BLOCKStrain Technology (TSXV:DNAX) CEO Robert Galarza believes that 2019 will be the year of refinement for Canada’s cannabis industry and that the bar will be raised across the seed-to-sale supply chain.
In an interview conducted at this year’s Cantech Investment Conference in Toronto, Galarza discussed the company’s partnership with WeedMD (TSXV:WMD,OTCQX:WDDMF,FWB:4WE) for the development of a first-of-its-kind genetics validation solution. He also outlined how BLOCKStrain’s solutions can support licensed producers in addressing the bottleneck for getting products to
Below is a transcript of our interview with BLOCKStrain CEO Robert Galarza. It has been edited for clarity and brevity.
Investing News Network: Can you tell us about the validation testing program you are conducting with WeedMD.
BLOCKStrain CEO Robert Galarza: We have embarked upon a first-of-its-kind genetics validation solution with WeedMD, whereby the cannabis strains in their inventory have been genetically verified and recorded. Now, when purchased, any WeedMD product can be tested to make sure that it matches up with what we have recorded.
INN: What is the potential of the Genome-to-Sale software?
RG: Our entire solution is based on transparency and trust of inventory. One of the biggest problems in the industry is being able to understand if, as a consumer, you get what you pay for. By obtaining genetic data, we can push it into our system and into third-party track-and-trace partners to provide better visibility of that product all the way through to sale.
INN: What changes do you foresee for the cannabis space?
RG: In my opinion, 2018 was the year of inception. 2019 is the year of refinement. When it comes to production and supply, we are going to find ways to raise the bar and standards across the board. Companies like ours are part of a larger ecosystem that will enable that. We will be able to support producers that are doing their best to get high-quality product into the marketplace.
INN: How will BLOCKStrain’s products allow companies to scale in the future?
RG: When a company is looking to scale its business, some of the biggest problems are administrative burdens. There is a significant bottleneck that exists in the marketplace when a product is being tested and put out to market. We have chatted with producers that have had batches put to waste because the paperwork was lost.
As you grow in scale, all those administrative processes have to be digitized and recorded in an electronic fashion, making it much more efficient than what we’re currently seeing.
CEO interviews are part of investor education campaigns for clients advertising on the Investing News Network. Important news is contextualized by CEOs, and the resulting interviews are disseminated to the Investing News Network audience because they have value to market watchers.
The Investing News Network interviews a CEO for an understanding of their perspective on the company, the investment potential of the company and market news related to the company. The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities.