This Marijuana Stock Uses Blockchain to Grow the Future
WeedMD (TSXV: WMD) is one of the first federally-licensed cannabis producers to integrate blockchain technology into their grow operation and ecosystem officially. The company announced a new strategic partnership with Blockstrain Technology Corporation late last month.
Blockstrain Technology Corp., formally known as Scorpion Resources Inc., will help track WeedMD’s extensive cannabis genetics library with their blockchain platform.
The Largest Cannabis Library in the Market
WeedMD has access to one of the largest libraries of cannabis genetics in the industry to date. According to a statement, the partnership with Blockstrain Technology will secure WeedMD’s archive of unique genetic strains and assist in the expansion of their wholesale genetic business.
WeedMD is federally licensed under Canada’s Access to Cannabis for Medical Purposes and Research (AMCPR). The company legally produces, distributes, and sells medical marijuana and cannabis oil. Under the AMCPR licensing, WeedMD is also one of a select few marijuana producers that are allowed to sell clones of their living plants.
Customers in Canada with an AMCPR license for personal growth can purchase and cultivate WeedMD’s cannabis clones for personal use. The company showcases the hybrids they are developing online, with marijuana strains that have concentrations all across the spectrum. They include CBD-dominant plants like Cannatonic Blackberry to sativa clones like Ghost Train Haze and Lemon Kush, which contain genes from multiple strains with higher THC concentrations.
With their library, WeedMD aims to address the variety of uses medical marijuana can bring patients. The company understands the role the individual needs play in medical marijuana consumption, and their genetics library contains different strains to help patients find the medicine they need.
Grow Bigger, Grow Better
WeedMD is one marijuana stock that is picking up momentum this month. In addition to integrating blockchain technology, they are in the middle of construction of a new facility in Strathroy, Ontario. The first phase of construction is nearly complete and includes the initial 220,000 square feet of grow space.
The Strathroy facility – a fourteen-acre greenhouse – will ultimately be 610,000 square feet in size and produce more than 21,000 kilograms of cannabis per year. WeedMD anticipates planting their crop in April of this year, with harvest scheduled for July.
WeedMD announced that there are opportunities to purchase more land, including an additional four acres next to their existing properties. The company already exercised its option to purchase land in Aylmer, Ontario, which could expand their indoor operations to a whopping 220,000 square feet in that part of the country.
Anticipating this much product, WeedMD requires an advanced technological database that can organize and protect their cannabis genetics information. Derek Pedro, the Design-Cultivation-Production partner with WeedMD, stated that Blockstrain Technology was best positioned to deliver the system the company needs.
“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,” Pedro said earlier this month.
Building the Future of Cannabis Blockchain
Blockstrain Technology Corp. is developing their platform as a community-driven cannabis database. The API software encourages cultivators, distributors, and operators to contribute their intellectual property to build applications and better business solutions on the Blockstrain network.
Cannabis companies of all sizes are encouraged to release the strains of their choosing into the public domain while still protecting their privacy and their bottom line. Customers will have access to information and products, while fellow cannabis leaders can benefit from the security and verification systems signature to the modern ledger technology that is blockchain.
“Our platform brings the best aspects of blockchain technology into the cannabis industry to protect the intellectual property of producers while giving customers visibility and transparency,” Robert Galzara, CEO of Blockstrain, said earlier this month. “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.”
WeedMD invested an initial $500,000 in Scorpion Resources Inc. on the grounds that Scorpion would acquire Blockstrain Technology Corp this month. Upon the official acquisition of Blockstrain Technology, Michael Craft, current chairman of WeedMD, will become director of Blockstrain.
Photo credit for title pic “greenhouse”: USDA Forest Service