TRACKLOOP ACHIEVES METRC APPROVAL IN CALIFORNIA, GIVING IT AN ADVANTAGE IN THE BOOMING CANNABIS LOGISTICS INDUSTRY
Vancouver, British Columbia – January 23, 2019 — Trackloop Analytics Corp. (“Trackloop” or the “Company”) (Canadian Securities Exchange: TOOL, FRANKFURT: B2IP, OTCPK: TLOOF) is pleased to announce that it has become a verified, California METRC software vendor, with its fully functional API integrated with the State mandated compliance platform. Trackloop is the first company with a cold chain tracking solution to be approved by METRC. The Company’s platform enables the instant and automated recording of all transactions, quality control, deliveries and movement of products. In addition, Trackloop’s solution offers native scheduling and API integration with other scheduling platforms, alongside its flagship cold chain module. No other METRC approved vendor in California has these capabilities in a single, integrated solution.
METRC is the State of California’s “track-and-trace” system used to track commercial cannabis activity and movement across the distribution chain (“seed-to-sale”). Reporting to METRC is major requirement of licensed producers and distributors in the State and is mandated by the California Department of Food & Agriculture, alongside the California Bureau of Cannabis Control and the Manufactured Cannabis Safety Branch. METRC compliance and reporting is required by every stakeholder along the supply chain including cultivators, manufacturers, retailers, distributors, testing laboratories and microbusinesses.
Trackloop is looking beyond Cannabis industry, expanding its existing business in the food and perishables industry. The Company is currently looking at building its sales channels in California and working with other end-user vendors in the vehicle retrofitting space. At the same time, Trackloop is in the process of METRC approval in multiple other jurisdictions in the US.
“We look forward to expanding our footprint in California, delivering innovative and integrated solutions to a highly regulated market. California is a leader in logistics regulation, and we are excited to be working in a progressive jurisdiction paving the way for the rest of the world”, said Trackloop CTO Zayn Kalyan.
The approval comes on the heels of California’s Track-and-Trace (Resolution 3702) program announced last week, which according to their website will “Record the movement of cannabis and cannabis products through the state’s supply chain from cultivation to sale.” Any individual seeking a cannabis license, for cultivation or retail purposes, must complete a training session for the track-and-trace system within 10 days of receiving notice that their complete application has been received and approved by the California Department of Tax and Fee Administration (CDFA).
About TrackLoop Analytics Inc.
TrackLoop Analytics (TOOL) is an analytics software company that is leveraging digital asset technology to transform and modernize multiple industries. TrackLoop is taking a diversified approach to the analytics and technology space, delivering practical solutions in the finance, logistics, cannabis, and pharmaceutical industries. The Company’s turnkey real-time tracking solutions offer the very latest in IoT and AI, providing valuable data and business intelligence to some of the world’s leading brands.
TrackLoop is a publicly-traded company listed on the Canadian Securities Exchange (CSE); trading symbol TOOL (C.TOOL or TOOL.cn). For more information about the company please contact us at 1-778-938-3367.
Zayn Kalyan
Chief Technology Officer
Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, signing contracts, potential revenues, expansion into the U.S. market, other potential transactions, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; market conditions and the demand and pricing for products; security threats; relationships with its customers, distributors and business partners; the ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. TrackLoop may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, the impact of technology changes on the industry, competition, security threats, consumer sentiment towards TrackLoop’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, lack of demand for TrackLoop’s products and services, increase in labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Trackloop Analytics Corp.
