You walk into a state-of-the-art dispensary, spot your go-to strain, and approach eagerly. Beneath the encased cannabis jar, a digital display tells you where the plant was grown, what methods were used, when it was harvested, its THC content, and when it hit the shelf.
What more do you need to know?
Blockchain technology could make this kind of provenance ubiquitous in dispensaries. It’s just one of the benefits of a technology that can oversee cannabis operations from growhouse to dispensary shelf.
The same ledger that informs the customer could also help manage inventory and supply chain processes. This would be a logistical cost-cutter for dispensary owners, farmers, and transporters.
And as regulators sink their hands further into this sticky situation (pun intended), blockchain ledgers could become an invaluable compliance tool. Because many dispensaries are cash-only businesses, recording sales on a secure-but-shareable blockchain ledger would facilitate real-time auditing.
By the way, dispensaries are cash-only because most credit card companies won’t accept cannabis dollars. The blockchain can help with that too. Several banking alternatives specifically aimed at cannabis entrepreneurs are in development, and they’re built with blockchain technology.
There’s no denying blockchain’s potential to elevate the cannabis industry, and it seems only a matter of time.
1. Isaac Dietrich, Chairman and CEO of MassRoots, Inc.
“Blockchain could improve accountability and transparency, both in supply-chain tracking and measuring ROI for advertising spending. We believe blockchain technology could enable businesses and the cannabis industry as a whole to operate more efficiently and with better compliance.”
2. Barinder Rasode, CEO of Grow Tech Labs
“Transparency. Cannabis’ migration through improved policy and regulation has been long coming and is very much welcomed by its proponents across demographics. There are a lot of questions about how a medical substance like cannabis which was a black market product migrated and legitimized itself in society. Businesses and communities want accountability from everyone involved with this new paradigm. And blockchain’s distributed ledger technology signature value proposition is its immutability and transparency. This openness and ease of availability for information is blockchain’s best benefit to the cannabis industry.”
3. Brandon Van Asten, Manager, CPA with Bridge West, LLC
“Blockchain could help solve the temporary payment processing issue. Credit cards are not accepted, resulting in cash-intensive businesses. This is very inconvenient for all parties.”
4. Braden Perry, Partner at Kennyhertz Perry LLC
“Most marijuana companies would benefit from some aspect of blockchain technology, from the supply of products, fair pricing, efficient supply and improved product tracking. It will also enable marijuana producers to do real-time management of their production and storage. Seed procurement to harvest to sale can be recorded on a blockchain, which assists producers and consumers in quantifying, monitoring, and controlling the agriculture process.”
5. Avis Bulbulyan, CEO of SIVA Enterprises
“The single most important word for the cannabis industry should be compliance. Compliance in cannabis makes or breaks a company. The ability to integrate blockchain for compliance, among other things, is a pretty big game changer. Especially in this day and age when companies are susceptible to breaches.”
6. Joel Semczyszyn, CEO of Rubikon Blockchain Corp
“Data immutability. This provides provenance and transparency into the development of cannabis products from seed to consumption”
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