TORONTO, March 19, 2018 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTC:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”), is pleased to announce that it has made a strategic investment in Scorpion Resources Inc., to be renamed Blockstrain Technology Corp. (TSX-V:SR.H) (“Blockstrain”). WeedMD will be amongst the first federally-licensed producers to initiate the integration of blockchain technology into its ecosystem. Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.
Blockstrain has developed a comprehensive cannabis genetics archiving platform. The platform aims to transform the way global cannabis business transactions and operations are conducted by providing an incorruptible environment that automates, accelerates and encodes transactions while ensuring privacy and security for all involved parties.
“WeedMD has amongst the most robust and expansive library of genetics in the industry. After conducting an extensive review of the blockchain technologies being proposed for and utilized in the cannabis sector, we believe that Blockstrain is best positioned to protect our intellectual property by further validating and securing our best-in-class genetics,” said Derek Pedro, Design, Cultivation and Production Partner at WeedMD. “Our strategic partnership with Blockstrain will position and benefit WeedMD as we obtain and develop new strains to expand our wholesale genetics business and for the benefit of our medical patients.”
“We are thrilled to have the strategic support of WeedMD in the development and launch of our technology-based solutions,” said Robert Galarza, CEO of Blockstrain. “Our platform brings the best aspects of blockchain technology into the cannabis industry in order to protect the intellectual property of producers, while giving customers visibility and transparency. By utilizing Blockstrain, WeedMD can now expand its library of world class genetics while building customers’ trust in the quality of the products they are purchasing.”
Under the terms of the strategic investment agreement WeedMD has invested $500,000 into Scorpion Resources, Inc., who has entered in to an agreement to acquire Blockstrain, which will serve as its Qualifying Transaction. Upon completion of the Qualifying Transaction, Michael Kraft, Chairman of WeedMD, will be appointed as a director of Blockstrain.
About WeedMD Inc.
WeedMD Inc. is the publicly-traded parent company of WeedMD Rx Inc., a federally-licensed producer and distributor of medical cannabis and oils under the Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 26,000 sq. ft. indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse facility located in Strathroy, Ontario, representing 610,000 sq. ft. or 14 acres under glass. WeedMD has entered into supply agreements in addition to strategic relationships with established cannabis brands. The Company is focused on providing medical cannabis to the seniors’ markets in Canada through its proprietary seniors care program. It is dedicated to educating healthcare practitioners and furthering public understanding of the role that medical cannabis plays – including as it pertains to regulatory requirements, indications and potential side effects.
About Blockstrain Technology Corp.
Blockstrain is developing a comprehensive, community-driven cannabis genetics registration and licensing archive platform, dedicated to making it safe and conformable for breeders and growers, large and small, to protect and release their varieties into the public domain, while also being compensated and rewarded. Blockstrain has accomplished this by utilizing blockchain and cryptocurrency features to create an ecosystem that encourages contribution of genetics and intellectual property, coupled with the security, authenticity and verification methods that modern distributed ledger technology provides.
Blockstrain combines traditional cannabis culture with modern crypto-technology to deliver a truly intelligent platform powered by the people. By being open and available to everyone, the platform is expected to help shape the future adoption and authenticity of the cannabis industry. Through use of a secure API network, Blockstrain makes it easy for testing providers, grow facilities, app and software developers, research groups and major supply chain platforms to build applications and solutions, thereby helping fuel technology and innovation for the cannabis industry as a whole.