Canadian pharmaceutical giant explores blockchain potential in cannabis tracking

Shoppers Drug Mart, Canada’s largest retail pharmacy chain, is collaborating with TruTrace Technologies, a company dedicated to tracking medical cannabis using the blockchain platform, to deal with one of the most talked-about challenges in the pharmaceutical industry. Together, they will incorporate the ground-breaking technology of blockchain and verify the source and the quality of medical marijuana or cannabis.

Digging deeper to find the underlying cause

The medical industry is currently facing an ethical dilemma. The medicines must be ethically sourced, developed and sold. However, it is not as easy as it seems as several profit-making organizations tamper with the quality.

According to the Business Development VP of Shoppers Drug Mart,

“The dwindling quality of medical cannabis is prompting some major health concerns around the world. It is high time that the industry steps up and makes its source traceable and verifiable.”

He further states that offering complete transparency in its production process, from seed to the end product, will instil the confidence of consumers as well as practitioners in the drug. Patients expect consistency in the clinical outcomes of medicine. This calls for a greater need in the standardization of the sourcing and productions processes of a medicine. Blockchain technology be will be able to achieve that and much more.

Shoppers Drug Market believes it can set the trend           

Operating over 1300 stores all over Canada, Shoppers Drug Market Corporation, is determined to prove that partnering with TruTrace. Being at the forefront of technology can not only achieve transparency and accountability in trading of medical cannabis but also lower its costs significantly. The initiative could very well pave the way for the future advancements in the field.

Blockchain to address more issues

While, on the other hand, TruTrace considers this an opportunity to expand its wings in the US market as well.

Ascertaining the common ethical violations in the quality of CBD products, the company believes that they can address the scepticism of practitioners and consumers while prescribing and purchasing the product