/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, June 12, 2018 /CNW/ - With Canada less than 100
days away from legal retail cannabis sales, BLOCKStrain
TECHNOLOGY CORP. (the "Company" or "BLOCKStrain")
(TSXV: DNAX.V) has announced it has completed key technology
milestones as it prepares to launch its much-anticipated
proprietary enterprise software platform.
Earlier this week, as the 100-day legal-cannabis clock
officially began counting down to Oct.
17, Tommy Stephenson,
BLOCKStrain's Chief Technology Officer, revealed that his
development team has finalized major features, including
the "Network & Collaboration" component, which
is a central technology for all parties throughout the cannabis
chain of custody.
Stephenson also announced that BLOCKStrain's product team has
assembled a concise on-boarding package and documentation to help
jumpstart Licensed Producers (LPs) and testing partners to begin
implementation of BLOCKStrain's integrated end-to-end cannabis
tracking system.
"Getting the on-boarding process protocols completed was mission
critical," Stephenson said. "This milestone opens the floodgates
for the whole ecosystem we have designed. BLOCKStrain's partners –
LPs, testing facilities, labs – can now quickly and efficiently
link into our integrated platform without disturbing their core
business processes."
The "Network & Collaboration" feature
allows all BLOCKStrain partners throughout the chain of
custody to log into one central system, making
it easy for everyone to share and collaborate while securing
information with different access rights
and permissions.
Stephenson also announced technical milestones in these key
areas:
- The "Strain-Verification Booking" feature which allows
cultivators and LPs to use an intuitive process for submitting
multiple testing types such as genetic, microbiological and
chemistry testing. BLOCKStrain's integrated system synchs with
testing protocols required by government and regulatory
bodies.
- The "Mobile Management Solution" feature is designed for
the next-generation grow operator who relies on mobile technology
to record day-to-day operations. This enhancement benefits
BLOCKStrain partners by allowing them to walk away from their desks
and go where the action is. The system stores, tracks and displays
tested strains with all applicable laboratory information.
- Early integration of BLOCKStrain's Internet of Things
(IoT) partners and solutions. Since the company's founding, IoT
has been a core guiding principal. As BLOCKStrain enters into the
final phase of this feature, Stephenson emphasizes that this
milestone, while preliminary, is a highlight. "BLOCKStrain views
IoT as critical to help our partners find operational efficiency,"
Stephenson said. "We will optimize the day-to-day reporting tasks
and at the same time minimize overhead and resources not needed to
manage the business."
Robert Galarza, BLOCKStrain's
Chief Executive Officer, says the company remains steadily on
schedule and that product launch is just weeks away. "Our entire
team has worked tirelessly toward an aggressive deadline to develop
this unique enterprise software platform," Galarza said.
"We are committed to making the BLOCKStrain's
proprietary technology suite as
intuitive and cohesive of an experience for
both LPs and testing providers. The data collected will
be accessible and actionable to distribution partners and
customers," said Galarza. "This continuous feedback loop will give
our partners an edge in the expanding global marketplace."
Galarza said that as Canada's
Cannabis Countdown Clock ticks away. BLOCKStrain's technology team
is counting down its own internal deadline. "Tommy Stephenson and his team have picked up
steam as we near launch day," Galarza said. "Legalization is
important to Canada and the world,
and our software platform will be ready in time to play an
important role in the rollout of legal cannabis from
coast-to-coast."
ON BEHALF OF THE BOARD OF DIRECTORS
"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, 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.