After incubating in an extended period of development, Vancouver-based BLOCKStrain Technology Corp. (TSX:V.DNAX, OTCQB:BKKSF, Forum) has released its innovative software platform designed to streamline and legitimize the cannabis industry’s supply chain.
Along with BLOCKStrain’s lead client, medical-grade cannabis distributor and producer WeedMD Inc. (TSXV:WMD), the Company recently launched its proprietary genome tracking software. The purpose of this software is to expedite DNA testing of cannabis strains, and then register the genetics of those strains in a blockchain-enabled database in order to protect the client’s intellectual property and bring actionable quality assurance to the cannabis industry. The first round of verifiable genetics was made possible following the collection and registration of cannabis plant DNA from WeedMD’s robust library of strains. Under Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR), WeedMD is the first federally-licensed producer to verify its products by integrating blockchain technology into its system.
This proprietary blockchain software now allows growers of all sizes to release their varieties into the public domain without fear of losing their ownership claim, or the right to be paid for their intellectual property (IP). Many cultivators put hard work into developing strains and licensing them to other companies, only to see them pirated and sold without receiving the proper fees. The indisputable ledger that blockchain technology provides allows actionable verification of strains and traces these licensed genetics back to their creators.
Although this data alone could be worth millions, there’s an additional benefit for consumers as well. BLOCKStrain’s tech can allow you to verify that the strain you are paying for is actually the strain you wanted. As is too often the case, many products being sold under the name of a specific strain are not actually grown from that strain, a “dirty trick” that has been exposed by investigators and journalists alike.
The software was born in conjunction with Health Canada-approved testing facilities, as well as advanced genomics testing. All information gathered from the plant genome, as well as the the molecular and chemical makeup of the plant, can be tracked on the blockchain database and that information can follow all the way to the final sale to customers. Of significant benefit to growers and consumers, is the straightforward affidavit that is included in BLOCKStrain’s system. It shows consumers and the government every detail on the quality of the product, via a quick response (QR) barcode. The code is specific to that batch and scanning it reveals everything about how it was grown, cultivated, the cannabinoids it contains, and more.
Taking this software to the streets on the day cannabis became legal in Canada (October 17th, 2018) was no mere coincidence. BLOCKStrain CEO Robert Galarza hailed this as a significant development for legal cannabis.
“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 breeders to protect the strains they develop.”
WeedMD CEO Keith Merker stated that this could be a significant tool for the industry to set consistent expectations for product delivery.
“We can now verify instantly through BLOCKStrain’s technology that our product is authentic and that customers are receiving high quality strains developed by WeedMD, verified as tested for quality and purity.”
BLOCKStrain’s software is now available to any LP in Canada to protect and validate their products.
FULL DISCLOSURE: BLOCKStrain Technology Corp. is a paid client of Stockhouse Publishing.