New TruTrace Blockchain Will Help A Canadian Pharmacy Track Its Medical Cannabis Supply
- Medical Marijuana and its associated offerings (things like CBD oils/ salves/ creams etc) have been growing in popularity throughout Canada and the United States since late 2017.
- Established pharmacy chains such as CVS and Walgreens have already been selling cannabis infused products to their customers for more than 6 months now.
Shoppers Drug Mart — one of Canada’s largest pharmacy chains — has recently entered into an agreement with local blockchain firm ‘TruTrace Technologies Inc.’ so as to create a new pilot program that will be capable of tracking the company’s global cannabis supply.
As per the aforementioned Bloomberg article, the tracking platform will also store/ make use of a host of niche’ data such as the strain’s original source and its genetics so as to help customers make more informed decisions while choosing their products.
Additionally, it is being estimated that this new system will allow doctors to issue prescriptions more easily as well as help strengthen the marijuana industry (by allowing for easier clinical trials to take place).
In regards to this entire episode, Ken Weisbrod — an executive working for Shoppers Drug Mart — was recently quoted as saying:
“They can say, ‘This particular product, strain, cultivar has this chemistry component and my patient is consistently on this drug and he’s gotten great outcomes … Then we can start triangulating that data. This is a huge leap for the industry.”
- The reason why this tracking system is being created is to help make the delivery of marijuana based items more like traditional medicine within Canada.
- As things stand, a number of American pharmacy chains such as CVS and Walgreens are already selling a variety of cannabis-infused products.
Colorado-based IoT firm CyberCar recently teamed up with WebJoin — a cannabis supply chain software company — so as to create a blockchain-based car tracking system for cannabis deliveries.
In closing out this piece, it should be made clear that one of the biggest challenges facing the cannabis industry today is ‘compliance reporting’. Thus, in order for businesses to successfully operate within this nascent domain, it would be best if they made use of fully automated systems (such as the one that CyberCar is currently employing).
According to a number of studies, the medical marijuana market has been gaining a lot of traction across Canada over the last 12-18 months. In this regard, a number of recently released reports show us that this burgeoning industry is all set to grow to around the $5 billion mark by the end of 2021.