BLOX Executes LOI With Best Cannabis Products Inc. - Opens Another Potential Door for CannaBLOX

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VANCOUVER, British Columbia, Oct. 12, 2018 (GLOBE NEWSWIRE) -- Blox Labs Inc. (BLOX) (CSE: BLOX) (Frankfurt: BR1B) announced last week that it was beginning a review of potential strategic acquisitions, with a specific focus on transactions within the legal cannabis sector, and it seems that they may have already secured a unique and potentially profitable opportunity. Perhaps coincidentally, in anticipation of the upcoming legalization of recreational cannabis in Canada on October 17th, just this week, BLOX entered into a non-binding Letter of Intent with Best Cannabis Products Inc. (BCP), 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 Inc. (BCP) in exchange for securities of BLOX.

After recently completing a private financing round, BCP secured a state of the art agricultural facility in Leamington, Ontario with 180,000 square feet of growing space on fifty 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 upwards of 1,000,000 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 their ACMPR 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 them access to the potential profits that may be generated from the cannabis cultivated at the Leamington facility, but it would also grant them another avenue through which they can further the adoption of their 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 their 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.

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For additional information, contact: No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Issuer’s future plans, objectives or goals, including words to the effect that the Issuer or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.

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Globe Newswire: 14:00 GMT Friday 12th October 2018

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