ABATTIS AND BLOCKSTRAIN EXECUTE LETTER OF INTENT FOR PRODUCT INTEGRATION AND STRATEGIC PARTNERSHIP
Abattis Bioceuticals Corp. (ATT.C) and Blockstrain Technology Corp. (DNAX.V) have signed a letter of intent to integrate Blockstrain's proprietary technology into Abattis's product and services ecosystem. Through their collaboration, the parties hope to enable Abattis clients to instantly arrange for sales, shipping, testing and analysis of Abattis products and give clients comprehensive visibility over such products over their entire life cycles.
Abattis and Blockstrain also intend to explore development and integration opportunities to expand on Abattis's current life sciences and biotechnology services offerings. Pursuant to the LOI, Abattis and Blockstrain have agreed to negotiate in good faith the terms of a definitive technology development agreement respecting the terms of their partnership.
Blockstrain's platform, which stores all testing data in a blockchain-protected database, significantly reduces the workload and costs associated with product and genetic testing. If desired, producers can now have their strains genetically tested and registered with Blockstrain to establish immutable ownership of the strains they have created. Blockstrain not only reduces the workload and costs involved with testing, but also provides full visibility of testing results for producers, government regulators and consumers.
Abattis is one of the leading technology companies in the growing cannabis industry, with significant ownership stakes in each of CannaNUMUS Blockchain Inc., a blockchain technology company, and Northern Vine Canada Inc., a federally licensed cannabis testing and research and development laboratory, and 100-per-cent ownership interests in each of Gabriola Green Farms Inc., a late-stage licensed producer applicant under the Access to Cannabis for Medical Purposes Regulations, and Green Tree Therapeutics Corp., which has several SKUs of cutting-edge vaporizers. Abattis's diverse product and service offerings present a number of potential applications for Blockstrain's platform. For example, Blockstrain's technology could automate, streamline and ensure effective and efficient tracking of all sales and shipping of Abattis vape products.
"The LOI is part of our company's effort to always sit at the forefront of innovation," stated Abattis president and chief executive officer Rob Abenante. "Abattis brings cutting-edge technology to the cannabis space in terms of testing, product development, research and extraction technologies, and we actively work with technology partners to ensure we always provide the best possible service to our clients. Our agreement with Blockstrain will help streamline and improve our offerings even further, and we are very excited to work on the development of our joint technologies."
"Blockstrain provides a missing piece of the puzzle that helps both licensed producers and testing labs," stated Blockstrain CEO Robert Galarza. "The onerous and time-consuming process associated with testing products, receiving results and reporting those results to federal regulators costs time and money, and unfortunately does not scale to meet the projected demand of a legal recreational market. Our system is built to alleviate the administrative bottleneck in the testing process."
"The agreement with Abattis is a key step for our company. Abattis is among the most respected and advanced players in the area of cannabis testing and analysis, and their potential adoption of our platform is very exciting," added Mr. Galarza.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which aggregates, integrates and invests in cannabis technologies and biotechnology services for the legal cannabis industry developing in Canada. Abattis has successfully developed and licensed natural health products, medicines, extractions and ingredients for the biologics, nutraceutical, bioceutical and cosmetic markets.
About Blockstrain Technology Corp.
Blockstrain Technology has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry. Strain protection and genetic identification are major issues for growers and breeders, and this new technology allows them to identify and secure rights to their valuable intellectual property (IP).