Lesotho Government Supports M2Bio Sciences Blockchain Initiatives

Rhea-AI Summary

Wuhan General Group, Inc. (WUHN) announced significant support from the Lesotho Government for two blockchain initiatives by M2Bio Sciences. A letter from the Director of Science and Technology confirms this support, aimed at enhancing regulatory compliance and enabling local participation in the medicinal cannabis industry through tokenization. These initiatives aim to improve transparency and inclusivity, allowing everyday Basotho to benefit from the industry. M2Bio Sciences partnered with Catena for developing a seed-to-sale tracking system.

Positive

• Lesotho Government's backing for blockchain initiatives is a strong endorsement.
• Tokenization will increase local participation in the cannabis industry, enhancing financial inclusivity.

Negative

• None.

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".

Publicly traded company (OTCPINK:WUHN)
Website: www.m2bio.co
E-mail:info@m2bio.co
Follow us on Twitter: https://twitter.com/m2bio
Follow us on Facebook: http://www.facebook.com/m2bio

Forward-Looking Statements:

Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.

SOURCE: Wuhan General Group, Inc

View source version on accesswire.com:
https://www.accesswire.com/650072/Lesotho-Government-Supports-M2Bio-Sciences-Blockchain-Initiatives

FAQ

What is the significance of Lesotho Government's support for WUHN?

The Lesotho Government's support for WUHN's blockchain initiatives enhances the company's credibility and opens pathways for local involvement in the cannabis sector.

What are the blockchain initiatives WUHN is implementing?

WUHN, through M2Bio Sciences, is implementing seed-to-sale tracking and a token system to allow local participation in the medicinal cannabis industry.

Who is partnering with WUHN for the blockchain initiatives?

WUHAN is partnering with Catena, a blockchain strategic advisory group, to develop the seed-to-sale tracking solutions.

How will the token system impact the cannabis industry in Lesotho?

The token system aims to democratize access to the medicinal cannabis industry, allowing locals to participate regardless of financial status.

What role does blockchain play in WUHN's initiatives?

Blockchain technology is utilized for tracking product information, ensuring regulatory compliance, and fostering transparency in the cannabis supply chain.