Blockchain Buds: Tracking Cannabis From Seed To Sale

Blockchain Buds: Tracking Cannabis From Seed To Sale
ôîòî ïîêàçàíî ñ : cryptobriefing.com

2018-9-3 19:02

Cryptocurrency and cannabis are two of the most exciting emerging industries in modern times. Both are constant topics of discussion in media and politics on national, state, and local levels. We covered several aspects of the cannabis industry and crypto’s green rush, but most of it is honestly little more than kitsch value.

Hempcoin is one of the only viable cannabis crypto projects that passed across our radar so far. Many, like Alt Thirty Six, are focused on crypto payments in cannabis. Because it’s a mostly cash-only industry (many dispensaries and delivery services around the country have figured out ways to accept card payments), cannabis seems ripe for disruption from cryptocurrency.

The blockchain is where the true value lies in cannabis, though. Supply chains are desperate for blockchain technology, and it’s no more apparent than in the legal medical and recreational cannabis industry. Seed-to-sale tracking is mandatory, and each state has different requirements and a different system of record.

Crypto payments are as uninteresting to pot dispensaries as they are to gas stations, grocery stores, and realtors for the most part. But the cannabis supply chain can easily be disrupted by the right blockchain if they play their cards right.

Here’s how.

Why Crypto Isn’t High on Pot’s Mind

The selling point for a crypto coin like Potcoin is that cannabis-based businesses can’t use banking services. This is somewhat true: FDIC-insured institutions can’t do business with cannabusinesses until it’s federal, rescheduled and decriminalized.

Still, the Department of the Treasury left things open-ended for banks to open accounts, and cannabis-based businesses have long found ways to deal with cash overflow problems. Financing and payments simply aren’t appealing to retailers at the moment – cannabis retailers are no different.

These businesses are highly scrutinized by federal, state, and local authorities and regulators, and the last thing they need to do is gamble with their money. Besides, only well-funded projects are able to start up these days.

In California’s recently legalized recreational market, it costs around $500,000 just for licensing fees and startup costs. These become annual fees, and that’s not even including taxes and typical overhead and business expenses. It’s a massive hurdle that serves as a financial gatekeeper to all but firms with liquidity to gamble.

And it is a gamble –  California raked in over $2.75 billion in cannabis sales to date, but businesses risk being shut down or raided after Jeff Sessions ordered the Department of Justice to ignore Obama-era guidelines – which had essentially ceased Federal harassment of the marijuana industry, except in cases of interstate commerce, organized crime, and sale to minors.

Doing business with the crypto industry, which is heavily scrutinized by regulators itself, seems like adding fuel to the fire. High Times even canceled an effort to use Bitcoin in its IPO: one can only speculate on how new voicers like Marijuana Business Daily, Dope, and Cannabis Now will view the High Times decision to avoid the crypto route.

The Cannabis Supply Blockchain Saves the Day

The real pain point that blockchain can resolve for the cannabis industry is in the seed-to-sale tracking. What’s currently happening in each state that legalizes medical and recreational cannabis is one inventory tracking system becomes the state’s official system of record. In many states like California, Nevada, Alaska, Oregon, and Colorado, MetRC by Franwell the preferred SoR.

California faces massive delays until at least November in its full tracking system because implementing MetRC is harder than it sounds. Every single product must be tagged as seeds, plants, harvested, extracted, etc. Even the patient is tracked.

If you’ve never seen a legal cannabis label, here’s one from Arizona’s medical marijuana program. It’s for a Thai stick.

 

 

Everything is scanned and traced so the state can see the full journey of every product from being planted to bought by the end-user. In DIY states like Oregon, seeing the full farm-to-table life cycle of every ingredient in everything is coveted. If you don’t do it right, they’ll just grow and make their own.

In Nevada, testing is among the best in the country. This means every batch from every grower, producer, and dispensary has to be tested for heavy metals, pesticides, mold, and other contaminates, along with potency levels. Labeling and testing requirements get strict, and transferring data from the dispensary’s in-house point-of-sale system to the state’s SoR has a lot of moving parts.

This is where the blockchain could easily fix the cannabis industry. By attaching the codes and labels already being traced, the information is easier to store, archive, and search. Compliance and data transfers between licensed businesses and government agencies would be greatly improved.

But, as with everything government, there’s a caveat.

The One Problem in the Way of Marijuana Blockchain Adoption

Aside from the fact that nobody except Hempcoin is really focused on using the blockchain for the cannabis supply chain, the other problem is each state has contracts in place with a particular service provider.

To accomplish this feat of helping the cannabis industry, you would need to have a finger on the pulse of when federal legislators are willing to decriminalize it. At this point, you could pitch the blockchain on the federal level against all the companies like Franwell making legacy-based systems.

