CAPE TOWN, SA / ACCESSWIRE / June 2, 2021 / WUHAN GENERAL GROUP, INC. (WUHN) ("WGG'' or the "Company"), a bioceutical company focused on alternative plant-based cannabinoids and psilocybin medical research is pleased to share the following update:
The Lesotho Government has lent its official support to two blockchain initiatives being implemented by M2Bio Sciences. This was confirmed in a letter written to M2Bio Sciences CEO Jeff Robinson by the Director of Science and Technology, Mr. Lefa Thamae, dated May 28th, 2021.
The first initiative is to implement seed-to-sale tracking and all product origin, composition, movement and destination information in the blockchain as a permanent immutable record. This provides customers with attested information about the products they purchase, and assists regulators in ensuring compliance.
The second initiative is to allow ordinary Basotho to participate in the medicinal cannabis industry via a token. Until now, the medicinal cannabis industry in Lesotho has almost exclusively been the preserve of foreigners due to the high barriers of entry. With this token, M2Bio Sciences allows anyone to participate in the industry - regardless of financial status, industry knowledge or other exclusionary factors.
"We are using blockchain technology for three very critical social functions: Customer information, regulatory compliance and widespread distribution of the benefits of the industry. For me this is a very important part of my vision for the industry", says Willem Jonker, the Chief Operating Officer of the cannabis division at M2Bio Sciences.
Dr. Stewart Southey and Dr. Mehran Zarrebini, senior partners at Catena, a blockchain strategic advisory group, have recently agreed to a long-term partnership with M2Bio Sciences. Catena will lead in the development and implementation of the seed-to-sale tracking solution in Lesotho as well as the formulation of the asset tokenisation strategy.
‘'Blockchain has the ability to resolve a number of pain points faced by the cannabis and psychedelics industries. What is prudent is that we align stakeholder values, ensure robust governance and design a token strategy which creates a sustainable network solution that incentivises the engagement of all participants. We believe that decentralisation is a critical success factor and will enable long-term regulator and consumer confidence in the industry", commented Dr. Southey.
Dr. Zarrebini added: "the need for transparency is vital. M2Bio is legitimising the industry and providing the bioceutical provenance that is essential for robust scientific discovery. Furthermore, ensuring that the local population participates and collaborates in the growth of the industry will boost financial inclusion and make sustainable wealth creation accessible and feasible".
About Wuhan General Group, Inc./ M2Bio Sciences, Inc
Wuhan General Group, Inc. (DBA M2bio Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™, Liviana™ and Handcrafted Delights™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol "WUHN".
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SOURCE: Wuhan General Group, Inc