Lesotho Government Supports M2Bio Sciences Blockchain Initiatives

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.