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
"Robert Galarza"
Robert Galarza
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.