World’s First Cannabis Validation Testing Program Hits the Market
January 22nd, 2019
Exclusive, News, Top News
The cannabis industry is expanding at a breakneck pace across North America and around the world. While the industry is heavily regulated, the rapid growth rates have led some companies to cut corners and favor quantity over quality. Contaminated and mislabeled products have become commonplace as regulators struggle to find ways to ensure product safety and efficacy without making costs so high that the black market returns.
BLOCKStrain Technology Corp. (TSX-V: DNAX) (OTC: BKKSF) recognized these issues several years ago and began developing an innovative blockchain-powered solution. Unlike conventional databases, blockchain technology makes it easy to build highly-secure, highly-scalable, and immutable records that support billions of data points—whether they’re transactions, genetics, or tests.
In this article, we will take a look at how the company’s partnership with WeedMD Inc. (TSX-V: WMD) created the world’s first cannabis validation testing program.
Why Validation is Important
The cannabis industry is projected to exceed $146 billion by 2025, according to Grand View Research, driven by the legalization of medical and adult-use cannabis in North America and around the world. Despite the rapid growth, cannabis companies face several challenges as they ramp up production to meet consumer demand, consumers have trouble understanding what they’re buying, and regulators are struggling to keep pace.
For example, many cultivators and dispensaries have been forced to repurpose existing software solutions to comply with seed-to-sale regulations. Governments often require cultivators to submit data on government portals or even spreadsheets. These approaches take a lot of time and are prone to data loss, data theft, and a host of other problems, while they’re also difficult to search and understand for regulators.
There’s also no way for consumers to access reliable information about the products that they purchase—they must rely on brands that have only been around for a year or two. One recent study found that 35 percent of more than 80 strains tested had genetics that didn’t match the strain that was being sold. Consumers were buying Sativa strains that were advertised as Indica and Indica strains being advertised as Sativa.
BLOCKStrain & WeedMD Launch
BLOCKStrain and WeedMD recently announced a first-of-its-kind cannabis strain validation registration program. After collecting and registering DNA at its Ontario facility, WeedMD became the first licensed producer in the world to incorporate cannabis strain authenticity and tracking platform into its sales program. The information is now available in BLOCKStrain’s Master Genome Strain Registration and Clone Strain Registration database.
“For years, consumers have been purchasing cannabis products with very little information on what exactly is being purchased,” said Robert Galarza, CEO of BLOCKStrain, in a recent press release announcing the landmark development. “[Now they can] trace strain origin and their CBD/THC content, along with all other pertinent information … Producers can [also] guarantee their strains and provide customers with product assuredness.”
BLOCKStrain scientists gather all information from the plant genome, including molecular and chemical makeup, and store the information in an immutable blockchain database. With its open architecture, consumers, licensed producers, regulators, and other parties can easily use the database as a valuable reference. Quick response (QR) barcodes specific to each plant batch will show how it was cloned and cultivated along with its cannabinoid content.
BLOCKStrain Technology Corp. (TSX-V: DNAX) (OTC: DNAXF) plans to roll out this program to a growing number of licensed producers, cultivators, dispensaries, and other cannabis operations around the world. With a proof of concept live and in action, the company could have a much easier time convincing other parties to adopt the technology. The goal is to help deliver transparency to growers, retailers, regulators and consumers worldwide.
The above article is sponsored content. Emerging Growth LLC, which owns CannabisFN.com and CFN Media, has been hired to create awareness. Please follow the link below to view our full disclosure outlining our compensation: http://www.cannabisfn.com/legal-disclaimer/
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.