VANCOUVER, Jan. 15, 2019 /CNW/ - WeedMD Inc. (TSX-V:WMD)
(OTCQX:WDDMF) (FSE:4WE) ("WeedMD"), a federally-licensed
producer and distributor of medical-grade cannabis, and
BLOCKSTRAIN TECHNOLOGY CORP. (the "Company" or
"BLOCKStrain") (TSXV: DNAX.V) (OTC: DNAXF) are
pleased to announce that they have completed the
'first-of-its-kind' cannabis strain validation registration program
- a testing and verification process that will confirm cannabis
strains as purchased.
Strain validation will play an important role as cannabis
products advance through the medical, pharmaceutical and retail
channels. Following the collection and registration of plant DNA
from its Aylmer, Ontario facility
in October 2018, WeedMD becomes the
first licensed producer in the world to incorporate a cannabis
strains authenticity and tracking platform into its sales
program.
BLOCKStrain's proprietary genome tracking software houses the
DNA data for cross referencing.
"For years, consumers have been purchasing cannabis products
with very little information on what exactly is being purchased,
but they can now trace strain origin and their CBD/THC content,
along with all other pertinent information," said Robert Galarza, CEO of BLOCKStrain. "With the
unique technology of our Master Genome Strain and Clone
registration program, producers can now guarantee their strains and
provide customers with product assuredness."
"We congratulate all the teams that worked on this
groundbreaking achievement. With the completion of the strains
genetic testing, consumers will appreciate the traceability and
origin assurance of the cannabis strains they are purchasing from
WeedMD," said Keith Merker, CEO of
WeedMD. "We now have a total of 40 active cannabis strains
from our genetics bank that will be marked with a 'BLOCKStrain
Certificate of Authenticity' and may be cross-referenced as
verifiable strains in BLOCKStrain's database, all the way from
genome to sale."
BLOCKStrain, which developed a Master Genome Strain Registration
and Clone Strain Registration program is focused on providing
transparency and actionable quality assurance to cannabis
consumers. Licensed producers completing the registration can in
turn provide assurance to their own customers that the cannabis
strains they purchase are the ones they receive.
BLOCKStrain scientists collect plant data and genomic sequencing
in plant batches which are registered in a blockchain-enabled
database for intellectual property protection and strain
validation. Known as the Master Genome Strain & Clone
Registration Program, all information gathered from the plant
genome, including its molecular and chemical makeup, can be tracked
via the program. Going forward, a quick response (QR) barcode
specific to each plant batch can reveal everything about how it was
cloned, cultivated, its cannabinoid content and more. A video
introducing the WeedMD and BLOCKStrain pilot project can be found
here: https://youtu.be/2K60e3Y56bU
About BLOCKStrain Technology Corp.
BLOCKStrain Technology Corp. 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.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx
Inc., a federally-licensed producer and distributor of cannabis and
cannabis oil for both the medical and adult-use markets under the
Cannabis Act. The Company operates two facilities: a 26,000 sq. ft.
indoor facility in Aylmer, Ontario
and a state-of-the-art greenhouse facility located in Strathroy, Ontario. The greenhouse currently
has 110,000 square feet of licensed space in production and is
expected to have a total footprint of more than 550,000 square feet
online in early 2019. WeedMD has a multi-channeled distribution
strategy that includes supply agreements with Shoppers Drug Mart
and provincial distribution agencies, as well as through strategic
relationships across the seniors' market in Canada.
Forward Looking Information:
This press release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation
which are based upon BLOCKStrain;s current internal expectations,
estimates, projections, assumptions and beliefs and views of future
events. Forward-looking information can be identified by the use of
forward-looking terminology such as "expect", "likely", "may",
"will", "should", "intend", "anticipate", "potential", "proposed",
"estimate" and other similar words, including negative and
grammatical variations thereof, or statements that certain events
or conditions "may", "would" or "will" happen, or by discussions of
strategy.
The forward-looking information in this news release is based
upon the expectations, estimates, projections, assumptions and
views of future events which management believes to be reasonable
in the circumstances. Forward-looking information includes
estimates, plans, expectations, opinions, forecasts, projections,
targets, guidance or other statements that are not statements of
fact. Forward-looking information necessarily involve known and
unknown risks, including, without limitation, risks associated with
general economic conditions; adverse industry events; loss of
markets; future legislative and regulatory developments; inability
to access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
the cannabis industry in Canada generally; the ability of
BLOCKStrain to implement its business strategies; competition; and
other risks.
These forward-looking statements are made as of the date
hereof and BLOCKStrain 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.
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
SOURCE BLOCKStrain Technology Corp.