/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, Oct. 24, 2018 /CNW/ - BLOCKSTRAIN TECHNOLOGY
CORP. (the "Company" or "BLOCKStrain") (TSXV:
DNAX.V) (OTC PINK: BKKSF) and WeedMD Inc.
("WeedMD") (TSX-V: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.
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
"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 (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.
SOURCE BLOCKStrain Technology Corp.