Santo Mining and Infinity Blockchain Labs Announce Innovative Joint Venture
Joint Venture to Create a Seamless, Innovated Solution Using NFC, IoT and Blockchain Technologies to Bring Trust, Authenticity, and Traceability to over 200 Million Global Cannabis Consumers
Santo Mining Corp. (“Santo”) (OTCPink: SANP) and Infinity Blockchain Labs Taiwan, Ltd. (“IBLT”) today announced the establishment of a joint venture aimed to combat the counterfeit cannabis epidemic taking on the $150 billion cannabis market, currently endangering and hospitalizing hundreds of thousands of consumers worldwide.
The Current Cannabis Market is Estimated at $150 Billion, and Projected by 2028 to be Above the $300 Billion, making this Market; Primed for Black Market, Gray Market, and Tax Evading Profiteers
The joint venture named DNA Tags, Inc. will leverage IBLTs world-class blockchain software development track record with Santos experience in radio frequency identification (RFID) and near field communications (NFC) technology. New products developed by the joint venture will feature innovative technologies like geo-tagging, traceability, tamper-proof, internet of things (IoT) and blockchain technology. DNA Tags will be the joint ventures first go-to-market product, positioned to be the de facto anti-counterfeit packaging solution in todays growing counterfeit cannabis black market. The blockchain and NFC powered tags will provide consumers with supply chain traceability and peace of mind shopping, ensuring customers are purchasing safe and anti-tampered cannabis products for themselves and their loved ones.
In addition to protecting the integrity of a product and safeguarding consumers, DNA Tags can help brands leverage collected consumer data for marketing and loyalty programs used in customer acquisition and retention marketing campaigns. Finally, product provenance from the supply chain is stored on all DNA Tags, addressing concerns from local governments in the U.S. regarding grey market sales and the enforcement and collection of sales taxes on cannabis products.
As global medical cannabis consumption increases, brand loyalty and consumer confidence are of great importance to manufacturers looking for innovative ways to deter from legal liabilities costing millions of dollars from counterfeited products sold in grey and secondary markets. This new venture is designed to satisfy consumers’ trust and expectations including reducing the legal liabilities companies can be exposed to and giving governmental bodies the data to ensure traceability and taxation are implemented all with a seamless, intuitive and easy to use mobile application.
The cannabis industry is a rapidly growing industry, with consumer spending on target to surpass $200 billion in the next five years. Santos shareholders will benefit from the joint venture by capturing a greater share of this growing cannabis market and providing an immediate deployment solution of DNA Tags for the cannabis industry.
I’m excited about our joint venture with Santo and together brining to market the DNA Tags, which align well with IBLTs mission of using blockchain for social impact. We believe using blockchain technology and IoT in tandem to solve real-world problems like counterfeit cannabis, will only encourage more companies to step forward and embrace this emerging technology to grow business and brand value, said Junya Yamamoto, Chief Executive Officer, Infinity Blockchain Labs, Taiwan.
“We have long admired the team at Infinity Blockchain Lab led by Junya Yamamoto, for their blockchain software development expertise and deep understanding of Artificial intelligence, Blockchain, Cloud computing, and Data,” said Frank Yglesias, President and Chief Executive Officer, Santo Mining Corp. “I look forward to rolling up my sleeves and working alongside Yamamoto. During the weeks to come, we will have much work ahead of us including, posting SANPs financials and getting SANP back to OTC’s current status. This joint venture will also create additional value for shareholders through a potential spin-off creating an independent, publicly-traded company with expected dividends for all shareholders.
Infinity Blockchain Labs (IBL) is a visionary R&D company committed to advancing society with next-generation solutions. We are currently the blockchain ecosystem leader in Asia with a global reach. Our mission is to be the R&D engine that transforms future technology into practical applications for business and everyday life. Named one of the top 10 blockchain technology solution providers in 2018 by APAC CIO Outlook, 200+ employees aspiring to become the global leader in blockchain research and development. We always welcome partners and talents to join forces with our ecosystem’s global expansion.
Santo Mining Corp., is a publicly-traded company on the Over-the-Counter (OTC) market, trading under the ticker symbol SANP. The company has an interest in various hardware and software blockchain solutions including the development of ERC721 Non-Fungible Token Smart Contracts used in the digital collectibles sector. The Company is aggressively looking for new blockchain software development projects to invest or acquire globally. The company has a blockchain software development subsidiary called Crypto N3 Technology, incorporated and with its offices in Ho Chi Minh City, Vietnam.
Mr. Frank Yglesias
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