BLOCKStrain teams up with Spire Secure Logistics to market cannabis blockchain solution

Vancouver-based tech company BLOCKStrain has entered into a memorandum of understanding with strategy and security advisory firm Spire Secure Logistics. The firms will work together to market a blockchain solution that stores and tracks legal cannabis genetic strains, preventing organized crime and black market intrusion.

Blockchain is ‘in.’ Cannabis is ‘in.’ Bitcoin prices and cannabis stocks have reached bubble-level proportions in the recent past, and a recent report from Deloitte expects the legal marijuana market to be worth a staggering $4.34 billion in 2019. Bringing blockchain technology to the hot, nearly-legal cannabis market seems like a no-brainer, then – combining buzzword with ‘buzz-herb.’

BLOCKStrain is a Vancouver-based tech company that has developed a software platform that verifies and tracks cannabis products in a blockchain-enabled database of genetic strains. Legal cannabis genetic identities are given a ‘DNA Passport’ in the system, and show where it was grown, manufactured, shipped, and sold. The data is stored in a secure, blockchain digital ledger which can give real-time info to government regulators.

Now, BLOCKStrain has entered into a memorandum of understanding (MoU) with Spire Secure Logistics, a strategy and security advisory firm with particular expertise in the cannabis industry. Together, the firms will work to implement the software platform with governments in Canada, while endeavouring to gain contracts and agreements with regulatory bodies and licensed producers in the legal cannabis industry.Spire works with governments and firms to design and build security programs and solutions for the legal cannabis sector, and aims to support regulatory authorities in the implementation of cannabis policies and protocols that prevent organized crime infiltration and black-market diversion.

"Spire is amongst the global leaders in providing regulatory and security programming for the cannabis industry, and BLOCKStrain provides an automated, intelligent and secure software solution that verifies and tracks cannabis products through an immutable record of legal genetics," commented BLOCKStrain CEO, Robert Galarza. "Together, we are determined to provide a world-class solution in cannabis logistics security to our customers."

Spire is led by former police and military experts with decades of experience in the areas of high-risk security, intelligence, and organized crime. During his 34 years as a police officer, CEO Andy Richards led some of the largest organized crime investigations in BC – a number of which involved the illegal and grey cannabis markets. Richards has a strong network of relationships with law enforcement agencies in Canada and around the globe.

"This partnership is a natural extension of Spire's work in providing advice to governments and security to the regulated cannabis industry," Richards remarked. "When we saw what BLOCKStrain had created, we understood immediately that this technology has the potential to become a central security and regulatory solution for the cannabis sector."

The memorandum of understanding will allow Spire to introduce the BLOCKStrain solution to one provincial government, and if that government buys in, Spire will be granted the exclusive right to introduce the platform to other provinces and jurisdictions. BLOCKStrain is expected to grant stock options and pay a commission with each successful ‘sale.’