The cannabis industry needs blockchain? The rise of cannabis blockchain exchange CBDEXS

CBDEXS owns patent intellectual property rights in the cannabis industry, and it is also one of the companies authorized by Health Canada to grow and sell medical cannabis under the ACMPR.

July 11, 2020 /PressReleaseAgency/ —

The cannabis industry is facing some major issues: large demand but lack of compliant trading channels, with certain medicinal, beauty or other economic value but lack of clear laws and regulations, and also the difficulty in taxing cannabis transactions.

In 2017, IBM noted that “blockchain (technology) is an ideal mechanism where British Columbia (BC) can transparently capture the history of cannabis through the entire supply chain, ultimately ensure consumer safety, while imposing regulatory control over the entire process from seed to sale."

Countries in North America and Europe legalize the cannabis industry steadily. Even in China, the cultivation of certain categories of cannabis has been loosened. Meanwhile, many enterprises represented by IBM, are trying to help the cannabis industry with compliance and scale. So what will happen with the combination of blockchain and cannabis?

In the following sections, you will find out:
A. Typical application scenarios of blockchain and cannabis
B. The prospect of cannabis remains bright. Are the cannabis blockchain projects worth investing in?
C. Trading platform of cannabis blockchain projects

A. Typical application scenarios of blockchain and cannabis

Unlike most industries, recreational and medical cannabis faces greater legislative and regulatory review. Blockchain ledger records are immutable or unchanged. Therefore, for financial institutions that wish to audit cannabis companies, as well as government agencies that want to properly tax cannabis companies and supervise the industry, the transparency of the blockchain proves to be more effective.

Using blockchain technology, from cannabis seeds to cultivation, harvesting, processing, logistics, distribution, consumers or medical institutions, all the circulation links are traceable and cannot be tampered with.

In addition, driven by high profits, the illegal cannabis trading industry has been increasing unabated. Most cannabis transactions on the market are not properly tracked from the source to the customers. In the circumstances, there are already projects that combine blockchain technology for source authentication.

Improve operations. By eliminating paper and establishing a real-time tracking mechanism that companies can follow, blockchain can allow cannabis companies to improve their operations by reducing costs.

Provide financial loan support. It is difficult for cannabis manufacturers to obtain bank loan support. Although, financial loan projects based on blockchain technology may provide financial support.

Promote the cannabis community. The cannabis community is an extremely niche and special group, and the decentralized and hidden protection of blockchain technology can meet this demand.

 
B. Are the cannabis blockchain projects worth investing in?

If building a transparent and traceable supply chain system through the blockchain is the greatest value for the government, then obtaining finance support through issuing digital currency by blockchain solves the urgent needs for the merchants.

Opening a cannabis-related bank account in Massachusetts requires a monthly fee of up to $5,500, while the average annual fee of a bank account is only $20-30. Although Congress is currently working to establish a "safe harbor" for federal banking regulators in states where marijuana is legalized, there are few cannabis companies obtained the bank support.

Under this circumstance, some cryptocurrencies came into being, such as CBDY. These cryptocurrencies can help cannabis companies to complete the financial needs of various businesses with the fee less than 1% without opening a bank account.

C. Trading platform of cannabis blockchain projects

More and more cannabis blockchain projects have been listed for trading on some specific digital currency exchanges. The newly emerging cryptocurrency exchange CBDEXS, is the most remarkable.

Some multinational groups continue to enter the industry, through investing in Canadian companies, for technology patent rights are legally mandatory and can become a competitive advantage within the industry in Canadian jurisdictions.

CBDEXS owns patent intellectual property rights in the cannabis industry, and it is also one of the companies authorized by Health Canada to grow and sell medical cannabis under the ACMPR. Therefore, such companies will choose to dominate the global cannabis market by working with CBDEXS.

At present, CBDEXS has listed a variety of cannabis blockchain projects for transactions. Investors can enjoy the dividends brought by the cannabis blockchain projects without obtaining a legal license for cannabis.

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Organization: Global News Online
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Source: PressReleaseAgency

Release ID: 88968136

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