VANCOUVER, July 18, 2018 /CNW/ - BLOCKSTRAIN TECHNOLOGY
CORP. (the "Company" or "BLOCKStrain") (TSXV:
DNAX) is pleased to announce that the Company has entered into
a memorandum of understanding dated July 16,
2018 (the "MOU") with Spire Secure Logistics Inc.
("Spire"), a wholly-owned subsidiary of Friday Night Inc.
(CSE: TGIF), to introduce and implement the proprietary BLOCKStrain
platform to governments throughout Canada, as well as to procure software
contracts and commercial agreements with regulatory bodies and
licensed producers within the Canadian legal cannabis industry.
BLOCKStrain and Spire have agreed to collaborate on the design
and implementation of security programs and infrastructure for the
legal distribution and sale of cannabis. This strategic partnership
is being launched with the intent to integrate the benefits of the
BLOCKStrain platform into the regulatory framework for medical and
adult-use cannabis in Canada.
Spire is a high-level advisory firm that supports clients across
the globe in government, finance, resources, heavy industry, and
the emerging legal cannabis sector. As a leading provider of
strategic advisory services for the legal cannabis industry, Spire
has worked closely with governments and companies to design and
build security programs and solutions for the sector. Spire
intends to work with provincial governments and other regulatory
authorities to develop and implement policies and protocols for
both retail and online sales of cannabis, focusing on the
prevention of organized crime infiltration and black-market
diversion.
BLOCKStrain is a technology company based in Vancouver, BC, which has developed a
proprietary enterprise software platform that can verify and track
cannabis products through an intelligent, blockchain-protected
database of strain genetics. By registering the genetic identity of
a batch of legal cannabis via a DNA Passport™, BLOCKStrain can
automate the task of 'gene-to-sale' tracking and showcase where
each verified product was grown, manufactured, shipped and sold.
The system is also designed to differentiate between legal cannabis
and black-market cannabis by giving consumers, producers and
regulators real time information about verified products. This data
is stored and managed by a dynamic real-time, blockchain enabled
system that can give real time reporting to provincial and federal
regulators.
Led by former policy and military experts, Spire builds on
decades of combined military, policy and law enforcement experience
in organized crime, high-risk security and intelligence. CEO,
Andy Richards, is a 34-year veteran
police officer who specialized as an investigator, supervisor and
manager of complex covert investigations. He led many of the
largest, most successful organized crime investigations in
British Columbia, a number of
which focused on organized crime groups and prolific offenders who
controlled or targeted elements of the illegal and grey cannabis
markets. These investigations led to meaningful tactical and
strategic relationships with law enforcement agencies across
Canada and around the world.
"Spire is amongst the global leaders in providing regulatory and
security programming for the cannabis industry, and BLOCKStrain
provides an automated, intelligent and secure software solution
that verifies and tracks cannabis products through an immutable
record of legal genetics," said BLOCKStrain CEO, Robert Galarza. "Together, we are determined to
provide a world-class solution in cannabis logistics security to
our customers."
"This partnership is a natural extension of Spire's work in
providing advice to governments and security to the regulated
cannabis industry," said Spire CEO, Andy
Richards. "When we saw what BLOCKStrain had created, we
understood immediately that this technology has the potential to
become a central security and regulatory solution for the cannabis
sector."
The MOU initially provides for the grant of an exclusive right
to Spire to introduce BLOCKStrain's technology to one provincial
government. If an agreement is entered into with that government,
BLOCKStrain will grant Spire the exclusive right to introduce
BLOCKStrain's technology to governmental authorities of such other
Canadian province(s) and international jurisdictions as may be
mutually agreed to by the parties. It is expected that BLOCKStrain
will grant Spire stock options and pay Spire a commission in
connection with each such agreement, on terms to be agreed to by
the parties.
Formalization of the relationship between the companies is
subject to entry into of a definitive agreement and, if required,
the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert Galarza"
Robert Galarza
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. The
BLOCKStrain platform also streamlines the administrative process of
genetic and mandatory quality-control testing for legal
cannabis.
About Spire Secure Logistics Inc.
Spire provides strategic security consulting in Canada, the United
States and Latin and South
America to licensed producers and ancillary businesses in
the cannabis sector. Formed almost three years ago by Andy Richards and Jeff
Meyers, two career law enforcement professionals well
acquainted with organized crime and both the illicit and legal
cannabis industry, Spire has quickly become a leading firm for
companies looking to ensure their operations adhere to government
regulations around security and are best equipped to deter the
infiltration of organized crime and black-market
diversion. Spire is led by experts with international
backgrounds in covert and undercover operations to infiltrate and
disrupt organized crime, including outlaw motorcycle gangs, cartels
and other violent gangs. Members of the Spire team have been
involved with policy, compliance, and law enforcement in the
regulated cannabis industry since its earliest days.
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 Statements
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 partnership for BLOCKStrain and Spire; the
expected terms of, and compensation with respect to, the
partnership; the ability of the parties to successfully negotiate a
definitive agreement with each other and with any governmental
authorities; that the definitive agreement may be subject to the
approval of the TSX Venture Exchange; that BLOCKStrain's technology
has the capacity to become a central security component of the
cannabis logistics industry; 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: the parties may be
unable to successfully negotiate or enter into any definitive
agreement with each other or with any governmental authorities;
BLOCKStrain's platform may not operate as expected; the parties may
not derive the expected benefits from use of the BLOCKStrain
platform; legislative changes may occur that negatively impact the
business of BLOCKStrain and/or Spire; the TSX Venture Exchange may
not approve the definitive agreement; 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. The forward-looking statements in this news
release are made as of the date hereof and the Company disclaims
any intent or obligation to publicly update 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.