WeedMD Inc. (OTC: WDDMF) (TSX-V: WMD), 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). 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.
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