BLOCKStrain Brings Blockchain Technology to Cannabis
May 9th, 2018
Exclusive, News, Top News
Vancouver technology company, BLOCKStrain Technology Corp. (TSX-V: SR.H) 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, quantifying genetics, potency and equivalencies between cannabis products is crucial to the future of legal marijuana. BLOCKStrain delivers needed transparency to growers, retailers, regulators, and consumers in Canada, who have struggled to find realistic solutions to these logistical challenges ahead of the upcoming legalization of recreational cannabis. The good news is that the blockchain technology implemented by BLOCKStrain is ideally suited to solve these kind of problems by implementing an immutable and non-corruptible record of transactions.
Streamlining Mandatory Product Testing
Further, as the legalized cannabis industry begins to grow around the world, new challenges exist around the ability to provide safe and legal inventory to an evolving marketplace while simultaneously meeting the mandatory product testing requirements of regulatory bodies. The demand for safe and legal cannabis will increase exponentially with legalization, and although Licensed Producers are undertaking great efforts to meet this demand with increased production, the current administrative process for testing is outdated and burdensome.
It is not uncommon for personnel in a Licensed Producer to spend multiple hours a day manually completing the paperwork required for testing. BLOCKStrain has begun tackling this problem by developing an intuitive, intelligent and automated system to quickly and easily synchronize Licensed Producers with GMP Health Canada approved cannabis product testing facilities.
Archiving Cannabis Genetics
BLOCKStrain has developed a comprehensive cannabis genetics archiving platform that aims to transform global cannabis business transactions and operations. Using immutable blockchain technology, the company provides an environment that automates, accelerates, and encodes transactions while ensuring privacy and security for everyone. These elements create a single reliable record for cannabis strains and their ownership across the supply chain.
The inherently open architecture of the blockchain enables growers, testers, researchers, and others to securely access and integrate with the platform. For example, a retailer may integrate their point-of-sale or inventory management solution with the BLOCKStrain platform to verify strains before and after they’re sold.
The company was co-founded by Robert Galarza and Tommy Stephenson. Mr. Galarza brings a diverse professional background to BLOCKStrain with over 10 years of experience in advertising and mass media communications and over seven years as a transactional attorney and corporate executive where he worked on mobile platforms, software-as-a-service solutions, and blockchain integrations. Mr. Stephenson brings nearly 20 years of experience in software design and development to the company, where he worked with many leading Fortune 500 companies and served as the CTO of Ghost Group, Inc., currently the largest cannabis software company in the world, with its flagship product Weedmaps.com.
Weed MD’s Strategic Investment
WeedMD Inc. (TSX-V: WMD) (OTC: WDDMF) recently announced a strategic investment into BLOCKStrain Technology Corp. Under the terms of the deal, WeedMD will invest $500,000 into the company and receive a board seat, making it Canada’s first licensed producer for medical marijuana to integrate blockchain technology into its ecosystem. The move also paves the way for the licensed producer to expand its wholesale genetics business.
“We are thrilled to have the strategic support of WeedMD in the development and launch of our technology-based solutions,” said CEO Robert Galarza. “Our platform customizes the best aspects of blockchain technology for cannabis industry, specifically in the area of protecting the intellectual property of producers, while giving customers visibility and transparency. By utilizing BLOCKStrain, WeedMD can now expand its library of world-class genetics while building customers’ trust.”
WeedMD is a licensed producer under the Canadian government’s Access to Cannabis for Medical Purposes Regulations (ACMPR). It has a 26,000-sq.-ft. indoor facility in Ontario and a second facility under development, with another 610,000-sq.-ft. of capacity. In addition to its own production, the company has entered into supply agreements and other strategic relationships to expand its capacity. The company’s primary focus is on the senior care market, where its products can help alleviate many conditions without the use of potentially harmful or addictive prescription drugs.
For BLOCKStrain, the addition of a world-class licensed producer serves as a valuable proof-of-concept for its platform, as well as a source of early funding. With initial data derived from intelligent and real world performance within its platform, the company is well positioned to provide the market with a solution-based software product, as well as providing retail outlets and consumer groups a product to close the supply chain loop. Additionally, regulators can begin to see how the platform will help deliver a safe and legal inventory of cannabis to the marketplace and thereafter introduce reasonble requirements for visibility and verification using the platform.
BLOCKStrain Technology Corp. represents a compelling investment opportunity for anyone looking for a solid technology stock with good exposure to the cannabis sector. It uses technology to resolve the administrative bottleneck that is associated with testing and verifying large quantities of cannabis for mass consumption, all the while saving producers and distributors time and money. Furthermore, by harnessing the power of blockchain technology, it hopes to create the de-facto standard for verifying and tracking cannabis strains across the supply chain. The open platform and future cryptocurrency incentives could help spur early traction, which could in turn help create high barriers to entry for competing technologies.
For more information, visit the company’s website at www.blockstrain.io.
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