Benchmark Botanics and Vission Technology sign letter of intent for cannabis technology

October 15, 2019
IT

Innovative technology to advance the development of cannabis industry

Canadian-listed Benchmark Botanics Inc. announces its intention to begin cooperation with emerging start-up Vission Technology Inc.

After three months of negotiations, Benchmark Botanics and Vission Technology have signed a letter of intent on behalf of their respective companies in Vancouver, BC, to jointly develop a “smart farming system platform” for the cannabis industry, working in collaboration to create a comprehensive farm-based solution from cultivation to sales.

​“Since inception, Benchmark Botanics has been growing its expertise in the cannabis industry while actively seeking technological support in all areas of operations including farm modification and expansion, cultivation, production, processing, and sales. This time, we will be directly involved in a project with Vission Technology, working together to develop a comprehensive solution suited for the cannabis industry supply chain, contributing to the growth of the industry,” says Mr. William, CEO of Benchmark Botanics. He is excited by this cross-sector cooperation and its growth potential.

According to the LOI, the two parties will cooperate in four areas:

  1. Market research: Through a pilot farm project, comprehensively track all aspects of the industry supply chain, accurately identify the needs and weaknesses of the cannabis industry.
  2. Technology R&D: Study the advanced facilities and technologies used in the industry and develop software products that meet the industry’s needs.
  3. Platform integration: Develop a “smart farming system platform” to fully achieve integration, automation, digitization and environmental sustainability of cannabis production from seed to sale.
  4. Social responsibility: Comply with regulations and assist with the establishment and improvement of the corporate responsibility system.

Following completion, the platform will be applied to solve problems of information asymmetry in the modern cannabis industry caused by factors such as environment, circulation and government policies, which can result in economic loss. Through technological means, the solution will enable cannabis businesses to achieve production efficiency and transparency using system-wide tracking and real-time data monitoring.

 

Background

About Benchmark Botanics Inc.

Benchmark Botanics is a diversified multi-licensed cannabis producer focused on a three-way vertical business model targeting the medical, pharmaceutical, and recreational markets in Canada and the EU. The Company’s business plan also includes a strategy to become a Canadian licensed producer to pioneer selling medical cannabis and hemp throughout Asia.

Benchmark Botanics is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers, as well as developing international business partnerships to extend the Company’s global footprint.

Benchmark Botanics’ 100% owned subsidiary, Potanicals Green Growers Inc. is a Health Canada licensed producer under the Cannabis Act and its regulations (formerly ACMPR). The Company is producing at its indoor Peachland Cannabis Complex and is constructing a Phase II expansion of an additional 10,000 square foot extraction facility there. Along with cultivation and production, the company’s Peachland BC facility also provides propagation, cultivation, cloning, storage, research and development, genetics and is progressing towards CBD oil extraction and an EU-GMP certification.

As part of its expansion strategy, the company is building its second facility, a 4-acre greenhouse operation in Pitt Meadows BC.

About Vission Technology Inc.

Vission Technology Inc. is a Canadian tech company specializing in solution development, system integration, IT consulting and Big Data analytics. The company is committed to developing an industry-leading solution that integrates GIS, BIM and AIOT into one single platform. Its founding team has a vast amount of industry experience in spatial data management and analysis, IT solutions, ERP systems, AI management, Big Data processing, and more.