TrackLoop Enters $5.1 Billion California Cannabis Market
VANCOUVER , British Columbia, November 28, 2018
VANCOUVER , British Columbia, November 28, 2018 /PRNewswire/ --
- First fully integrated and compliant cannabis specific solution;
- Combines IoT-powered GPS, Coldchain, Equipment Monitoring, Routing and Scheduling in Single Solution;
- Established sales channels and partnerships in large California market.
TrackLoop Analytics Corp. ("Trackloop" or the " Company " ) (Canadian Securities Exchange: TOOL) is excited to announce the launch of its solution for the recreational and medical cannabis industry. TrackLoop's cannabis solution enables licensed producers, logistics providers, and leasing companies to fully ensure the quality of cannabis products from seed to sale.
Combining cold-chain (refrigerated supply chain) monitoring, GPS tracking, and equipment health monitoring, TrackLoop's solution provides real-time data on all aspects of the supply chain including production, transport and retail. The system is fully integrated and compliant with Metrc, the regulatory and compliance system deployed in California, Colorado, Ohio, Alaska, D.C., Oregon, Nevada, Maryland, Michigan and Montana. TrackLoop is currently in the process of becoming a certified Metrc vendor and data provider in most of these jurisdictions.
"The regulated cannabis market in the U.S. represents a huge opportunity for TrackLoop's fully integrated offering. Licensed producers and logistics providers are under increasing pressure from regulators to provide sufficient supply chain data. Furthermore, as customers demand a better-quality product, and competition increases, producers and retailers need to oversee every part of the supply chain, including cold chain monitoring, to ensure they can deliver the best product possible," said Zayn Kalyan, CTO of TrackLoop.
The California market represents nearly a third of the entire North American cannabis market. Estimates suggest that following legalization of recreational cannabis, sales in California will reach $3.7 billion by the end of 2018, and $5.1 billion by the end of 2019. Analysts with Cowen & Co. believe that entire American cannabis market could reach $26 billion by 2026, with California accounting for about $25 billion of that market.
TrackLoop has an established sales and marketing presence in California via the company's recent acquisition of Chaintrack Technologies. The company also has a strong partnership with Volta Air, which has a large footprint in California and relationships with the California Air and Resources Board (CARB). The partnership with Volta Air ensures the company has access to a large channel for sales and distribution of a turn-key solution with vertically integrated hardware/software capabilities embedded.
1. BDS Analytics
About TrackLoop Analytics Inc.
TrackLoop Analytics (TOOL) is an analytics software company that is leveraging Internet of Things (IoT), and 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 logistics, cannabis, finance 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.
Chief Technology Officer
This news release contains forward-looking information based on current expectations. Statements about the Company's plans and intentions, signing contracts, acquiring customers, potential revenues, other potential transactions, the expansion into the cannabis market, 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.
The CSE has not reviewed, approved or disapproved the content of this news release.
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.
For more information about the company please contact us at +1-778-938-3367.