Technology is Helping Propel the Cannabis Market Forward
According to the data compiled by Ameri Research, the global legal cannabis market is projected to be valued at USD 63.5 Billion by 2024. The market drivers are largely the new legalization laws, increasing medical usage, high taxation and rising investments. Legalization has become so prominent that now only four out of the fifty U.S. states prohibit any form of cannabis. Most states allow medical usage, while some allow both medical and recreational use. The widespread legalization has created many job opportunities in the industry for cultivators, manufacturers, retailers, dispensaries, distributors and various other positions…
BLOCKStrain Technology Corp. (OTC: BKKSF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: DNAX). Earlier last week the company announced that it is, “welcoming National Green Biomed Ltd. to its software platform. Blockstrain and NG Biomed, this week signed a letter of intent for the adoption of the Blockstrain software platform at NG Biomed’s production facility in British Columbia, Canada. NG Biomed is a late-stage applicant to become a licensed producer under the Access to Cannabis for Medical Purposes Regulations in Canada.
Under the letter of intent signed June 18th, 2018, the parties agree to negotiate the terms of a business relationship through which Blockstrain will integrate its core software platform into the operational infrastructure of NG Biomed in order to optimize product testing, genetic verification, supply chain visibility and management of growing operations.
Secondly, Blockstrain will use its proprietary technology to create a custom platform for NG Biomed that will empower NG Biomed’s clients and partners with the ability to instantly arrange for sales, shipping, testing and analysis of NG Biomed products, as well as giving comprehensive visibility over such products throughout their entire life cycles. NG Biomed is currently launching an initial 30,000-square-foot greenhouse facility on 68 acres in the Fraser Valley region of British Columbia and has room to expand to at least 500,000 square feet of production space.
The Company is headed by former Federal Cabinet Minister Herb Dhaliwal as Chairman of the Board, and son, Justin Dhaliwal, as Chief Executive Officer.
Blockstrain CEO, Robert Galarza, says he’s excited and honored to work with an experienced and well-connected management team that focuses heavily on research and development.
‘Over the past several years, I’ve had the privilege of getting to know Herb and Justin very well, and I believe they are among the most professional and connected people I have met in the cannabis space in the U.S. or Canada,’ Mr. Galarza said. ‘Their integrity is second to none and it has been a true pleasure working with them to advance our technology’s data-centric solution for this industry.’
NG Biomed CEO, Justin Dhaliwal, says his company chose to work with Blockstrain not just because they were impressed by the software, but because they were impressed by the Blockstrain team.
‘We feel implementing smart technology allows us to be more efficient, and in terms of record management, we need to keep track of all our strains and genetics in a way that is simple, effective and enforceable,’ Justin Dhaliwal, said.
“Robert is a great leader and a very insightful businessman, and their CTO Tommy Stephenson is absolutely brilliant. Tommy’s experience as the former CTO at WeedMaps is also important. He’s an expert in IT, absolutely, but it’s more important that he really understands the industry’s needs because he’s lived it for so many years.”
The parties to the agreement say they will be working out details of the Blockstrain software deployment over the coming weeks and finalizing the terms within a formal definitive agreement.” …