via NEWMEDIAWIRE -- CFN Media Group (“CFN Media”), the leading
agency and financial media network dedicated to the North American
cannabis industry, announces publication of an article
discussing BLOCKStrain Technology Corp. (TSX-V: DNAX)
(OTC: BKKSF). The company offers a solution to the problem of
cannabis quality control by harnessing the power of blockchain
technology. With a pilot program already in place with a licensed
producer, the company’s platform is poised to provide
genome-to-sale reassurances to breeders, cultivators, stores, and
consumers that they’re receiving what they ordered.
The Canadian cannabis industry is projected to reach C$22.6
billion over the coming years, according to Deloitte,
following the legalization of adult-use cannabis earlier this year.
While early sales have been brisk, the industry faces key
challenges with safety and quality control. Many consumers still
receive the wrong strains, while companies continue to struggle to
meet regulatory standards and complete the associated
paperwork.
Quality Control Issues Persist
The cannabis industry has long struggled with quality control
issues. Since Canada’s MMPR was introduced in 2013, there have been
a number of recalls and sanctions on licensed producers for tainted
and/or mislabeled products. Mandatory testing standards have been
implemented across the country, but many medical cannabis
patients still complain about receiving the wrong strain and
experiencing unexpected effects.
Many medical and recreational consumers seek out specific
cannabis strains, but it can be hard to differentiate a pure-bred
from a mutt. In fact, some research shows that upwards of
one-third of cannabis strains don’t match their advertised
genetics. Many hybrid strains sold under the same name by multiple
growers are also different from a genetic standpoint, which can
make it nearly impossible for consumers to know what they
consume.
In the United States, the lack of federal regulations means that
safety and labeling concerns are even greater. Many private growers
use chemicals, like rodenticide, to protect their crops, which
ends up killing nearby wildlife and could make its way into
consumers. Some states have introduced their own regulations, but
critics point out that the higher tax rates in these areas
encourage consumers to go back to the black market.
As with the Canadian market, the U.S. FDA has consistently
warned CBD makers and their consumers of inaccurate labeling.
Several products labeled as CBD supplements didn’t contain any CBD
at all, while others did not contain the levels that they claimed
to contain. These problems are likely carrying over into the wider
cannabis market, especially in states where there is little in the
way of testing regulations.
BLOCKStrain Offers a Solution
Bitcoin’s dramatic rise and fall popularized the concept of a
blockchain, but there’s much more to the technology than
cryptocurrencies. Using its immutable ledger, BLOCKStrain
Technology Corp. empowers breeders to genetically test and register
their strains in a DNA database and license those strains to
cultivators. Cultivators can turn around and prove the authenticity
of the strain and the lack of contaminants to consumers.
On October 24, BLOCKStrain and WeedMD Inc., a licensed producer
and distributor of medical cannabis, announced the launch of
BLOCKStrain’s blockchain-powered proprietary genome tracking
software following the collection and registration of an
initial batch of 40 proprietary cannabis DNA samples. The move
makes WeedMD the first LP that can stand behind its products in a
way that’s transparent and verifiable.
“There are so many reasons why you want to identify the precise
nature of the plant you’re dealing with, such as ensuring
consistency for medical reasons, but also because in recreational
cannabis a lot of people know what they like, and they want to make
sure they’re getting that same experience every time,” said Dr.
Gina Conte, a PHD in plant genetics and co-founder of testing and
research lab Lighthouse Genomics in British Columbia.
She says a combination of a genetic record and the blockchain
verification technology developed by BLOCKStrain is critical to the
future of the cannabis industry. “It’s like going to the wine store
and buying a high-end Pinot Noir, and then you find out later it’s
a cheap Merlot. I think by adopting BLOCKStrain and genetic
testing, WeedMD is setting the stage for a level of Quality
Assurance that the cannabis industry needs to have. They are an
industry leading example that the rest of the industry will both
need and want to follow.”
The launch could yield a valuable proof-of-concept and model for
other similar arrangements with licensed producers or other
cultivators around the world. In addition, the WeedMD program
launch marks the start of tangible revenue and an initial look at
the compelling economics of its business model. Investors could see
additional LP agreements come online in the near future as the
pilot program gains steam.
Looking Ahead
BLOCKStrain Technology Corp. (TSX-V: DNAX) (OTC: BKKSF)
represents a compelling investment opportunity that leverages the
power of blockchain technology to solve a key problem facing the
cannabis industry. With a pilot program launched earlier this month
with a leading licensed producer, investors may want to keep an eye
on the stock for additional agreements down the road as the company
proves out its business model.
For more information, visit the company’s website or
download their investor presentation.
Please follow the link to read the full
article:
http://www.cannabisfn.com/blockchain-technology-offers-a-solution-to-cannabis-quality-control/
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The above article is sponsored content. Emerging Growth LLC,
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