VANCOUVER, Jan. 15, 2019 /CNW/ - WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) ("WeedMD"), a federally-licensed producer and distributor of medical-grade cannabis, and BLOCKSTRAIN TECHNOLOGY CORP. (the "Company" or "BLOCKStrain") (TSXV: DNAX.V) (OTC: DNAXF) are pleased to announce that they have completed the 'first-of-its-kind' cannabis strain validation registration program - a testing and verification process that will confirm cannabis strains as purchased.
Strain validation will play an important role as cannabis products advance through the medical, pharmaceutical and retail channels. Following the collection and registration of plant DNA from its Aylmer, Ontario facility in October 2018, WeedMD becomes the first licensed producer in the world to incorporate a cannabis strains authenticity and tracking platform into its sales program.
BLOCKStrain's proprietary genome tracking software houses the DNA data for cross referencing.
"For years, consumers have been purchasing cannabis products with very little information on what exactly is being purchased, but they can now trace strain origin and their CBD/THC content, along with all other pertinent information," said Robert Galarza, CEO of BLOCKStrain. "With the unique technology of our Master Genome Strain and Clone registration program, producers can now guarantee their strains and provide customers with product assuredness."
"We congratulate all the teams that worked on this groundbreaking achievement. With the completion of the strains genetic testing, consumers will appreciate the traceability and origin assurance of the cannabis strains they are purchasing from WeedMD," said Keith Merker, CEO of WeedMD. "We now have a total of 40 active cannabis strains from our genetics bank that will be marked with a 'BLOCKStrain Certificate of Authenticity' and may be cross-referenced as verifiable strains in BLOCKStrain's database, all the way from genome to sale."
BLOCKStrain, which developed a Master Genome Strain Registration and Clone Strain Registration program is focused on providing transparency and actionable quality assurance to cannabis consumers. Licensed producers completing the registration can in turn provide assurance to their own customers that the cannabis strains they purchase are the ones they receive.
BLOCKStrain scientists collect plant data and genomic sequencing in plant batches which are registered in a blockchain-enabled database for intellectual property protection and strain validation. Known as the Master Genome Strain & Clone Registration Program, all information gathered from the plant genome, including its molecular and chemical makeup, can be tracked via the program. Going forward, a quick response (QR) barcode specific to each plant batch can reveal everything about how it was cloned, cultivated, its cannabinoid content and more. A video introducing the WeedMD and BLOCKStrain pilot project can be found here: https://youtu.be/2K60e3Y56bU
About BLOCKStrain Technology Corp.
BLOCKStrain Technology Corp. 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 (IP). 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 delivers needed transparency to growers, retailers, regulators, and consumers who have struggled to find realistic solutions to these logistical challenges. The good news is that the blockchain technology implemented by BLOCKStrain is ideally suited to solve these kinds of problems by implementing an immutable and non-corruptible record of transactions.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis and cannabis oil for both the medical and adult-use markets under the Cannabis Act. The Company operates two facilities: a 26,000 sq. ft. indoor facility in Aylmer, Ontario and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The greenhouse currently has 110,000 square feet of licensed space in production and is expected to have a total footprint of more than 550,000 square feet online in early 2019. WeedMD has a multi-channeled distribution strategy that includes supply agreements with Shoppers Drug Mart and provincial distribution agencies, as well as through strategic relationships across the seniors' market in Canada.
Forward Looking Information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon BLOCKStrain;s current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the cannabis industry in Canada generally; the ability of BLOCKStrain to implement its business strategies; competition; and other risks.
These forward-looking statements are made as of the date hereof and BLOCKStrain 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.
NEITHER THE 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
SOURCE BLOCKStrain Technology Corp.
For further information: BLOCKStrain Technology: Robert Galarza, Chief Executive Officer and Director; For Media/Investor Inquiries: Crystal Quast, Bullseye Corporate, 1-844-656-3629; Corey Herscu, [email protected], 416-300-3030