- Technology partnership signed with Integral Genomics Inc. (dba Lighthouse Genomics Inc.) to support BLOCKStrain’s registry of genetic profiles of cannabis strains
- Valuable intellectual property rights of cannabis cultivators under attack from unscrupulous illegal growers, gray market
- Recent reschedule of first FDA-approved drug derived from cannabis paves the way for sales, underscores necessity of BLOCKStrain’s “Single Source of Trust” registry
- Legislation efforts growing in U.S. as Canada readies recreational cannabis sales throughout nation
- Global legal cannabis market projected to reach $146.4 billion by end of 2025
In a move crafted to support advancements in science and technology within the legal cannabis industry, BLOCKStrain Technology Corp. (TSX.V: DNAX) (OTC: BKKSF) has entered into a technology partnership with Integral Genomics Inc.’s operating entity Lighthouse Genomics. In a news release, BLOCKStrain heralded the agreement with Lighthouse, noting that the principal scientists of the company, Dr. Gina Conte and Tim Harvey, are award-winning experts in evolutionary genetics, cannabis breeding and strain propagation with decades of experience in the Canadian cannabis market (http://cnw.fm/ZOr38).
The partnership will support BLOCKStrain’s initiative to provide quality assurance data to consumers and governmental regulators at a time when registering and tracking the cannabis supply chain is at a critical juncture. A Forbes article emphasizes the stunning growth of the cannabis industry as more U.S. states legalize various uses of the plant and Canada readies for the launch of recreational adult-use cannabis on October 17, 2018 (http://cnw.fm/dJoP8).
“BLOCKStrain has developed enterprise technology that allows us to collect, store and manage this critical data in an immutable, blockchain-protected database,” BLOCKStrain Chief Executive Officer Robert Galarza said in the news release. “However, since we rely on third party labs to provide us with that data it is imperative for us to support scientific advancements in genetic testing and analysis. The Agreement we have reached with Lighthouse Genomics allows us to support advancements in science and technology, which can then be offered to our clients.”
Lighthouse operates an advanced testing laboratory for DNA and quality assurance testing of cannabis products.
“We have been working with the incredibly talented team at Integral Genomics for months now, and we believe the testing regimens they’ve developed will become a critical aspect of our product offering to Licensed Producers, regulatory bodies and even to consumers,” Galarza continued. “Product integrity is paramount to the success of the cannabis industry and together BLOCKStrain and Lighthouse will bring transparency, trust and a deeper scientific understanding about what cannabis strains can do for patients and customers. We are excited about combining our world class teams in science and technology.”
The cannabis industry is well served by an ancient saying attributed to Greek philosopher Heraclitus: “Change is the only constant in life.” A recent case in point is the June approval by the U.S. Food and Drug Administration of a product derived from cannabidiol, or CBD, to treat patients with rare forms of epilepsy that emerge during childhood. The Drug Enforcement Division followed by rescheduling the drug, paving the way for its use and sale, although the agency stopped short of reclassifying all CBD products, a CNBC article reports (http://cnw.fm/O7cfZ).
In an industry where a popular strain of cannabis can be worth millions and a CBD-derived drug is nearing its legally sanctioned debut, protecting ownership of genetic strains, potency and other intellectual properties is crucial. BLOCKStrain has developed the first integrated blockchain platform that provides a “single source of trust” for the cannabis industry. The BLOCKStrain platform is proprietary, immutable and cryptographically secure, allowing growers and breeders to identify and secure rights to their irreplaceable intellectual property.
“Lighthouse and BLOCKStrain share a common vision of the positive evolution we’re aiming to support as the industry proceeds into the legal era,” said Harvey. “As a company, Lighthouse exists to shine a light on a plant’s genetic code, and also to cast a light on positive players in the industry, companies that proudly stand behind their product and practices.”
Grand View Research, Inc. projects the global legal marijuana market to reach $146.4 billion by the end of 2025 (http://cnw.fm/gkt5Q). Growing research has led to the introduction of new cannabis strains, which is expected to increase product development and revenues, the report states. BLOCKStrain delivers needed transparency to growers, retailers, regulators and consumers as each seeks assurance that the genetics, potency and equivalencies between cannabis strains and products meet established quality controls.
For more information, visit the company’s website at www.BLOCKStrain.io
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