Heritage Cannabis Holdings (CANN-Cse) Signs Blockchain Letter of Intent
Jan 16, '18 - NR
Heritage Cannabis Holdings is pleased to announce that it has signed a Letter of Intent (“LOI”) to acquire 20% of Stanley Park Digital Ltd (“SPD”), a blockchain developer based in Vancouver, BC for $500,000 in a combination of $250,000 cash and $250,000 shares, share price is based on the average of the closing price of the shares between January 10, 2018 and January 23, 2018.
Key terms of the LOI include the development of a Cannabis Supply Chain Management System which will be designed to track and document all aspects of production from ‘seed to sale’. By utilizing a blockchain technology base to underpin an internal management process, it will provide an avenue to guarantee quality and consistency of product, as well as allow traceablility and transparency for regulation oversight.
Additional terms include Heritage obtaining certain Rights of First Refusal on selected projects, and first priority on future funding rounds. Development on a proprietary cannabis supply chain management system is scheduled to begin late January.
“Becoming a licenced grower and producer of cannabis remains our top priority, however this is only one area we’re targeting in this industry.” says Jag Bal, CEO of Heritage “Whether it’s other late stage applicants, expansion properties, or ancillary products related to Cannabis, we are working hard at doing more to increase shareholder value. By working with the people at Stanley Park Digital to utilize a blockchain system, we are able to leverage cutting edge technology to further our own projects, as well as give Heritage the ability to benefit from all projects that are currently underway.”
It is the primary goal of Heritage to become a licenced cannabis grower, and in addition to source cannabis related product or service companies and help them reach their goals. As part of the strategic plan, the Company will look to acquire, in whole or in part, various cannabis related companies or projects. The Cannabis industry will be lucrative in many aspects, and we will focus on leveraging our expertise and contacts to forward projects deemed prospective.
Debra Senger, CEO of PhyeinMed states “Since the cannabis market is still very new, the options for technology to assist with supply chain and regulatory requirements are very limited. While this does not supersede the existing approved software solutions for seed to sale, and the standard that all cannabis producers in Canada need to utilize, we are encouraged that we can develop a parallel platform which can manage this whole process for us, and utilizing blockchain technology will better our ability to comply with any regulations which come about.”
About Heritage Cannabis Holdings Corporation
The Company is currently listed as a marijuana issuer having a 75% interest in PhyeinMed Inc, a Health Canada late stage applicant under the ACMPR (Access to Cannabis for Medical Purposes Regulations). The Company’s growth strategy involves many related aspects, including the growing, branding and selling of cannabis, and cannabis products, as well as assisting cannabis related products or services come to market.
ON BEHALF OF THE BOARD OF DIRECTORS OF HERITAGE CANNABIS HOLDINGS CORPORATION
“Jag Bal”
Jagdip Bal
President and CEO |
