WeedMD and BLOCKStrain Complete Industry’s First Cannabis Validation Testing Program
January 15, 2019 (Source) — Forty strains to carry ‘Blockstrain Certificates of Authenticity’ for origin & quality assurance
WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, and BLOCKStrain (TSX:V.DNAX, OTCQB:BKKSF, Forum) (“Blockstrain”), are pleased to announce that they have completed a ‘first-of-its-kind’ cannabis strain validation registration program – a testing and verification process that will confirm cannabis strains are as purchased.
Strain validation will play an important role as cannabis products advance through the medical, retail and pharmaceutical channels. Following the collection, sequencing and registration of plant DNA from its Aylmer, Ontario facility, WeedMD becomes the first licensed producer in the world to incorporate a cannabis strain authenticity and tracking platform into its sales program.
“We congratulate all the teams that worked on this ground-breaking achievement. With the completion of genetic testing, consumers will appreciate the traceability and origin assurance of the WeedMD cannabis that they are purchasing,” said Keith Merker, CEO of WeedMD. “We now have a total of 40 active cannabis strains from our genetics bank that hold the ‘BLOCKStrain Certificate of Authenticity’ and are able to be cross-referenced as verifiable strains in BLOCKStrain’s database – from genome to sale.”
“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 and/or THC content, along with other pertinent information,” said Robert Galarza, CEO of BLOCKStrain. “With the unique technology of the Master Genome Strain and Clone Registration Program, producers can now guarantee their strains and provide customers with product assuredness.”
About BLOCKStrain’s Master Genome Strain & Clone Registration Program
Under the program, BLOCKStrain’s team collects plant data and performs genomic sequencing in plant batches which are then 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 plants, including their molecular and chemical makeup, can be tracked via the program. Going forward, a quick response (QR) barcode specific to each plant batch can reveal how it was cloned and cultivated, its cannabinoid content and more. A video introducing the WeedMD and BLOCKStrain pilot project can be found here.
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.
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.
Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon WeedMD’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 in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. 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 WeedMD to implement its business strategies; competition; crop failure; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, WeedMD does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for WeedMD to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in WeedMD’s Annual Information Form dated December 13, 2017 (the “AIF”) and other disclosure documents of WeedMD filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the AIF and other disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
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
InvestorIntel.com is a leading online source of investor information that provides public market coverage for both investors and industry alike. A qualified online influencer through ... <Read more about InvestorIntel>