WeedMD and Blockstrain Pilot a Proprietary Genome Tracking Program to Protect Cannabis Genetics & Intellectual Property
October 24, 2018 (Source) — WeedMD Launches Blockstrain’s Revolutionary ‘Genome-to-Sale’ Software
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 Technology Corp. (TSXV:DNAX.V) (OTC:BKKSF) (“Blockstrain”) are pleased to announce that they have kicked off the launch of Blockstrain’s proprietary genome tracking software following the collection and registration of WeedMD’s cannabis plant DNA.
As Blockstrain’s first commercial client, WeedMD initially registered 40 out of hundreds of proprietary strains developed in-house, guaranteeing that consumers and WeedMD’s B2B customers are getting the cannabis strains they purchased.
“This is significant for our industry and our discerning consumers/customers that expect consistent products be delivered. We are proud to be the first company in Canada that can stand behind its products in a way that is transparent and verifiable,” said Keith Merker, CEO of WeedMD. “We can now confirm instantly through Blockstrain’s technology that our products are authentic and that customers are receiving high quality strains developed by WeedMD, verified as tested for quality and purity.”
“It was an amazing experience to be on hand for the launch of not only our software and genetics collection, but a new era in the development of legal cannabis in Canada,” said Robert Galarza, CEO of Blockstrain. “We are now able to provide consumers with an assurance of quality and can guarantee the provenance of the strains they are buying. Just as importantly, we can now create an immutable record for cannabis cultivators to protect the strains they develop.”
How Blockstrain Works
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The Blockstrain solution is designed to expedite DNA testing of cannabis strains, and their registration in a blockchain-enabled database in order to protect the client’s intellectual property and bring actionable quality assurance to the cannabis industry. The software also gives consumers confidence that the strain they are buying is actually the original strain, and not a different strain being sold under a false name.
While the software was primarily developed because of the issues around provenance and cannabis strain integrity; it was also developed because many cannabis cultivators have strains that are licensed to other companies, only to see them pirated and sold with no license fees being paid.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of cannabis plant, dried flower and oil under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). 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 44,000 square feet of licensed space in production and is expected to have a total footprint of more than 500,000 square feet online by year-end 2018. 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.
Cautionary Statement on 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.
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