BLOCKSTRAIN TECHNOLOGY CORP. (OTC: BKKSF) (TSX-V: DNAX) is pleased to announce that the Company has entered into a memorandum of understanding dated July 16, 2018 (the “MOU“) with Spire Secure Logistics Inc. (“Spire“), a wholly-owned subsidiary of Friday Night Inc. (CSE: TGIF), to introduce and implement the proprietary BLOCKStrain platform to governments throughout Canada, as well as to procure software contracts and commercial agreements with regulatory bodies and licensed producers within the Canadian legal cannabis industry.
BLOCKStrain and Spire have agreed to collaborate on the design and implementation of security programs and infrastructure for the legal distribution and sale of cannabis. This strategic partnership is being launched with the intent to integrate the benefits of the BLOCKStrain platform into the regulatory framework for medical and adult-use cannabis in Canada.
Spire is a high-level advisory firm that supports clients across the globe in government, finance, resources, heavy industry, and the emerging legal cannabis sector. As a leading provider of strategic advisory services for the legal cannabis industry, Spire has worked closely with governments and companies to design and build security programs and solutions for the sector. Spire intends to work with provincial governments and other regulatory authorities to develop and implement policies and protocols for both retail and online sales of cannabis, focusing on the prevention of organized crime infiltration and black-market diversion.
BLOCKStrain is a technology company based in Vancouver, BC, which has developed a proprietary enterprise software platform that can verify and track cannabis products through an intelligent, blockchain-protected database of strain genetics. By registering the genetic identity of a batch of legal cannabis via a DNA Passport™, BLOCKStrain can automate the task of ‘gene-to-sale’ tracking and showcase where each verified product was grown, manufactured, shipped and sold. The system is also designed to differentiate between legal cannabis and black-market cannabis by giving consumers, producers and regulators real time information about verified products. This data is stored and managed by a dynamic real-time, blockchain enabled system that can give real time reporting to provincial and federal regulators.
Led by former policy and military experts, Spire builds on decades of combined military, policy and law enforcement experience in organized crime, high-risk security and intelligence. CEO, Andy Richards, is a 34-year veteran police officer who specialized as an investigator, supervisor and manager of complex covert investigations. He led many of the largest, most successful organized crime investigations in British Columbia, a number of which focused on organized crime groups and prolific offenders who controlled or targeted elements of the illegal and grey cannabis markets. These investigations led to meaningful tactical and strategic relationships with law enforcement agencies across Canada and around the world.
“Spire is amongst the global leaders in providing regulatory and security programming for the cannabis industry, and BLOCKStrain provides an automated, intelligent and secure software solution that verifies and tracks cannabis products through an immutable record of legal genetics,” said BLOCKStrain CEO, Robert Galarza. “Together, we are determined to provide a world-class solution in cannabis logistics security to our customers.”
“This partnership is a natural extension of Spire’s work in providing advice to governments and security to the regulated cannabis industry,” said Spire CEO, Andy Richards. “When we saw what BLOCKStrain had created, we understood immediately that this technology has the potential to become a central security and regulatory solution for the cannabis sector.”
The MOU initially provides for the grant of an exclusive right to Spire to introduce BLOCKStrain’s technology to one provincial government. If an agreement is entered into with that government, BLOCKStrain will grant Spire the exclusive right to introduce BLOCKStrain’s technology to governmental authorities of such other Canadian province(s) and international jurisdictions as may be mutually agreed to by the parties. It is expected that BLOCKStrain will grant Spire stock options and pay Spire a commission in connection with each such agreement, on terms to be agreed to by the parties.
Formalization of the relationship between the companies is subject to entry into of a definitive agreement and, if required, the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
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