As the recreational floodgates open soon nationally in Canada and state by state in the US there is one main concern, quality. Companies in the space providing different cannabis services, from growing to logistics include Canopy Growth (TSX: WEED) (OTC:TWMJF), Hydropothecary (TSX-V: THCX), Maricann Group Inc. (CSE: MARI) (OTC:MRRCF), Tyler Technologies and HealthSpace Data Systems Ltd. (CSE: HS) (OTC: HDSLF) (FRA:38H).
Although, as noted mid-February, the July legalization to allow recreational marijuana federally may be delayed in Canada. Therefore, a healthtech discussion is necessary to prepare for this inevitability in the market. Healthtech, which the WHO defines as the “application of organized knowledge and skills in the form of devices, medicines, vaccines, procedures and systems developed to solve a health problem and improve quality of lives”. This includes the pharmaceuticals, devices, procedures and organizational systems used in healthcare.
Within the Healthtech sector HealthSpace Data Systems Ltd. (CSE:HS) (OTC: HDSLF) (FRA: 38H)was one of the first companies that saw the value of with Blockchain as an established answer to the quality and safety issue.
Tyler Technologies, Canopy Growth (TSX: WEED) (OTC:TWMJF), Hydropothecary (TSX-V: THCX), and Marricann Group (CSE: MARI) (OTCQB:MRRCF) also represent leading voices in the Healthtech/Cannabis sector.
According to Deloitte, healthtech will flourish in a global healthcare sector that is forecast to hit $8.7 trillion in 2020 from $7 trillion in 2015. California is expected to hit $5 billion by 2019 according to research firm BDS Analytics.
The Company currently offers the only integrated inspection, administration and analytics product suite across all platforms in North America. Further, HealthSpace now delivers its government grade technologies to private businesses enabling them to gain visibility and predictability into their own organizations, moving from a reactive to a proactive operational status.
Establishing quality of supply, meaning the Cannabis is pure and disease free, while an interesting challenge is once that has seen its roots (see how I did that?) in the medical and hospitality sectors.
Over 20 years, HealthSpace has never lost a client. That includes 300 healthcare clients in North America.
Healthtech In The Cannabis Space
One sector in need of healthtech is the cannabis market. Maintaining a disease-free product supply is beyond paramount. Software that quickly and efficiently stores information about the quality of a restaurant, a cannabis growing operation or even a retail establishment could well be a major opportunity.
Government inspections, be it a restaurant or other consumables or health business are stressful and expensive to both parties. The New World Order has software, the trend is moving quickly to a ‘self-inspection’ system that not only saves money and time, but any ensuing visit to audit the results are not known to the establishment.
Further results are contained in a database allowing the public to use the reports. The difference of course, due to the Blockchain integration, there is no worry of fake or embellished stats and analytics. Establishments need to maintain a minimum 90 points or better rating to keep a ‘Good’ rating. All told, there are thousands of facilities including restaurants, hotels, swimming pools indeed anything that is inspected by City staff in the jurisdiction.
Bad Cannabis Is Better Than No Cannabis?
When looking at all the necessary data needed to track the health of a cannabis supply, from seed to weed, one can be sure that governments will require a robust inspection system for growers and retailers alike.
Software, such as that produced by HealthSpace is customizable and does exactly as its restaurant application. From a software loaded tablet, any change in government cannabis regulations are presented. Self-compliance and subsequent auditing ensure that quality and compliance are up-to-date. Finally, the system helps manage operations by utilizing data analytics and custom overviews.
In essence, health departments and regulators will have an instant and very accurate snapshot of operations, compliance, quality, and the industry as a whole.
Blockchain For Regulatory Enforcement
If some bad weed where to be circulated, it would be necessary to find out where it came from for a myriad of reasons. Of paramount importance would be to have all the information to track and stem any outbreak. Much like the containment process for an e-coli outbreak, the use of blockchain technology could save many lives. All of the data, no matter the sector would be secure, accurate and incorruptible as the individual inspections/information blocks were chained.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
Some other moves that make HealthSpaces a standout are:
It intends to release its alpha prototype, testing blockchain based quality and safety audits with industry partners in Q1 2018. This will include cannabis production, the food service and hospitality sectors and various government agencies.
Over US$500K in contracts secured.
Vanbex Capital, an integrated venture studio that invests in high growth blockchain ventures, will make a strategic investment of $1 million into HealthSpace.
Vanbex has an extensive track record of incubating successful blockchain companies with over 60 blockchain companies in their portfolio some of which are the top companies in the industry globally.
In the space, there are other companies similar to HealthSpace, which has a market cap of $18mand YTD had a low of $0.125 and a high of $0.25.
Canopy Growth (TSX: WEED) (OTC:TWMJF) has a market cap of $5.5 billion with a year to date hi of $14.19, low of $24.11 and trades at $27.99. With exception brands, including Tweed, which the most recognizable in the world, it also holds Spectrum Cannabis and Bedrocan, a leader in medical marijuana. Partners include Snoop DoGG, the multiple award-winning DNA and Indoor Harvest, growing solutions.
Hydropothecary (TSX-V: THCX.V) is a licensed producer of medical marijuana by ACMPR (Access to Cannabis for Medical Purposes Regulations (Canada). Market Cap of $752 million. YTD Hi/lo/current: $5.00, $4.50, $4.23. It is one of 8 companies chosen to supply Cannabis to Quebec.
Recently launched Canada’s first medical Elixir CBD Peppermint Oil mist following the release of Elixir THC Peppermint oil mist. Both products are medically similar, with CBD product having significantly less THC.
Maricann Group Inc. (CSE: MARI) (OTCQB:MRRCF) as a producer of high quality Medical Marijuana, services a patient base with more than 11,000 total registered patients since inception. Market Cap is $232 million and has seen its share currently trading at $3.00. YTD the shares have hit $4.50. With both Canadian and European operations, the company is well positioned to expand around the world. Its innovative drug delivery platform and adult-use branding also opens the door to both areas of the market.
Tyler Technologies (TYL) is a provider of integrated information management solutions and services to address the information technology needs in areas of operations for cities, counties, schools and other local government entities. Market cap of 7.7 billion. YTD lo/hi of US$180.00–$206.87. Tyler serves more than 15,000 local government offices by providing software and services for cities, counties, schools and other government entities, according to the company. It has clients in all 50 states, Canada, the Caribbean, Australia and other countries.
Healthtech Solutions to Logistical Problems
Bottom line is that companies that live in a world of logistics will find themselves in the middle of a firestorm quickly without the right provenance. HealthSpace Data Systems Ltd. (CSE: HS) (OTC: HDSLF) (FRA:38H) has spent two decades developing and delivering exactly the type of solutions needed to ensure safety, cost effectiveness and save lives. The use of blockchain technology by HealthSpace is critical to achieve this goal.
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