Why You Should Not Buy BLOK Technologies Inc (CNSX:BLK) Now

Investor confidence in BLOK Technologies Inc. (CNSX:BLK) appears to have hit all-time lows if recent price action activity is anything to go by. The stock is down by more than 80% for the year, after a ferocious bear run, which raises serious concerns about its long-term prospects.Blok Technologies Price ActionThings are not looking good for Blok Technologies and will only take a groundbreaking development for the stock to bounce back from the current low. Any bounce back from current trading levels would be limited to the $0.08 mark seen as the immediate resistance level. On the downside, the stock faces immediate support at the $0.06 market below which the long-term downtrend is likely to continue. BLPFF Daily ChartBlok Technologies is in dire need of new catalysts to avert a further onslaught of the stock whose sentiments on the street appear to be at all-time lows. In recent months, the company has sought to reinvigorate investor confidence on the issuance of press releases that highlight progress on the execution of the company’s business model.What Does Blow Technologies Do?Blok Technologies is a public company that invests in emerging technologies that have the potential to have a significant impact on the cannabis industry. The company is currently working on blockchain technology innovations that it says will revolutionize supply chain in the burgeoning industry.Recent DevelopmentsTrading activity in the stock has started showing signs of ticking higher in the wake of Blok Technologies engaging the services of Link Media LLC. Concerned by the dwindling market profile, the company turned to Link Media which it hopes will help raise its profile among existing and potential shareholders.The blockchain focused company has since tasked Link Media with the responsibility of assembling and disseminating third-party research articles that have the potential of building the company’s profile.

“We are pleased to team up with Link Media. The engagement with Link will provide us with exposure to the US market and investors. Link has a good record of raising the profiles of early-stage growth companies, and we are looking forward to working with them to introduce BLOK Tech to their North American investor base,” said Rob Dawson Chief Executive Officer of BLOK Tech.

Integrated Payment Gateway Development.Blok Technologies has also sought to affirm and strengthen its long-term prospects by partnering with Varian Inc. The two are to work together on the development of an integrated payment gateway solution, for deployment in the legal cannabis industry.The payment system is to be integrated into Greenstream Network, which is Blok Technologies blockchain enabled supply chain integrity platform, developed by the company’s subsidiary Greenstream Network Inc.Under the partnership, Varipay is to provide all the necessary payment processing capabilities including API integration documentation as well as operational support for its development. Greenstream Network Inc. on its part is to integrate blockchain technology into the payment system.Varipay and Greenstream have also agreed on a revenue-sharing model for each payment processed by the upcoming integrated payment system. According to Blok Technologies Chief Technology Officer, Joel Yaffe, Varipay partnership should lead to critical infrastructure for digital processing payments on a secure payment gateway.The new payment system is also expected to enhance transactions between B2B and B2C across the cannabis supply chain while also ensuring supply chain integrity.

“Varipay is delighted to partner with BLOK to support their efforts and BLOK’s payment gateway needs. As Canada is the world’s leading cashless society, the digital payments economy will only continue to grow, and our offering of state-of-the-art payment gateways combined with BLOK’s blockchain solutions, will provide enhanced support to this growing sector of the Canadian economy,” said Ray Rasouli, Founder and CEO Varipay Inc.

Oracle Scale up Ecosystem IntegrationBlok Technologies subsidiary Greenstream can now access resources, tools, and relationships needed to accelerate the development of the Greenstream Platform following its addition into Oracle Scale up Ecosystem.The global acceleration program for startups seeks to provide emerging companies with enriching and collaborative partnerships, ideal for accelerating next-generation growth. Addition into the program is a validation of technology initiatives that Greenstream has worked on so far.Bottom LineBlok Technologies has dropped significantly to levels that raises serious doubts about the company’s long-term prospects. Given that the stock is still trading in a downtrend, it might be wise to take a back seat and wait for a major pullback, from current lows, before considering a Blok Technologies a bounce back play from current lows.We will be updating our subscribers as soon as we know more. For the latest updates on, BLK sign up below!Disclosure: We have no position in BLK and have not been compensated for this article.