GreenBank Establishes Cannabis Blockchain
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that it has established Cannabis Blockchain Inc (“Cannabis Blockchain”) a 100% subsidiary of GreenBank, to develop an industry-wide digital information management system for the cannabis industry. Cannabis Blockchain has entered into an exclusive cannabis industry license agreement with GreenBank’s portfolio company Blockchain Evolution Inc, to use EvolveChain, the unique identification-based blockchain, as the basis of its cannabis digital information management system.
Although blockchain applications have the potential to transform the operations of the Cannabis industry, the adoption of this revolutionary technology has been hampered by the complexity of embedding identification of product and users into the blockchain. Cannabis Blockchain will address this problem and create a safe and secure fully identified tracking system to maintain an ecosystem-wide record of transactions from the grower to the consumer.
Recent legislation in Canada and a number of states in the USA has modified the regulatory framework for the cultivation, production, distribution, and consumption of cannabis, however the management systems to track ecosystem activity have failed to keep pace. There is a need not only for essential managerial data, but also to measure the performance of regulatory frameworks against their primary objectives, such as monitoring legal activity, providing system transparency, and facilitating tax collection. Cannabis Blockchain will provide an identification-based blockchain solution for cannabis consumers, retailers, growers, manufacturers and the wider ecosystem. This solution will be hosted on a modified EvolveChain platform, be accessible by a mobile app, and provide universal but private access and real-time “seed-to-sale” transaction capabilities.
Unlike all other blockchains, which are based on anonymity, EvolveChain is based on each participant on the blockchain being identified (per KYC banking norms), before the user can transact with others on the blockchain. Each participant’s confidential personal information is kept private and secure. A unique identifier allows the participants to access only their own profiles, which they use to transact with others on the blockchain. As a result, an identifiable record of transactions across the ecosystem is recorded on the blockchain while maintaining the confidential KYC information of each participant in a secure environment.
The Cannabis Blockchain solution has three core stakeholders:
Consumers: Each consumer is required to provide a verified Know Your Client (“KYC”) identity to transact with the other participants on the Cannabis Blockchain. This includes transactions with suppliers, other consumers and the government.
Suppliers: Each supplier is required to provide a verified KYC identity to transact with the other participants on the Cannabis Blockchain, including other suppliers, consumers and the government. Suppliers, including intermediary sellers, will interact with the blockchain based inventory management system which will track the supply-side value chain for each specific product.
Government & Regulators: The Cannabis Blockchain will include a feature to generate seller/buyer transaction reports to be used for filing tax returns. Further, a specific audit trail will also be provided upon request by governmental authorities and regulators.
Using Cannabis Blockchain, it will be possible to efficiently track the entire value-chain journey from source of product until the point of purchase, across the cannabis industry, which is of significant value to all the stakeholders.
Cannabis Blockchain will license its technology to the cannabis industry on the basis of a fee charge per transaction record, which includes user support and blockchain ecosystem maintenance.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 14 small cap businesses, namely; 52% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain, and developers of Xbook a user permissioned and revenue sharing social media platform; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 27% of Ubique Minerals Limited, a zinc explorationcompany in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a search mobile application; 12% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company: 19.9% of Gander Exploration, a minerals exploration company in Newfoundland, Canada; and 100% of Cannabis Blockchain Inc, developers of a digital information management system for the cannabis industry.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Source: GreenBank Capital Inc. (CSE:GBC, OTC Pink:GRNBF, FWB:2TL)
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