Blockstrain provides seed-to-sale supply chain management blockchain applications to the cannabis market
TORONTO, March 21, 2018 — Internet of Things Inc. (TSX VENTURE:ITT); (OTC:INOFT); (FRANKFURT:71T) (“ITT Inc.” or “the Company”) a software and solutions provider to the Internet of Things market, is pleased to announce that it has made a strategic investment in Scorpion Resources Inc., to be renamed Blockstrain Technology Corp. (TSX-V:SR.H) (“Blockstrain”). Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.
“Blockstrain is our first investment into our new wholly-owned subsidiary, Digital Blockware Inc. The timing is right for a truly decentralized blockchain platform to protect cannabis intellectual property and uphold stringent regulatory requirements,” said Michael Frank, CEO of Internet of Things. “The sector is still in its infancy and while a lot of focus to date has been on the producers, industry research shows that there is actually more money in the associated ancillary markets. We look forward to working with the Blockstrain team in developing cannabis specific IOT solutions, and we have high expectations for our investments into Blockstrain and Braingrid Corporation and expect both to bring value to shareholders.”
A 2016 Deloitte report estimates the base retail market value of recreational marijuana could be up to $8.7 billion. With ancillary services such as security thrown in, Deloitte projects a total market size of $22.6 billion. In arriving at these estimates, Deloitte included another 17% of respondents who said they “might” try marijuana if legalized, “suggesting the total potential marketplace…is close to 40% of the adult population.”
Internet of Things Inc. has invested $100,000 into Scorpion Resources, Inc., who has entered in to an agreement to acquire Blockstrain, which will serve as its Qualifying Transaction.
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT Inc. has a joint venture partnership with New Hope Data Technology Co. Ltd for China. Its wholly-owned subsidiary Blockchain of Things develops and provides customized, scalable blockchain solutions. The Company is headquartered in Toronto, Canada.
About Blockstrain Technology Corp.
Blockstrain is developing a comprehensive, community-driven cannabis genetics registration and licensing archive platform, dedicated to making it safe and conformable for breeders and growers, large and small, to protect and release their varieties into the public domain, while also being compensated and rewarded. Blockstrain has accomplished this by utilizing blockchain and cryptocurrency features to create an ecosystem that encourages contribution of genetics and intellectual property, coupled with the security, authenticity and verification methods that modern distributed ledger technology provides.
Blockstrain combines traditional cannabis culture with modern crypto-technology to deliver a truly intelligent platform powered by the people. By being open and available to everyone, the platform is expected to help shape the future adoption and authenticity of the cannabis industry. Through use of a secure API network, Blockstrain makes it easy for testing providers, grow facilities, app and software developers, research groups and major supply chain platforms to build applications and solutions, thereby helping fuel technology and innovation for the cannabis industry as a whole.
Follow Internet of Things Inc. On:
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regards to the joint venture, the use of the Company and the joint venture within the New Hope’s manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE