WeedMD is federally licensed under Canada’s Access to Cannabis for Medical Purposes and Research . The company legally produces, distributes, and sells medical marijuana and cannabis oil. Under the AMCPR licensing, WeedMD is also one of a select few marijuana producers that are allowed to sell clones of their living plants. WeedMD has access to one of the largest libraries of cannabis genetics in the industry to date. According to a statement, the partnership with Blockstrain Technology will secure WeedMD’s archive of unique genetic strains and assist in the expansion of their wholesale genetic business.
IT executives and strategists from other industries can learn valuable lessons about the green-field application of new technologies in cannabis that can be applied to other industries. Aside from any moral implications of legalized pot, there are also practical problems that accompany efforts to legalize the drug. Critic warn about potential abuses of a legal marijuana industry for good reason. For these reasons Artificial Intelligence and blockchain transactions can solve a lot of problems.
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By creating that immutable and transparent ledger, consumers and retailers will know they’re getting the quality of cannabis they expect. NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. The transition from illicit to legal products hasn’t happened as swiftly as predicted since recreational cannabis was legalized in numerous places across the United States and Canada.
Like any database, it can be completely public and open, or only accessible (in terms of reading and/or writing to the database) by those with approved credentials. Traditional databases are centralised in one place and run by a single person or organisation. There’s no all-encompassing solution to fix that problem, but Big Data platformscould provide predictive insightsthat make stock sellouts less likely to happen. Companies use analytics to stay on top of anticipated fluctuations in demand. Then, they communicate directly with growers or retailers to inform them of the likely trends.
It allows for decentralized and immutable ledgers, it can allow for near-instant verification of information, and has many other use cases. Cannabis remains a mostly unregulated area; MarketInsider reports the staggering 90% of all sales performed illegally. With fraud set in motion in this space, again, who could be surprised about predominant suspicion and unwillingness to deal with cannabis enterprises?
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As peer-to-peer transactions, you avoid the intermediates and just pay the network cost. As blockchain’s adorers and proponents, we’re excited about new blockchain-powered transformations of the cannabis landscape. The current state is not an ending point; rather, we’re standing on the verge of innovations.
Under blockchain-powered programs like the Shoppers Drug Mart pilot, genetic cultivar information is being collected, registered, tested and published through the secure, permanent infrastructure blockchain provides. The information it holds is stored across multiple locations, entered by trusted partners and synchronized by consensus of those partners, protecting data integrity. The original block remains constant, an immutable record of what’s within. Strain creators are trying to patent their strains in the same way Monsanto patents its seeds. Lighthouse Genomics, for example, recently distributedcertification documents for the master plants of 10 genomic varieties. Using blockchain, CEOs can enable these strain creators to store the phenotypes or genotypes of their new strains to prevent theft without the need to track documentation manually.
As a diversified blockchain technology company, it was important for DMG to pursue enterprise platform development in addition to DMG’s industrial scale crypto-mining and forensics efforts. Blockchain is “critical in this industry,” said Mark Lozzi, CEO of PointChain. His company is working to develop blockchains for both cannabis companies and banks handling cannabis-related accounts, while also promoting the technology to government. Bitcoin’s cryptocurrency data is secured through blockchain technology — a decentralized way of storing information using blocks of verified data that build on each other in a linear way, like links in a chain. One of the reasons the Cannabis industry is such a great opportunity for blockchain integration, is the fact that the whole sector is brand new.
According to datacompiledby the Texas Department of State Health Services, more than 5.5 million Americans had Alzheimer’s disease in 2016, including 200,000 under the age of 65. Citing data from a study published in the Journal of the American Medical Association, IGC claims nearly 70% of all cannabidiol products sold on the internet have problems with their labels. Some are over-labeled, while others are under-labeled, creating confusion.
This was a first for any cannabis company and many more are bound to follow. While the cannabis industry is making strides and scaling new heights, the major issue of the legal status of cannabis federally still causes problems that spread into different sectors thus hindering the industry. An industry trailblazer in its own right, ABSTRAX employs award-winning product developers Wie viele CBD Gummibärchen sollte ich auf einmal essen? and scientists armed with three-dimensional strain analysis technology to extract, study, and perfect aromatics and flavors. This allows for a higher performing application output and will assist in streamlining the real-time operations that this adds to the design. Consumers will also have their legal sales immutably recorded on a blockchain ledger via the SupplyBloc platform.
