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Block Commodities Ltd (BLCC)
Block Commodities Ltd: Correction - Strategic Collaboration with HexisLab
and Constitution of Scientific Advisory Board
30-March-2019 / 11:42 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Block Commodities
London, 29 March 2019
Strategic Collaboration with HexisLab and Constitution of Scientific
Advisory Board
Block Commodities "BLCC", the innovative commodity trader operating in
Africa, is pleased to announce it has reached agreement with Hexis Lab Ltd
to enter into a collaboration program to develop therapeutic and
cosmeceutical products from cannabis plant extracts.
HexisLab is the market leader in the application of AI and machine learning
to personal care product development, with a solid distribution channel
worldwide. The strategic collaboration will combine technical knowledge and
industry experience to research and develop in health, wellness and personal
care products, including cannabis-based skincare products.
HexisLab will use its proprietary development platform to identify bioactive
compounds and peptides from medical cannabis extracts for commercial
application. Under the terms agreed the early stage R&D initiatives are to
be funded by Block Commodities. Hexis Lab team will work closely with Block
Commodities' senior management team to advance the Company's development and
commercialisation of cannabis products and services. The two companies will
share the late-stage development cost and commercialisation of the products
in the US & EU sharing the profits from the resultant products.
Scientific Advisory Board (SAB)
The Scientific Advisory Board (SAB), a selected team of highly experienced
scientists in the medical cannabis space will advise the Company's Board of
Directors on the development of the medical cannabis operations and products
development and commercialisation.
The CEO of HexisLab, Dr. Olusola Idowu will join the SAB. Dr. Olusola is an
accomplished scientist with many scientific publications and patents on the
use of natural plant extracts in therapeutics and cosmeceuticals. Previous
research includes the development of the pharmacological use of synthetic
cannabinoid derivatives.
The Company has also appointed Ian C. Tordoff, an advisor and strategist
specialised in health sector innovation to the SAB.
Mr. Tordoff has an extensive experience with numerous bio tech firms and
healthcare services including the NHS and Dermaltech. Ian has led teams in
the development of more than $6bn of health care projects, both in the UK
and internationally, advising on commercial engagement and strategy. He
currently advises PathologyCloud and Amethyst Radiotherapy and new
commodities trading start-up Vulcan Industries Plc. Over the last five
years, Ian has analysed CBD treatments and its efficacies, as well as
established links with brands, labs and the user community.
Dr. Olusola commented: "HexisLab are delighted to work with blockchain
technologies to find novel uses for cannabinoid derivatives. These compounds
are biologically active in diverse ways but the biological systems they
interact with plus the nature of these interactions are highly complex. Our
technology provides new capability to identify and interpret useful
applications in a manner not feasible using standard research technique. The
differing nature of the impact such interactions will dictate the type of
potential product use for the different variants that may range from
therapeutic applications to skincare. We are also excited by the approach of
using technology as a catalyst to sustainable economic development at the
grass roots level in Africa. Creating products that works - works for the
consumer, the producers and the world."
Ian C. Tordoff commented: "This is the perfect time for Bloc's focus on a
nascent and fast-growing market. We are confident in our teams' abilities to
produce unrivalled quality and consistency of product. Our developing
off-take network is growing so we look forward to creating an integrated
offer which creates significant value for our growers, customers and
investors alike."
Chris Cleverly, Chairman of Block Commodities commented: "I am very excited
to welcome both Dr. Olusola Idowu to our team. They will bring invaluable
experience and skills in the medical cannabis and science. Medical cannabis
has the power to transform industries from farm to pharma. Block Commodities
looks to companies like Canopy Growth and Aurora and has brought
experienced, respected and talented people into our team to ensure that we
produce high quality medicinal cannabis and distribute effective products
through innovation, research, development and thought leadership.
The Board believes that ultimately quality not quantity will define success
in medical cannabis growth, product development and distribution. As this is
a very new industry, it means that a new entrant building on experience in
related industries can aim to become a market leader.
This is especially true as the opoid crisis has medical professionals
scrambling for alternatives. An alternative is medical cannabis. Medical
cannabis has a much greater functionality than just pain relief and doctors
are testing out its remedial effects on melanomas and its success with
multiple sclerosis and epilepsy have been noted. It has the potential to
disrupt multibillion-dollar industries. The CBD market has huge potential
and is now with growing awareness of its beneficial nature, has rapidly
increasing usage. The European medical cannabis market alone will be worth
58 billion euros a year by 2028, according to London-based cannabis industry
market intelligence firm Prohibition Partners [1]. It reckons the total
legal market in Europe, including CBD, will be worth 123 billion euros by
then."
About Block Commodities
Block Commodities' strategy is to maximise the value of African agricultural
and other commodities through the deployment of blockchain technology. The
resources will be linked through the vertical integration of primary
industries down to consumers via blockchain platforms. Using blockchain's
ability to dynamically incorporate all market participants into an efficient
ecosystem, Block Commodities aims to facilitate the commercial operation of
such ecosystems in the context of the agricultural production cycle.
Block Commodities deploys disruptive technologies to maximise value of
African agriculture and help sub-Saharan African farmers raise productivity
and secure better returns for their produce. Developing a blockchain-powered
platform, Block integrates all commercial operations and market participants
into a single ecosystem.
Building on well-established connections and technology expertise, Block
aims to become a leading producer and processor of medical cannabis-based
products to service the fast-growing cannabis market in Europe.
For more information, visit: http://www.blockcommodities.com [2]
The Directors of the Company accept responsibility for the content of this
announcement.
For further information, please contact:
Block Commodities Limited
Chris Cleverly info@blockcommodities.com
NEX Exchange Corporate Adviser:
Alexander David Securities Limited
David Scott - Corporate Finance +44 (0) 20 7448 9820
James Dewhurst - Corporate Broking +44 (0) 20 7448 9820
Public and Investor Relations:
Cassiopeia Services - Stefania stefania@cassiopeia-ltd.com
Barbaglio
Note 1
Are you currently a Medical Canabis trader? Have you done a trade? This is
key and NEX is looking for a legal opinion to confirm you have not broken
any laws in trading Cannabis.
ISIN: GG00B4QYTJ50
Category Code: MSCM
TIDM: BLCC
LEI Code: 2138001KNTXRAZTFKU51
Sequence No.: 8014
EQS News ID: 793919
End of Announcement EQS News Service
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=9bde756e7c0d782c1283fab3c60743c6&application_id=793919&site_id=vwd_london&application_name=news
(END) Dow Jones Newswires
March 30, 2019 07:44 ET (11:44 GMT)
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