LATAM cannabis market.
This landmark LOI outlines the framework through which a Pilot Project will be implemented allowing for TheraCann to deploy ETCH Biotrace globally via the CMTREX Trading Platform. The Pilot Project is aimed at co-developing the methodology that has the highest and best use for traceability of cannabis and derivative products traded on the CMTREX platform with the view of positioning ETCH Biotrace as the “de facto” traceability system to be used on CMTREX’s platform ensuring legal and unfettered import and export of cannabis from one legal jurisdiction to another.
ETCH Biotrace is a verification technology that employs molecular tagging methods to ensure the integrity and provenance of ingredients and components in the cannabis supply chain –from seeding to point of sale – supported by cloud and blockchain technology.
Commenting on the LOI, CMTREX Co-Founder and CEO, Saul Singer noted that, "We are proud and excited to enter into this LOI with Theracann. The Etch Biotrace is cutting-edge technology at the forefront of bringing streamlined authentification to the global cannabis market and provides clear value-addition to our clients and the industry as a whole."
Theracann CEO, Warnock added, "The global cannabis marketplace is evolving at a pace that makes it difficult for industry and government to keep up. At Theracann we firmly believe the future of this industry will be in providing global buyers and sellers a secure, transparent and authenticated platform to conduct business. We are excited to collaborate with key innovators like CMTREX in providing true cannabis provenance to the global market."