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Cannabis social media hub MassRoots is now transitioning to a marijuana-focused software company, tying blockchain to its marijuana point-of-sale tracking business, MassRoots Retail. In a semi-legal professional space where it can be hard to find the right employees, social networks can act as a liaison between the business owners looking for a dependable staff and the cannabis professionals looking to start their careers. It’s high-time for new social media sites and software platforms to launch and meet the growing network needs of the cannabis industry. In the age of the social network, the cannabis industry is in a unique predicament. Advertising, marketing, and – most importantly – networking cannot be done across the usual channels.
- Be not confused by the number of the earlier examples; of course, there’s more.
- Their team of qualified technicians can implement their technology at any business which will ensure that owners can easily track and supply their customers with an efficient way to pay for products.
- The Bitcoin network is now 100 times larger the top 500 supercomputers combined.
- This will allow transactions to take place in real-time- within a matter of seconds.
- As of 2017, China controlled about one-third of the global hemp market and with the outbreak of the pandemic from there, it is sure that local production of the oil using the plant gotten from China.
- The greatest application for blockchain in the cannabis industry lies in genetics.
Virtual reality refers to full immersion in a virtual world, while augmented reality refers to partial immersion, such as when your phone or device creates content within the real-world (think Pokémon GO). By tracing its production, the government can find its origins and ensure they don’t contain harmful components. Open Access Government produces compelling and informative products for a wide audience. Our dedicated team have many years’ experience and are committed to delivering up-to-date analysis, news and exclusive features for a public and private sector readership. This is because the product is still illegal on a federal level and in more than half of the states and territories in the United States.
Hightimes Media Corp, Cannabis’s most established brand, has just made the announcement that they will be taking their company public. Investors will now have the opportunity to purchase a piece of the company through the … DabConnection is your spot for the latest info on dabbing, weed laws, where to buy cbd gummies in nh industry news, and marijuana stocks. Verify Product Authenticity – Lookup any of CannVerify serial numbers to verify whether a product is authentic. Each registered serial number can provide details for that specific number including product name, quantity, product description & product photos.
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This advanced blockchain initiative is a collaboration among the whole verticals in the cannabis industry. It will be designed to meet industry and specific regulatory requirements. Our BTZI Blockchain and Robotics initiative intend to onboard significant industry participants as we launch our cannabis supply chain solution.
- Governments tend to embrace new technology and turn with the nimbleness of a container ship.
- In one case study Parsl was able to reduce a cannabis delivery service’s time spent on inventory reconciliation by 82.14% while increasing their initial inventory accuracy by 92.06%.
- Despite Chris Rock’s old adage that people “don’t sell drugs, drugs sell themselves,” being in the legal — or at least legal-ish — business of cannabis retail is surprisingly difficult and friction-filled work.
- For more cannabis technology insights and practical software solutions, contact us today.
- Smart contracts can be programmed to automatically alert the cannabis industry of damage or inconsistencies.
The North American cannabis industry is expected to count$20.2 billion in sales by 2021. While traditional payment solutions companies are bound by federal restrictions, cryptocurrency entrepreneurs are positioning themselves to not only change how the cannabis industry how much does cbd oil cost? accepts payments, but how global commerce operates. The North American cannabis industry is expected to count $20.2 billion in sales by 2021. Blockchain enables businesses to manage their supply chains in real-time, eliminating paper trails and their inescapable lag.
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Consistent endeavors are likewise en route to encapsulate the chemical substance found in cannabis to improve the items’ viability as individuals’ biochemistry makes them process cannabinoids differently. With each innovation, there are new methods of extracting and planting CBD. For example, Vegan CBD Gummies Enterprises utilize remote sensors to help with the process of plant growth. Identify usability issues, discuss UX improvements, and radically improve your digital product with our UX review sessions. Seamlessly integrate branding, functionality, usability and accessibility into your product.
- Becoming certified requires taking a two-hour course from the state’s health department.
- The cannabis industry, like many others, is recently seeing an explosion of companies claiming to be implementing blockchain in one way or another.
- Sales from recreational cannabis are expected to reach $66.3 billion by 2025.
- 3D printing typically makes use of melted ABS or PLA plastic to craft shapes— such as bongs and bowl pieces—through a heating element and extruder.
Billingsley does see blockchain as a solution for streamlining cannabis regulatory procedures, from authentication to compliance and beyond. But expecting government agencies to adapt to the latest technologies is a high hope—an even higher notion than the idea of cannabis companies playing nice and paying to host each other’s data. She additionally finds it hard to imagine cannabis tech companies agreeing to take on the costs of hosting each other’s data to make this whole system work. For consumers who are worried about securing their privacy, blockchain technology — the mechanism that’s behind cryptocurrencies — tracks people by an identification number, called a “key,” meaning that their name is concealed. There is no denying the potential of blockchain technology in expanding markets.
A blockchain essentially is a digital ledger that is updated in real time. The ledger is secure, decentralized and public, with each transaction listed in chronological order. The CBD industry has integrated blockchain to increase its chances of legalization. The cryptocurrency innovation seeks to generate confidence in the CBD industry and ensure transparency in the farming and extraction process.
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All inputted information is duplicated and distributed across the entire network of computer systems on the blockchain. Every time new transaction is made, or every time a new step is reached in the production/distribution process, a record of that is added to each blockchain of every participant’s ledger. DMG BlockchainOn the enterprise platform front, we teamed up with IBM to develop and deploy Wazabi, which is a platform connecting the entire global cannabis supply chain, using Blockchain, as well as Artificial Intelligence and Machine Learning. A critical element absent in the medical cannabis industry is understanding dosage and efficacy.
It has launched CanCheck.org, a free-to-use online search tool allowing consumers to trace CBD products from the shelf to seed, with every link along the production chain verified by blockchain. The Cannabinoid Association of the Netherlands , a consortium of Dutch CBD producers, is harnessing blockchain technology with the hope of improving transparency, accountability and traceability in the CBD market. “The exchange we are working on building will be up and launched by Jan. 15, but that will be a standard exchange for digital currency.
HODLers of CANMI token will have ability to make real contribution to crucial parts of projects development. It’s not to say this was a particularly strong suit of the black market weed either—some of which was carted around in duffle bags and sold by third-parties using pseudonyms. Cannabis concentrates provide a fascinating example of new plant extraction methodologies that combine time-tested science and artisanal craft skills. The extraction process involves pulling oils, waxes, and other compounds out of the plant through mechanical or chemical means. Mechanical extraction methods typically rely on temperatures, hot or cold, while chemical approaches use solvents like butane or CO2.
- Its IT leaders have the challenge and the luxury to adopt new technologies, including AI and blockchain, without the limitations of legacy systems.
- When it comes to virtual and augmented reality, we tend to first think about its role in entertainment and gaming, but its potential impact extends as far as cannabis grow sites and retail spaces.
- Now – more than ever – is the time to invest in your business and the future of the industry by becoming a member.
- Growing cannabis indoors or in a greenhouse requires the use of artificial lighting and electricity.
- As part of the training platform, each participant will be able to gain cannabis-related knowledge directly from valued experts.
Basically, blockchain is a shared ledger where all transactions are recorded and updated in real-time, and once recorded, these transactions cannot be altered. So, IBM is saying that not only will blockchain allow for the easy tracking of cannabis throughout all levels of its production, but because it is an immutable shared ledger, the transactions are secure. Blockchain ledger records would be ideal for financial institutions looking to audit cannabis companies, as well as government institutions looking to properly where to get delta 8 thc tax marijuana businesses and regulate the industry because they are unchangeable. Strain-tracking has long been a challenge and a matter of great interest in the cannabis industry. Innovative growers now regularly patent new strains and customers are often curious about both the qualities and parentage of the latest catchy names. Whether you’re interested in protecting a patent or want to find out more about a strain without published parentage, this is where the Kannapedia blockchain project comes into play.
Blockstrain Technology Corp. isdeveloping their platform as a community-driven cannabis database. The API software encourages cultivators, distributors, and operators to contribute their intellectual property to build applications and better business solutions on the Blockstrain network. In jurisdictions that are creating a legal recreational marijuana industry Blockchain, together with AI technology, can provide a seamless how long till cbd oil kicks in for dogs exchange of information between business and government regulators. It will also help to assure the government agencies overseeing the industry that fraud and theft can be kept under control. The cannabis industry is quickly evolving from essentially manually run, mall businesses to automated enterprise. Those in it have a chance to create infrastructure and systems freed from the restrictions of legacy systems.
