Blockchain Main Player In Cannabis Legalization: EXCLUSIVE Interview
Blockchain Main Player In Cannabis Legalization: EXCLUSIVE Interview from The Daily Coin
Billions of dollars in product will soon be changing hands across a global marijuana market, but without quality assurance, patent protection and tracking/verification, billions could be lost in waste.
And that’s where BLOCKStrain (TSX.V:DNAX) comes in. It’s first to the field in supply chain management and will be the first company to apply proprietary software and blockchain technology to the marijuana market.
2) First to Market in Canada
On the verge of legalization, the Canadian government is making moves to ensure the new recreational pot market is regulated, to protect growers, distributors and consumers.
But right now, there’s only one company positioned to verify and track pot sales nationwide—BLOCKStrain (TSX.V:DNAX).
The company faces little competition and will have huge scope to dominate the Canadian domestic recreational pot market, estimated to reach $8.7 billion in sales by 2024.
And with legalization on the horizon, the Canadian government has indicated its determination to “strictly regulate” the cannabis space. That presents wide opportunities for companies like BLOCKStrain.
The company has already signed deals with WeedMD Inc. (TSX-V: WMD), a licensed producer (LP) under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR). This includes the integration of BLOCKStrain’s blockchain-based secure platform into a member of the federal LP system.
A Soon To Be $63 Billion Industry
Canada is on the verge of a historic milestone, becoming the first G7 country to make cannabis fully legal. The number of licensed producers (LPs) has shot through the roof as growers try to position themselves to meet increased demand.
Canada’s cannabis exports increased by 400 percent in 2017. The nation’s marijuana market is set to grow to more than $20 billion once legalization goes through. In May, the industry had its first billion-dollar buyout.
As the first developed country to embrace full marijuana legalization, Canada is about to become the pot capital of the world.
But with so many growers crowding the market, tracking and verifying product strains poses a big challenge. Source