VANCOUVER, May 29, 2018 /CNW/ - BLOCKSTRAIN TECHNOLOGY CORP. (TSXV: DNAX) the "Company") is pleased to a welcome WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) to its platform. WeedMD, which recently announced a merger with Hiku Brands Company Ltd. (CSE: HIKU), is the first Licensed Producer (LP) under Health Canada's Access to Cannabis for Medical Purposes Regulations to utilize BLOCKStrain's proprietary platform, making it one of the first federally Licensed Producers of medical cannabis to integrate blockchain technology into its ecosystem.
BLOCKStrain's platform will allow for the expansion of WeedMD's library of world-class cannabis genetics while building customers' trust. BLOCKStrain, which began trading publicly last week on the TSX Venture Exchange, delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.
"Our talented product development team has had the distinct pleasure of working with the amazingly knowledgeable cultivation and production management team at WeedMD to better shape our core product suite, and to provide digital solutions which aim to reduce inefficiencies and administrative pain points," commented BLOCKStrain CEO Robert Galarza. "Our mission is to provide WeedMD with a secure record for their vast array of genetics, while also assisting in streamlining certain internal functions given our technology platform and knowledge."
BLOCKStrain's team has worked hand in hand with the team at WeedMD to create a digital process for automating the "Production Batch Record" summary which is part of the documentation requirements set by the federal government. Currently the mandated process, although necessary for consumer safety and quality assurance, is burdensome, time intensive and requires far too much manual paperwork.
"The current process has many flaws, including the inability to easily reference and manage the collected data, and to analyze, share or derive insights from the data collected," stated BLOCKStrain co-founder and Chief Technology Officer Tommy Stephenson. "This makes it virtually impossible to use the data when and where it is truly needed in the industry."
BLOCKStrain tackled this issue by developing a new solution that is rapidly accessible with mobile devices and tablets and removes many redundancies currently in the current system.
"Our application mirrors what a producer is manually doing in order to provide a massive amount of value in time saved as well as cost reductions, while also providing quick access to data and insights that help optimize operations," said Mr. Stephenson.
BLOCKStrain has also developed a "Wholesale Record" summary to assist in the WeedMD's wholesale genetics business, thus providing WeedMD with the ability to manage and share the history of a clone, as well as the data collected during its grow cycle.
"We believe that this internal level of insight, which is collected throughout the growing cycle, is unparalleled in the industry and will be incredibly valuable to the LP customer base currently purchasing clones from WeedMD's top-quality inventory of genetics," stated Mr. Galarza.
"Unique and differentiated strains and product offerings have always been, and will remain, a cornerstone of WeedMD's business model", said Keith Merker, Chief Financial Officer of WeedMD. "Validating and protecting that intellectual property through BLOCKStrain's platform will prove invaluable as we scale operations and broaden our distribution throughout the country as well as internationally."
The digital solutions provided by BLOCKStrain are expected to be instrumental in providing WeedMD's cultivation team with tools to rapidly search their records in real time instead of sifting through large volumes of paperwork in the company's files. Furthermore, the digital archival system of BLOCKStrain is expected to prevent forms from being damaged, lost or tampered with and to make it easy to share with colleagues and regulatory bodies. This powerful data can also be accessible for analytics, reporting and measurement and is the only solution on the market that provides this level of service to one of Canada's leading cultivators.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distibutor of medical cannabis and oils under the ACMPR. The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. WeedMD is focused on providing medical cannabis to the seniors' markets in Canada through its proprietary seniors' care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
About BLOCKStrain Technology Corp.
BLOCKStrain Technology Corp. (TSX-V: DNAX.V) has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry. Strain protection and genetic identification are major issues for growers and breeders, and this new technology allows them to identify and secure rights to their valuable intellectual property. The BLOCKStrain platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, cutting the administrative time and expense in half.
BLOCKStrain's proprietary, immutable, cryptographically-secure blockchain-technology establishes a global 'single source of truth' for cannabis strains, their ownership, potency and chemical makeup. In an industry where a popular strain can be worth millions of dollars, it is crucial to the industry's future to quantify genetics, potency and equivalencies between cannabis products. BLOCKStrain aims to deliver needed transparency to growers, retailers, regulators, and consumers who have struggled to find realistic solutions to these logistical challenges. The blockchain technology implemented by BLOCKStrain is ideally suited to solve these problems by implementing an immutable and non-corruptible record of transactions.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future business plans. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the expected benefits of, and impact on, WeedMD's business as a result of the use of BLOCKStrain's technology; and the expected security and other benefits of BLOCKStrain's technology generally. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including that: BLOCKStrain's platform may not operate as expected; WeedMD may not derive the expected benefits from use of the BLOCKStrain platform; legislative changes may occur that negatively impact BLOCKStrain's business; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
SOURCE BLOCKStrain Technology Corp.
For further information: Contact Paula Arab by phone at (403) 889-9128 or by email at [email protected]