- Cannabis trends leading to greater consumer spending
- Cannabis pioneer Derek Pedro joins the BLOCKStrain advisory board
- Company provides an elegant solution, establishing itself as a major player addressing core issues within the global industry
The accelerated pace of legalization in the medical and recreational cannabis industries of North America is leading to a projected increase in consumer spending. By 2027, it is estimated that spending on legal cannabis worldwide will reach $57 billion, with North America projected to dominate the market with an expected growth from 2017’s $9.2 billion to $47.3 billion in 2027.
According to Tom Adams, editor-in-chief at Arcview Market Research and principal analyst at BDS Analytics (http://nnw.fm/9lIvj), “…data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-use are the primary drivers of the growth this year. That’s nothing compared to what we can expect in 2018 and beyond from Nevada’s tourism, and California and Canada planning to launch Adult-Use sales in 2018.”
This is good news for BLOCKStrain Technology Corp. (TSX.V: DNAX), which aims to provide integrity and transparency for cannabis producers, marketers and consumers. BLOCKStrain is a full-service software company that registers and tracks cannabis intellectual property from genome to sale. This proprietary integrated blockchain platform establishes a single source of truth for cannabis strains and their owners. The software has the potential to protect a grower’s intellectual property and provide governments with accurate tracking and tracing of cannabis shipments.
Recently, BLOCKStrain announced that Derek Pedro, described as a cannabis pioneer, agreed to join the company’s advisory board. In a news release, Robert Galarza, CEO of BLOCKStrain, stated, “There are very few people in the world who have the breadth and depth of knowledge of our industry as Derek Pedro. He is both a pioneer and a legend in this industry, and his knowledge of strain genetics and production systems is incredibly beneficial to us as BLOCKStrain builds and adapts its platform for licensed producers and other industry stakeholders in Canada.”
Highlights from Pedro’s impressive resume include:
- Co-founder and master grower at Maricann Group Inc.;
- Design, cultivation and production partner at WeedMD Inc.;
- First cultivated cannabis for medical patients in 2003 under the older Medical Marijuana Access Regulations;
- Built the first hybridized cannabis greenhouse in Canada;
- Under the ACMPR, brought 54 live strains and 25,550 seeds into the legal cannabis system; and
- Involved in research and development as one of Canada’s premier breeders of new cannabis strains, including WeedMD’s most popular strain, Pedro’s Wine Gums.
BLOCKStrain’s platform that allows for the tracking of intellectual property from genome to sale is making the supply chain safe and reliable. Pedro is looking forward to joining the advisory board, as he sees the company’s software as an elegant solution, positioning the company as a major player addressing core issues in the global cannabis industry. He added, “A while ago I was asked by a colleague, ‘how can you protect your intellectual property of the strains you develop in this industry,’ and my answer was, ‘right now, you can’t.’ But I had long thought it was very important that we develop such a system, so when the team at BLOCKStrain explained what they were doing, and how they were doing it, I was very excited.”
For more information, visit the company’s website at www.BLOCKStrain.io
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