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WeedMD ventures into blockchain with Blockstrain Technology Corp investment

Blockstrain says it combines traditional cannabis culture with modern crypto-technology..
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Blockchain is the technology, which underpins the cryptocurrency Bitcoin, among others

Medical cannabis supplier WeedMD Inc (CVE:WMD, OTC:WDDMF)  has become the latest company to venture into blockchain technology, saying it has strategically invested in Scorpion Resources Inc, which is being renamed Blockstrain Technology Corp.

Blockstrain says it combines traditional cannabis culture with modern crypto-technology to deliver an "intelligent platform" powered by the people.

"WeedMD has amongst the most robust and expansive library of genetics in the industry,"  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," he added.

"After conducting an extensive review of the blockchain technologies being proposed for and utilised 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."

WeedMD invests C$500,000

Under the terms, WeedMD has invested C$500,000 into Scorpion, which has entered in to an agreement to acquire Blockstrain.

"We are thrilled to have the strategic support of WeedMD in the development and launch of our technology-based solutions," added Robert Galarza, chief executive at 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 utilising Blockstrain, WeedMD can now expand its library of world class genetics while building customers’ trust in the quality of the products they are purchasing.”

WeedMD operates a 26,000 sq ft indoor facility in Aylmer, Ontario, and is awaiting its second-site cultivation license for its greenhouse in Strathroy, Ontario, representing 610,000 sq ft or 14 acres under glass.

Earlier this month, it said it expects to plant its first crop over the next month as the expansion of the Strathroy facility was well underway.

Shares eased 1.02% to C$1.95.

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