Blox Labs signs LOI to ac­quire Best Cannabis Prod­ucts

Stockwatch Daily - - TECHNOLOGY & TELECOM - Mr. Jeff Zanini re­ports

BLOX LABS Inc. be­gan a re­view of po­ten­tial strate­gic ac­qui­si­tions last week, with a spe­cific fo­cus on trans­ac­tions within the le­gal cannabis sec­tor, and it seems that the com­pany may have al­ready se­cured a unique and po­ten­tially prof­itable op­por­tu­nity. Per­haps co­in­ci­den­tally, in an­tic­i­pa­tion of the up­com­ing le­gal­iza­tion of recre­ational cannabis in Canada on Oct. 17, just this week, Blox en­tered into a non-bind­ing let­ter of in­tent with Best Cannabis Prod­ucts Inc., a pri­vately held Cana­dian com­pany that is backed by suc­cess­ful re­peat en­trepreneurs who are now turn­ing their at­ten­tion to the cannabis space. Pur­suant to the agree­ment, and sub­ject to fi­nal­iza­tion of mu­tual and cus­tom­ary due dili­gence and reg­u­la­tory ap­proval, Blox may ac­quire all of the is­sued and out­stand­ing se­cu­ri­ties of Best Cannabis Prod­ucts in ex­change for se­cu­ri­ties of Blox.

Af­ter re­cently com­plet­ing a pri­vate fi­nanc­ing round, BCP se­cured a state-of-the-art agri­cul­tural fa­cil­ity in Leam­ing­ton, Ont., with 180,000 square feet of grow­ing space on 50 acres of land. This means that, if and when they can be­come li­censed to pro­duce and sell, they not only have enough space to start cul­ti­vat­ing sub­stan­tial quan­ti­ties of cannabis for the Cana­dian mar­ket, but they also have con­sid­er­able room for growth. Ac­cord­ing to BCP, the Leam­ing­ton fa­cil­ity could be ex­panded to cover up­ward of one mil­lion square feet. Ad­di­tion­ally, BCP has taken the all-too-cru­cial step of en­list­ing the ser­vices of cannabis in­dus­try pro­fes­sion­als David Hyde & As­so­ci­ates, as well as Eurofins to as­sist in pre­par­ing its Ac­cess to Cannabis for Med­i­cal Pur­poses Reg­u­la­tions li­censed pro­ducer ap­pli­ca­tion that will be sub­mit­ted to Health Canada in short order.

Should it pass muster, the po­ten­tial BCP ac­qui­si­tion rep­re­sents an in­trigu­ing ac­qui­si­tion op­por­tu­nity for Blox as it could not only give the com­pany ac­cess to the po­ten­tial profits that may be gen­er­ated from the cannabis cul­ti­vated at the Leam­ing­ton fa­cil­ity, but it would also grant it an­other av­enue through which it can fur­ther the adop­tion of its pro­pri­etary blockchain-driven sup­ply chain man­age­ment plat­form, Can­naBlox. As the devel­op­ment of the plat­form is a joint ven­ture be­tween Blox and Lib­erty Leaf Hold­ings Ltd., an­other ACMPR ap­pli­cant, there al­ready ex­ists one out­let for the adop­tion of Can­naBlox. If Blox is suc­cess­ful in com­plet­ing the ac­qui­si­tion of BCP, Can­naBlox would of­fi­cially have two irons in the fire and would be in­creas­ingly well po­si­tioned to make its plat­form a com­mer­cial­ized op­tion among pro­duc­ers and re­tail­ers in Canada.

For those un­fa­mil­iar with Can­naBlox, it is a pro­pri­etary blockchain-driven soft­ware so­lu­tion that al­lows busi­nesses and reg­u­la­tory bodies to track cannabis trans­ac­tions in an in­cor­rupt­ible sys­tem, all the way from seed to sale. It was de­vel­oped in re­sponse to sug­ges­tions made by tech­nol­ogy com­pa­nies, like IBM, af­ter cer­tain govern­ment en­ti­ties within Canada asked the pri­vate sec­tor for ad­vice on the best type of plat­form to use to track the growth, dis­tri­bu­tion and sale of mar­i­juana.

About Blox Labs Inc.

Blox Labs is a tech­nol­ogy devel­op­ment com­pany fo­cused on cre­at­ing best-in-class soft­ware so­lu­tions driven by emerg­ing trends in blockchain, smart con­tracts and de­cen­tral­ized ap­pli­ca­tions. Blox Labs is help­ing cus­tomers with so­lu­tions for busi­ness prob­lems from proofs of con­cept through ex­e­cu­tion. The com­pany is cur­rently pilot­ing blockchain so­lu­tions for sup­ply chain man­age­ment and im­prove­ment, as well as other ar­eas. Blox Labs is ac­tively tar­get­ing part­ner­ships and strate­gic ac­qui­si­tions of growth com­pa­nies.

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