Imex Systems Inc.’s (TSXV:IMEX) GOVCANN platform will integrate into IMEX’s iGov portal and will process high volumes of cannabis data through artificial intelligence and blockchain technology
SmallCapPower | October 16, 2018: Imex Systems Inc. (TSXV:IMEX) Tuesday announced an advancement in the Company’s GOVCANN platform and that Imex is in the process of forming strategic relationships with the Canadian government as the country prepares for cannabis legalization on October 17, 2018. Its share price climbed as much as 12% in early Tuesday trading following the announcement.
The GOVCANN platform will integrate into IMEX’s iGov portal and will process high volumes of cannabis data through artificial intelligence and blockchain technology. Data will be geographically specific giving user’s valuable information to enhance public safety and reduce regulatory costs by mitigating supply chain risks. The Company aims to work with municipalities and regional law enforcement to promote a responsible and safe cannabis industry in Canada.
Governments will be reliant on technology to effectively regulate the cannabis sector, one that has serious health implications for its citizens. To that end, a company such as Imex Systems should have obvious appeal.
Imex Systems is a Toronto-based software company providing products and services to governments, municipalities and public authorities in Canada and other countries. The Company has been involved in the public sector since 2001 and developed its first integrated e-Government system in 2005.
Imex Systems is venturing into cannabis governance technology by planning to launch a comprehensive platform integrated into IMEX’s iGov portal called GOVCANN, which will offer necessary content and information to medicinal and recreational cannabis users. As cannabis purchases via the Internet are expected to begin on October 17, 2018 in Ontario, the Company is gearing up to tap this market segment through its unique offering. Ontario municipalities and their citizens will get updated content on laws, procedures, and processes for cannabis purchases through this platform.
GOVCANN can be a central interface for cannabis news with customizations depending on the municipalities. After its implementation in Ontario, the Company aims to expand this platform to other Canadian provinces where a retail recreational sales model has been adopted instead of online sales. Using artificial intelligence and data analytics, the GOVCANN platform will provide specific and relevant content to users based on geography and location.
Imex Systems has started talks with various licensed cannabis producers for integration of this system into their framework. Since this is a highly-regulated industry, Licensed Producers and sellers in Canada will be benefit from having closer ties with governments though this platform. Imex plans to seek out strategic capital in order to facilitate this initiative.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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