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), and how the company’s partnership with WeedMD Inc.
created the world’s first cannabis validation testing program.
The cannabis industry is expanding at a breakneck pace across
North America and around the world. While the industry is heavily
regulated, the rapid growth rates have led some companies to cut
corners and favor quantity over quality. Contaminated and
mislabeled products have become commonplace as regulators struggle
to find ways to ensure product safety and efficacy without making
costs so high that the black market returns.
BLOCKStrain Technology Corp. recognized these issues
several years ago and began developing an innovative
blockchain-powered solution. Unlike conventional databases,
blockchain technology makes it easy to build highly-secure,
highly-scalable, and immutable records that support billions of
data points—whether they’re transactions, genetics, or tests.
Why Validation is Important
The cannabis industry is projected to exceed $146 billion by
2025, according to Grand View Research, driven by the
legalization of medical and adult-use cannabis in North America and
around the world. Despite the rapid growth, cannabis companies face
several challenges as they ramp up production to meet consumer
demand, consumers have trouble understanding what they’re buying,
and regulators are struggling to keep pace.
For example, many cultivators and dispensaries have been forced
to repurpose existing software solutions to comply with
seed-to-sale regulations. Governments often require cultivators to
submit data on government portals or even spreadsheets. These
approaches take a lot of time and are prone to data loss, data
theft, and a host of other problems, while they’re also difficult
to search and understand for regulators.
There’s also no way for consumers to access reliable information
about the products that they purchase—they must rely on brands that
have only been around for a year or two. One recent
study found that 35 percent of more than 80 strains tested had
genetics that didn’t match the strain that was being sold.
Consumers were buying Sativa strains that were advertised as Indica
and Indica strains being advertised as Sativa.
BLOCKStrain & WeedMD Launch
BLOCKStrain and WeedMD recently announced a
first-of-its-kind cannabis strain validation registration program.
After collecting and registering DNA at its Ontario facility,
WeedMD became the first licensed producer in the world to
incorporate cannabis strain authenticity and tracking platform into
its sales program. The information is now available in
BLOCKStrain’s Master Genome Strain Registration and Clone Strain
Registration database.
Please Click here to see a video on BLOCKStrain &
WeedMD's Launch of the Industry's First Cannabis Validation
Program.
“For years, consumers have been purchasing cannabis products
with very little information on what exactly is being purchased,”
said Robert Galarza, CEO of BLOCKStrain, in a recent press
release announcing the landmark development. “[Now they can] trace
strain origin and their CBD/THC content, along with all other
pertinent information … Producers can [also] guarantee their
strains and provide customers with product assuredness.”
BLOCKStrain scientists gather all information from the plant
genome, including molecular and chemical makeup, and store the
information in an immutable blockchain database. With its open
architecture, consumers, licensed producers, regulators, and other
parties can easily use the database as a valuable reference. Quick
response (QR) barcodes specific to each plant batch will show how
it was cloned and cultivated along with its cannabinoid
content.
Looking Ahead
BLOCKStrain Technology Corp. (TSX-V: DNAX) (OTC:
BKKSF) plans to roll out this program to a growing number of
licensed producers, cultivators, dispensaries, and other cannabis
operations around the world. With a proof of concept live and in
action, the company could have a much easier time convincing other
parties to adopt the technology. The goal is to help deliver
transparency to growers, retailers, regulators and consumers
worldwide.
For more information, visit the company’s website or
download their investor presentation.
Please follow the link to read the full
article: https://www.cannabisfn.com/worlds-first-cannabis-validation-testing-program-hits-the-market/
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