BLOCKStrain Technology Corp. (TSXV:DNAX) (OTC PINK: BKKSF) (the “Company” or “BLOCKStrain”) and WeedMD Inc. (“WeedMD”) (TSXV:WMD) (OTCQX:WDDMF) (FSE:4WE) are pleased to announce the formal launch of the BLOCKStrain proprietary genome tracking software following the collection of WeedMD’s cannabis plant DNA last week. BLOCKStrain is now generating its first revenue with the launch of the commercial version of the software offering with WeedMD as the Company’s first commercial client.
Derek Pedro and Curtis Wallace of WeedMD log the genetics of the Company’s cannabis strains into the Blockstrain database on October 17. These were the first strains officially logged into the Blockstrain system, as the Company officially launched the commercial version of its software. (CNW Group/BLOCKStrain Technology Corp.)
The BLOCKStrain solution is designed to expedite DNA testing of cannabis strains, and to then register those strains in a blockchain-enabled database in order to protect the client’s intellectual property and bring actionable quality assurance to the cannabis industry. The software also gives consumers confidence that the strain they are buying is actually the original strain, and not a different strain being sold under a false name.
The BLOCKStrain production team joined the WeedMD team at their growing facility outside of London, Ontario, as the software on-boarding was initiated. WeedMD initially registered 40 strains out of hundreds developed in-house for Master Strain Certification to protect their genetic intellectual property. Products shipped from WeedMD will soon be verified by a Blockstrain Certificate of Authenticity, guaranteeing that consumers are getting the strain they purchased.
“This is significant for our industry and our discerning consumers/customers that expect consistent products be delivered,” said WeedMD CEO Keith Merker. “We can now verify instantly through BLOCKStrain’s technology that our product is authentic and that customers are receiving high quality strains developed by WeedMD, verified as tested for quality and purity.
“We are proud to be the first company in Canada that can stand behind its products in a way that is transparent and verifiable.”
Blockstrain CEO Robert Galarza said it was an exciting day to be on hand at WeedMD’s headquarters on the first day of legalization, on October 17th, and bring the BLOCKStrain platform online for their lead client.
“It was an amazing experience for the launch of not only our software, but a new era in the development of legal cannabis,” said Galarza. “We are now able to provide consumers with an assurance of quality and can guarantee the provenance of the strains they are buying. Just as importantly, we can now create an immutable record for cannabis breeders to protect the strains they develop.”
The BLOCKStrain software was primarily developed because of the issues around provenance and integrity of cannabis; however, it was also developed because many cannabis cultivators have developed strains that are licensed to other companies, only to see them pirated and sold with no license fees being paid. As well, recent studies and investigations by journalists have found that many products being sold under the name of a specific strain are not actually grown from that strain.
Blockstrain’s software is now available to any Licensed Producer in Canada to protect and validate their products.
“We are connecting a bridge between science and technology to bring intellectual property protection and actionable quality assurance to the cannabis industry,” said Galarza.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
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 (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.
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.
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, the cannabis industry as a result of BLOCKStrain’s technology; other statements regarding the business of BLOCKStrain; that BLOCKStrain will support the growth of the cannabis industry; that its platform will be able to cut administrative time and costs in half; and management’s goals with respect to making BLOCKStrain the best technology company in the cannabis sector that provides a solid long-term investment. Such statements are based on management’s current assumptions with respect to the regulatory environment for cannabis, the expected applications of its technology and other factors, and are subject to various 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; the cannabis industry may not use the BLOCKStrain platform once it is built; legislative changes may occur that negatively impact BLOCKStrain’s business; BLOCKStrain’s platform may not adequately protect users’ intellectual property; 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.