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We provide you with the latest breaking news and videos straight from the medical cannabis industry. This is why all stakeholders will want to participate on our blockchain — to access these markets,” Reitzik said. If it all seems a bit like Silicon Valley in the 1990s and 2000s, that’s because it is.
The access to a vast amount of data, allows growers to optimize for environmental changes and variables and can even change the strain of the product. Growers can even adapt to what CBD level that they want and Bonbons au CBD 100 % naturel change the genetic makeup to consistently produce the types of strains that sell best. Uruguay Can is a company based in Montevideo that has experience in recreational and medicinal cannabis development.
- His companies have won technology awards from prestigious universities, including VisiCann, which has a working relationship with many of Israel’s top research institutions.
- Only the future will tell which of these companies are able to position themselves as industry leaders.
- As a result, the government of British Columbia was open to suggestions on how to regulate their cannabis sales.
- It is a delicate balance of compliance/certification costs and optimizing growing techniques to boost revenues.
- The future of cannabis depends onhow companies choose to incorporate blockchain into their core practices.
Eli Duffy, CEO of VisiCann commented, “I am happy to partner with REEFER Token. I have been very impressed with their team and growth over the past few weeks since launch. VisiCann has been at the forefront of AI technology for hemp and cannabis industries. Partnering with REEFER Token expands our reach into the crypto industry and the cannabis leader in the space. His companies have won technology awards from prestigious universities, including VisiCann, which has a working relationship with many of Israel’s top research institutions.
While this is nothing new for consumers, with LED lights being the norm in many households, the technology has taken some time to catch up to the scale required for full-grow operations. It is believed this technology could help open the door to increasing the bioavailability of CBD when added to liquid products. Because oil is not water-soluble when CBD is currently added to beverages and other water based products it separates over time. Tracking of cannabis in the legal system has proven to be quite a headache for many cannabis businesses. To understand its uses, imagine you order something through a bidding site, which tracks all of its sales and shipping through blockchain.
In addition to being a cheaper and faster alternative to Bitcoin, Dash also invests in various projects, both charitable and professional, to spread the word about this technology and to show its true potential. In addition to fundingalternative media, Dash has also funded youth programs in Africa and food charities in Venezuela. This week, Alt Thirty-Six announced a partnership with the cannabis software company WebJoint, which they say will allow for more widespread cryptocurrency adoption in cannabis retail locations. HALIFAX — Legislation governing legalized cannabis in Nova Scotia is moving ahead, despite calls from several health groups for the Liberal government to strengthen provisions governing where the drug can be smoked in public. Legislation governing legal marijuana in the province is moving ahead, despite calls from several health groups for stronger provisions governing where the drug can be smoked in public.
- With Western sanctions cutting off Russia from large parts of the global financial system, Moscow is looking for alternative ways to make key payments both at home and abroad.
- THE fallout from the publication of the FSA’s Public List is continuing to be felt on the stock markets…
- It will usually be based on a series of IF-THEN statements, such as if ‘a’ happens then ‘x’ happens, but if ‘b’ happens then ‘y’ happens.
- Few industries are as misunderstood, or as complimentary, as cannabis and blockchain.
- Wazabi provides an irrefutable single source of truth in terms of all data, and unique advanced analytics using AI, machine learning and other deep learning capabilities for optimal customer insight and experience for business optimization.
- Smoke Network is another project that combats the effects of illegal cannabis practices, this time, by introducing a social platform for cannabis customers.
“We’re going to be a lot more secure than anything that is not on the blockchain.” “The holy grail in all of this is to combine the years of data Leafly has on user experience with what we on the DNA sequencing and strain testing side do to promote medicine grown in the ground, personalized to the patient,” said McKernan. Because it would take up the entire article to explain how blockchain works, I assume you have a basic understanding of the core concepts. Another example of how blockchain is reinventing business and changing the world. The reason it’s such a perfect match is that there are many facets of plant legalization that require authentication and verification at a highly regulated level. For the flow from the producer to the consumer to remain legal, many checks must be made.
Without access to real-time information, cannabis companies can’t know where to invest or improve to remain competitive and compliant. 2022 Leafly Jobs Report found the legal cannabis industry supports 428,059 right now, a 33% increase over the 280 new jobs created per day, on average, last year. This step is expected to “provide physicians, pharmacists, and patients with greater confidence in the products they prescribe or consume.” Already, two of the highest valued cannabis companies in the world, Tilray and Aphria, have joined.
