Work is underway on a technology-based system blockchaincompliant with the GS1 standard in the cannabis market. They are run by a Polish startup Trustt, who managed to collect PLN 1,8 million at the pre-seed stage.
Subsidies for a Polish company
In two months, a startup Trustt obtained financing in the amount of PLN 400 thousand euro, i.e. over PLN 1,8 million. The company is applying for further funding under the European Horizon Europe program to obtain another EUR 2,3 million in pre-seed funding.
The funds obtained by the startup Trustt will be used for the development of technology, including the creation of the Trustt Trace traceability platform based on blockchain technology.
Its task will be the encrypted documentation of the history of all events that occur during the entire product life cycle. Thanks to the collected funds, pilot programs will be carried out in Poland, Denmark, Ireland, Uganda and Malta.
The startup Trustt supports the development of the cannabis industry
As stated Mike Sikorski, one of the co-founders of Trustt, the implemented project will contribute to providing consumers with a higher level of safety for hemp products. And it will be easier for manufacturers to reduce business risk, while increasing profitability and maintaining full regulatory compliance.
The startup representatives believe that their platform has great potential to stimulate the development of the industry in Europe. It will help to solve the biggest problems faced by the cannabis sector. It is about the standardization, verification and safe distribution of hemp goods.
Moreover, in cooperation with the Institute of Technology and Life Sciences in Falenty, the startup Trustt started a research and development project. The company's primary goal is to regulate the cannabis market, and it is seeking to become part of the first European technological accelerator of the cannabis sector in Malta - TechforCann.
It is the first European entity to attempt to legalize the cannabis market. Cooperation with him increases the Trustt's chances of obtaining further funds.
The importance of the cannabis market
The cannabis market has been experiencing exceptionally dynamic development in recent years. In 2018 alone, its value amounted to EUR 300 million, and according to current forecasts, this year it will increase to EUR 7 billion. In 2028, it may reach up to EUR 115 billion.