Blockchain may emerge an effective solution for the several oversights, and regulatory problems that are glaring the cannabis industry, and the advantages have no co-relation with Bitcoin.
The key question that may strike the mind of all cannabis consumers at some juncture is how they would come to know what they are purchasing is exactly what is written on it? In the last few years, blockchain holds several answers to various issues of the cannabis industry, and it has no apparent link with cryptocurrency.
As blockchain has become a transparent and decentralized digital ledger and has discovered support in the cannabis industry, especially in the monitoring, genome data, and tracing. The genetics of a strain is usually saved in a smart contract which carries out a relationship with cryptographic code. After this, one can add crucial information at various processing phases.
Leading companies like TruTrace Technologies (OTC: TTTSF), LA-based Paragon, and Australia-based Parsl lead the seed to sale tracking innovations. Meanwhile, leading supply chain integration organization, Coin.io, has allied with cannabis producer Mile High Labs based in Colorado. These companies offer B2B solutions that seek to deal with two major issues familiar in the cannabis industry: modify the inventory tracking system and offer cannabis to buyers with precise information of particular product’s lab test report, packaging date, and cultivar.
The lab tests highlight the crucial information about the processes and ingredients available in all the batches of cannabis from all people involved in the growth, production, and dispensary stage. It is important to test the cannabis for the presence of harmful heavy metal, growth of mold, contaminants, pesticide clubbed with terpene and potency levels. The testing needs and labeling may not be the same in states and may prove to be harsh. It may involve plenty of moving parts when transferring information from a dispensary’s in-house sale system to the state’s tracking system.
From the perspective of a buyer, all the moving parts may prove to be tricky to assemble at one location. However, with the help of a QR code or a similar tag may prove helpful in feeding all the relevant data to a smartphone. Consumers also want to obtain details about how precisely and exactly the testing was carried on their respective products. It is because when Oregon’s cannabis testing system was audited earlier in the year 2019, it was discovered that it lacked a proper and effective verification procedure for cannabis testing reports.
In a huge country like Canada, where recreational cannabis is now legal, some leading IT companies are eyeing to revamp the nation’s approach towards cannabis inventory. IBM has suggested that blockchain technology holds key solutions and may offer a transparent, tamper-proof system to monitor the BC’s bud right from seed to sale stage.
“Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud,” the IBM report explains.
Meanwhile, several experts claim that CBD products are beneficial for health. CBD products are defined as a non-psychoactive constituent of the cannabis market, and it does not may you high, unlike the THC products. You can find CBD products everywhere right from skincare products to pharmaceuticals. These days you can easily access the various CBD infused foods and drinks from your nearby departmental stores.
Several studies have been carried out on CBD, which highlighted the safety of CBD in the medical sector. It has boosted the interest of customers in these products. Now people are keen to introduce CBD products in their daily life amid its several benefits. Recently, the demand for CBD products has spiked, and the CBD industry has caught the attention of many entrepreneurs. The moment the government relaxes the regulation around the CBD market, the industry may witness a boom that may last for several years.