Instead of publicity stunts like sending Dennis Rodman to North Korea or throwing a tacky pot leaf on a crypto, that’s where the real money is to be made in the cannabis industry.

Every cannabis entrepreneur is up to their ears in pitches from businesses trying to take a piece of their pie. You won’t win them over unless you can legitimately resolve their problems…even if you have to go over their heads to do it.

 

The author is not currently invested in any cryptocurrency mentioned here. He has, however, contributed to High Times magazine and does carry a medical marijuana card in the state of Arizona.

 

The post Blockchain Buds: Tracking Cannabis From Seed To Sale appeared first on Crypto Briefing.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0.0064459
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.7723 (-100%)

most blockchain crypto buds seed tracking sale

most blockchain → Ðåçóëüòàòîâ: 126


Bitbon System — One of the Most Discussed Blockchain Platforms of 2018

Public access to information and means of communication played an important role in the development of digital technologies. Crypto currencies and Blockchain were some of the most significant and large-scale inventions of the last decades because they helped to better understand the power of the Internet and revealed new methods for management of the social […]

2018-7-12 02:25


Crypto Wallet Ledger Introduces Ledger Live for Desktop

In a bid to appeal to more cryptocurrency investors, hardware wallet provider Ledger announced its new offering — Ledger Live. CEO Eric Larcheveque announced the new software in a blog post, stating that the company’s mission is to: “Ensure that everyone who owns crypto assets can keep them safe, using the most advanced security technology […] Crypto Wallet Ledger Introduces Ledger Live for Desktop was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-11 16:14


COO of Beyond Blocks on Korea Blockchain Week: “Korean Projects Are the Ones That Make People Go Nuts”

Korea Blockchain Week is setting up perfectly for organizers and attendees with excitement levels increasing on a stream of pro-blockchain news coming from the country recently. The most recent news report states that the Korean Government is working on a classification system which could legitimize the blockchain industry.

2018-7-10 16:34


Blockchain World Conference to Host World’s First Crypto Poker Tournament

This year’s Blockchain World Conference (BWC) will be closing with the first-ever, casino sanctioned, all crypto poker tournament, according to an announcement released today. Taking place in Atlantic City, New Jersey, between the 11th-13th July, Blockchain World Conference is an event where blockchain and cryptocurrency experts can meet and discuss the most up-to-date and current information […] The post Blockchain World Conference to Host World’s First Crypto Poker Tournament appeared first on Coinjournal.

2018-7-12 15:58


Ripple Rival Stellar Lumens (XLM) Co-Founder Jed McCaleb Makes Top 10 Blockchain Individuals

Stellar (CLM) Gains Popularity as Co-Founder is Placed in Top Ten of Blockchain Industry Individuals The seventh most recognized cryptocurrency in the world has reached the stars with the co-founder of the company being placed in the top ten most influential individuals in the entire blockchain industry. The announcement was made by a tweet done […]

2018-7-9 07:23


Leading Payments Solution Provider UTRUST Announces Implementation with Global Blockchain DigiByte

Bitcoin Press Release: Leading payments solution platform UTRUST has announced a technology integration with the most secure, most decentralized, scalable and fastest Blockchain: DigiByte. July 8th, 2018, Zug –  The integration between UTRUST and DigiByte offers users a secure payments solution through which they can safely use multiple cryptocurrencies.

2018-7-8 19:50


Ôîòî:

In profile — The Top 10 VC firms investing in blockchain

According to Crypto Fund Research, these are the 10 most important and influential venture capital companies investing in blockchain and cryptocurrency companies — ranked according to four key criteria: value of total blockchain investments, total number of blockchain investments, length of blockchain investment experience, and level of investment activity in the last 12 months

2018-7-8 18:01


Ôîòî:

PR: Titanic Explorer Joins PO8 – a Bahamian Company Using Blockchain to Recover Underwater Artifacts

Freeport, Grand Bahama – David Gallo, one of the most respected Oceanographers in the world has joined PO8, a marine archaeology start-up company in The Bahamas utilizing blockchain technology to unearth billions-worth of sunken artifacts and treasures from Bahamian waters dating back to the Spanish Galleon treasure ships of the Spanish Empire.

2018-7-7 12:30


Ôîòî:

71% Forecast ‘Substantial Increase’ For Cryptocurrency by 2019 in Huobi Report

Over 70% of “global investors” responding to questions from major exchange Huobi believe the cryptocurrency market cap will expand by more than one third this year. Investors, Experts: Altcoins To See Rebound Part of findings in Huobi’s H1 market report, Global Blockchain Industry Overview and Prospects, published last month, those asked overwhelmingly favored a “substantial increase” in market value as the most likely outcome for the second half of 2018.

2018-7-6 21:00