- BLOCKStrain Technology investing in technological means to provide businesses, consumers with cannabis pipeline transparency amid lab testing concerns
- Company has obtained agreements with a number of other enterprises to build security in cannabis market
- Global cannabis market expected to grow to $146.4 billion by 2025, with CAGR of 24.9 percent in United States
The nascent industries serving state-by-state cannabis legalization in the United States are feeling growing pains as they deal with the costs of delivering safe and quality-tested products to consumers. In this new age of plant-drug liberalization, BLOCKStrain Technology Corp. (TSX.V: DNAX) (OTC: BKKSF) is offering hope of some ground-level security to the product pipeline, so consumers can distinguish between potentially healthful cannabis and potentially low-quality products.
The black market for marijuana has always been beset by quality consistency concerns, particularly as sellers lace their products with other drugs to “bulk up” the item (http://cnw.fm/qeP3b) or growers experiment with ways to enhance marijuana’s potency (http://cnw.fm/F8Mzt). In states where cannabis is now legal for medicinal or recreational use, laboratory testing is becoming a requirement for ensuring public safety, but those laboratories may not be consistent in the results they deliver and may even be willing to alter their findings in order to satisfy the growers paying for their services (http://cnw.fm/PgsR2).
California’s move to become one of the world’s largest pot-friendly economies this year introduced new laboratory standards for testing cannabis, but media reports note that the testing has found many products falling short of those standards since the July 1 deadline for pot shops to clear out any pre-existing, untested inventory. The Associated Press recently reported that nearly 20 percent of marijuana products in California have failed potency and purity tests since the deadline (http://cnw.fm/AxZQ3), although some industry players are complaining that the standards are unreasonably strict. In Massachusetts, testing labs note that their already slim profit margins for testing cannabis are further compromised by onerous profiteering by community regulatory agencies (http://cnw.fm/Xl9zG).
BLOCKStrain Technology is a full-service software company headquartered in British Columbia, Canada, that developed the first integrated blockchain platform for registering and tracking cannabis intellectual property from genome to sale. Canada expects to grant full recreational and medicinal use rights to cannabis next month, creating an emerging national market for numerous cannabis-related products. While the United States is not following Canada’s lead, the federal government is expecting to reschedule the non-psychotropic cannabidiol (CBD) extract this month following the legalization of a cannabis-infused medication (http://cnw.fm/S5Zxl) and potentially advance CBD-rich hemp legalization to the President (http://cnw.fm/XkX6n).
BLOCKStrain’s proprietary technology will serve clients at both ends of the production pipeline and those in between. Growers want to know that their product is making it to market in good condition. Consumers want to know that the product they buy was manufactured by a company invested in good practices. Distributors, shipping companies and government agencies also have a stake in ensuring the wellbeing of a product, and BLOCKStrain’s technology will provide a transparency that meets all parties’ concerns.
In May, WeedMD Inc. (TSX.V: WMD) (OTC: WDDMF) (FSE: 4WE) became the first Canadian Licensed Producer (LP) to begin utilizing the BLOCKStrain technology to track plant genetics (http://cnw.fm/0zFqG) and, most recently, BLOCKStrain announced a partnership with advisory firm Spire Secure Logistics Inc., a wholly owned subsidiary of Friday Night Inc. (CSE: TGIF), as part of an effort to provide security programs and infrastructure for the legal distribution and sale of cannabis to governments throughout Canada in light of next month’s legalization deadline (http://cnw.fm/LXn7k). The company also reached an intent agreement with life sciences company Abattis Bioceuticals (OTCQB: ATTBF) to let Abbatis use BLOCKStrain’s technology to provide transparency to consumers as products are sold, shipped and tested.
Market analysts at Grand View Research, Inc. issued a forecast earlier this year that anticipates the global legal marijuana market will reach $146.4 billion by the end of 2025, illustrating the excitement surrounding related industries, even in their early stages (http://cnw.fm/0a0zP). In the United States alone, the market was estimated at $7.06 billion in 2016 and is expected to grow at a CAGR of 24.9 percent amid the political developments transforming the industry.
For more information, visit the company’s website at www.BLOCKStrain.io
More from CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.cannabisnewswire.com