Prior to being packaged or sent to manufactures, cannabis batches will be sent to laboratories for quality and genetic testing. These tests will be recorded on the blockchain ledger so all participants can see the potency, strain, and genetics of the raw materials immediately after the tests are done. This prevents any bottlenecks or inaccuracies during the quality assurance analysis phase. One of the primary pitfalls of the typical cannabis supply-chain involves distribution and/or transportation. This is where much of the regulatory and compliance issues begin to surface, particularly when/if businesses are attempting to transport material across state lines.
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British Airways is working with the startup VChain to streamline their security checkup processes. Sometimes it can even delay flights, which is a big hassle for both the Airlines and the customers. More so, they are using CGI’s Trade360 platform for handling all of their regulations and transactions. The best part is that the platform is fully capable of handling the financial aspects of trading and offers a robust architecture as well.
It also would provide “transparency on the type, potency and potential benefits of different strains and their effects on the human body,” according to the news release. Blockchain technology paved the way for growth of cryptocurrency, providing a transparent record of millions of transactions around the globe. Aaron is a technology enthusiast and writer who is enthralled by how technology is transforming everything we do in our personal and professional lives.
So whether you are in the cultivation, production, manufacturing, or selling and marketing section of the cannabis industry, you need technology to steer your business into the future. Assemblymember Phil Ting, the author of the bill, points out that Californians voted for Prop 64—the 2016 measure that allowed adult use of cannabis in the state—to gain safe access to the plant and also to create jobs and tax revenue. “However, the cost of doing business has been exacerbated by the fact that the legal industry still cannot open bank accounts, and must transport large amounts of cash to operate,” Ting told Cannabis Wire in an email. But using cryptocurrency “will lower the cost of paying taxes and combat black market activity,” he said, by encouraging more businesses to get licensed. A year back, Canada officially declared that they would make recreational use of cannabis legal, and emphasize on the production and distribution chain.
- It’s not just a solution for Legalized Marijuana, it has the potential to become the new backbone of the internet.
- Furthermore, the ecosystem allows for online transactions across a safe and secure REEFER Point of Sale System.
- Actually, they are part of the initiative B3i that uses the R3 Corda platform to back up their insurance platform.
Some of these newcomers are bound to wind up overwhelmed by the sheer volume of variance and choice offered by the wide world of cannabis products. This is particularly true for new medical users who’s considerations and concerns when figuring out what product is best for them will be far more complicated and have greater implications than recreational users. The process is validated automatically allowing for secure peer-to-peer transactions.
Because of this, growers and retailers resort to illegal practices to hide their cannabis connection. As a result, cannabis businesses are now bypassing traditional banking and digging into the world of cryptocurrencies how to use cbd oil for stomach problems that offer superior security and transparency, eventually wiping out the use of credit and debit cards. Blockchain technology offers numerous advantages for the medical cannabis industry.
Siemens is also another company that is investing in blockchain for energy. More so, the company recently declared that they want to bring innovation to the energy sector. Anyhow, they are also planning to expand the solution to Power generation Services as well. Shipping is heavily reliant on fossil fuels, and the huge majority of ships globally are powered today by hydrocarbon based fuel oils, albeit with some variation in grade and specification.
The market seems to take a supermarket in the possibilities available with blockchain technology. Most businesses, including retailers, bars, and restaurants, accept virtual currency as a form of payment. There is a thriving industry in the US, especially for blockchain startup companies. There is a significant impact the country plays in cryptocurrency and blockchain. The US government expects to make substantial investments in blockchain technology through investment.
“The goal of implementing our payment technology and what we hope to see is that we can also keep a full record of the payments so that the business can keep track of it and easily pay their taxes,” Ralston explained. Moreover, he noted, when his firm says they want to make seed-to-sale tracking easily available, they literally mean just that. From the moment the seed sprouts, SinglePoint can show who owned, controlled and cultivated it, what wholesaler they sold it to, what retailer it went to and exactly when it went to the consumer. Cannabis’ legally gray status as a multi-billion dollar a year industry is fast on its way to becoming a tens of billions of dollars a year industry that is run entirely on cash. Payments for goods between suppliers, wholesalers and retail distributors are in cash; payments to employees are in cash; tax payments are in cash; even paying the power company and water bill are contingent on cash.