GREENWOOD VILLAGE, Colo., Feb. 4, 2019 /PRNewswire/ -- Helix TCS Inc.'s (OTCQB: HLIX) (the "Company") subsidiary, BioTrackTHC, today announced that it has been tapped by the State of Illinois to provide the software solution that will track medical cannabis sales for patients participating in the state's Opioid Alternative Pilot Program. BioTrackTHC is already responsible for tracking and tracing the state's medical cannabis supply chain, and its software now provides a unified solution for these programs.
"As research continues to drive medical cannabis as an alternative to prescription painkillers, Helix TCS is uniquely positioned to deliver the critical tracking and compliance technology infrastructure surrounding both forms of medicine in existing and emerging medical and recreational cannabis markets, through our subsidiary BioTrackTHC, and will be able to leverage tracking data to directly correlate changes in opioid use to medical cannabis expansion," said Zachary L. Venegas, Executive Chairman and CEO of Helix TCS, Inc.
A pioneer in prescription drug reform, Illinois is among a growing number of states that allows medical cannabis as a means to treat opioid addiction, and for doctors to certify patients to use medical cannabis as an alternative to traditional prescription painkillers. According to the American Medical Association, states with modernized cannabis laws see a significant reduction in opioid dependence and opioid-related deaths. BioTrackTHC was originally formed to track and monitor the dispensing of prescription painkillers in South Florida, pivoting in 2010 to address the unique needs and workflows of licensed cannabis operators.
"Our unique background in pharmaceutical tracking has been instrumental to BioTrack's success, as we've taken much of the functionality and lessons learned from the original opioid tracking venture to create a superior software solution for cannabis businesses of all kinds," said Moe Afaneh, COO of BioTrackTHC. "As discussions around opioids and medical cannabis use collide, we are able to leverage our historical expertise to create a robust and streamlined tracking solution for virtually any form of medicine."
About Helix TCS, Inc.
BioTrackTHC is a wholly-owned subsidiary of Helix TCS, Inc. Helix TCS, Inc. (OTCQB: HLIX) is a leading provider of ancillary services for the legal cannabis industry, helping owners and operators of licensed cannabis businesses stay competitive and compliant while mitigating risk. Through its proprietary technology suite and security services, Helix TCS provides comprehensive supply chain management, compliance tools, and asset protection for any license type in any regulated cannabis market. Helix TCS's products reach over 2,000 customer locations in 33 states and 5 countries and has processed over $18 billion in cannabis sales. For more information and to sign up for investor updates, visit us at www.helixtcs.com. For more information on BioTrackTHC, visit www.biotrack.com.
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to fund our operations and pay any outstanding debt; fluctuations in our financial results; general economic risks; the volatile nature of the market for our products and services and other factors that could impact our anticipated growth; our ability to manage our growth; changes in laws and regulations regarding the cannabis industry and service providers in the cannabis industry; reliance on key personnel; our ability to compete effectively; security and other risks associated with our business; intellectual property risks; and other risk factors set forth from time to time in our SEC filings. Helix TCS assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Helix TCS, Inc.
Helix TCS, Inc.
SOURCE Helix TCS, Inc.