Wednesday, Vancouver-based BLOCKStrain Technology Corp. (TSXV:DNAX) proved it was in anything but low gear. Chief Technology Officer Tommy Stephenson told the media of the company’s decades of experience with technology and how it could transform the supply chain.
The cannabis industry is experiencing massive growth, but the infrastructure behind the boom leaves a lot to be desired. Many cultivators are still using spreadsheets to track products across the supply chain, while regulators are struggling to find good ways to track products from seed to sale.
Stephenson told the media his company recognized the technology gap several years ago and began developing an innovative blockchain-powered solution. Unlike conventional database solutions, blockchain technology makes it easy to create a highly secure, highly scalable, and immutable record that can support billions of data points—whether they’re transactions, strains, or tests.
Since its launch, DNAX has attracted world-class partners, such as Ontario –based WeedMD Inc., which announced a strategic investment in BLOCKStrain and became the first licensed producer to integrate blockchain technology into its ecosystem. National Green Biomed Ltd. also signed a letter of intent in June to join the platform.
The company’s shares took off for the sky midday Wednesday, gaining a penny, or 5.3%, to 20 cents, on volume of 345,000 shares
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