BLOCKStrain Hits Key Technology Milestones as Legalization Nears


Ryan Allway

July 12th, 2018

News, Top News


VANCOUVERJune 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.

BLOCKStrain Technology displays the interface for their newly developed software solution for cannabis growers and breeders. The BLOCKStrain platform cuts the administrative overhead in half for arranging Quality Control or genetic testing of cannabis, while at the same time creating an immutable database that helps preserve the genetic intellectual property of strains for growers and breeders. (CNW Group/BLOCKStrain Technology Corp.)

Earlier this week, as the 100-day legal-cannabis clock officially began counting down to Oct. 17Tommy 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.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/July2018/12/c3308.html

Please visit the Company’s website at: www.blockstrain.io or contact Al Olson at (425) 985-6451 or email at al.olson@blockstrain.ioCopyright CNW Group 2018

 

Source: Canada Newswire (July 12, 2018 – 6:00 AM EDT)
Ryan Allway

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.


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