Block Commodities Ltd: Correction - Strategic Collaboration with HexisLab and Constitution of Scientific Advisory Board

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. 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

The Directors of the Company accept responsibility for the content of this announcement.

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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.