Cannabis– Canada-based crypto and blockchain company, DMG Blockchain Solutions Inc. has made public its development of a global supply-chain management platform based on blockchain technology for the now legal cannabis industry.
This proposed launch comes on the heels of the official legalization of recreational marijuana and weed related products on 17th October 2018 by the Canadian Government. Cannabis/Marijuana had before now, been only permissible for medicinal uses within the country.
Canada has by this feat become the first western world country to legalize marijuana. The move hailed by many nationals is explained by Prime Minister Justin Trudeau as “a move to protect its youth population and keep profits out of the hands of criminals as it becomes a general yet regulated commodity.”
According to statistics, there are over 120 licensed cannabis producers in Canada with a number of these producers laying up complaints with regards to supply chain issues and labour shortages which they predict may lead to scarcity given the current legal status.
Speaking on blockchain technology in the cannabis industry, DMG CEO Dan Reitzik remarked:
the emerging cannabis industry demands product management solutions and blockchain is the most logical choice. The first use of blockchain was Bitcoin and cryptocurrencies, but the perfect use is supply chain management for controlled products such as cannabis.
Canada: Great Market for the Booming Cannabis Industry
Analysing further, the DMG states that in Canada alone, the cannabis market is a $23 billion industry, with 13 million recreational consumers who produce $6 billion in revenue; just as the global marijuana market is predicted to be valued at $500 billion in coming years.
At this time DMG is in negotiation with major heads of the cannabis industry in Canada including quality assurance labs, retail distributors and government regulators. The company aims at establishing a cordial relationship with industry stakeholders for the launch of the supply-chain solution and to ensure that the blockchain platform maintains compliance with industry specific requirements.
A Case For the Blockchain Management Supply Chain for Cannabis
Highlighting other features and benefits of the blockchain supply platform, DMG lists advantages to include: an automation of the supply chain, monitoring of products flow (traceability), inter-operation with legacy systems, on-boarding of new participants and recall of defective products for consumer’s safety.
In all, DMG looks to capitalize on the emerging and newly legalized cannabis industry in Canada with subsequent interests on global domination as an early starter in the industry. This proposed Blockchain based supply-chain will most certainly yield huge monetary and utility dividends.
Blockchain technology on its part keeps making headlines as more companies are set to utilize the tech in varying sectors. From tracking food/agricultural products, monitoring mineral mining, verification in payment systems and security in identity systems among others. And just as Changpeng Zhao (Binance CEO) quipped ‘Blockchain technology is here to stay‘.
Is Cannabis/Marijuana legal in your country?
What use cases are there of blockchain technology within your country? Comments…