The public shouldn’t underestimate a dreadlocked Coloradoan’s desire to learn about his buds. Knowing the soil their herb was grown in or the particulars of its journey to the dispensary is all part of the legal experience.
Consumers love a story, maaan.
Stories for each bud will come with time. But investment tends to go to the most necessary projects first. For the cannabis industry, that means inventory management and banking solutions.
Blockchain ledgers tracking plants from field to point-of-sale will be invaluable to dispensary managers. Cannabis stores are particularly volatile. Strains might be available today, but gone tomorrow.
Blockchain’s capacity for greater inventory management and supply chain oversight could be a game changer. Dispensary owners would be privy to a clearer time frame for strain availability, and could pass those timetables along to their customers.
The flashier manifestations of this data — the story behind each strain, for example — will come as a byproduct of supply chain oversight.
Blockchain banking solutions are also in high demand. Well, any banking solution, really.
It just so happens that blockchain is a proven host for financial transactions. With cannabis entrepreneurs hiding cash under their mattresses, alternatives can’t come soon enough.
1. Isaac Dietrich, Chairman and CEO of MassRoots, Inc.
“We believe the greatest opportunity is for a blockchain-powered reward instrument to incentivize consumers to leave quality reviews of products, shop at participating stores in the network, and enable dispensaries to better manage their customer loyalty programs.”
2. Barinder Rasode, CEO of Grow Tech Labs
“Blockchain technologies will continue to gain adoption in production and auditing throughout the world. With distribution and marketing initiatives being the next set of business operations gaining the benefits of this technology. The overall future of blockchain within the cannabis industry is a single fabric layer of information from seed, production, preparation, refinement, transportation, distributions, marketing and customer engagement. Businesses and consumers all having confidence in the chain of information and having agreed to access at different levels of requirements, and all easily regulated by government.”
3. Brandon Van Asten, Manager, CPA with Bridge West, LLC
“The future of blockchain in cannabis is likely not related to payment processing unless we see mass adoption of crypto as payment. Blockchain is much more likely to prove useful in tracking seed-to-sale information, which consumers would find interesting. Information like terpene & cannabinoid profiles, various stats about the plant(s) and characteristics of where it was grown could all arise from blockchain tracking tools. This information would result in consumers feeling more connected to the product.”
4. Braden Perry, Partner at Kennyhertz Perry LLC
“Blockchain has vast potential. Legal marijuana companies that are proactive in its uses will likely reap benefits in ways we can only imagine. As the regulatory framework progresses along with innovation, companies will benefit. But that regulatory framework will likely lag behind innovation, frustrating those who want to adopt the new technology.”
5. Joel Semczyszyn, CEO of Rubikon Blockchain Corp
“Blockchain’s use is primarily in supply chain management. There is an enormous opportunity to showcase the strengths of blockchain technology in this highly regulated sector. As cannabis is very much an emerging industry, its supply chain is in its infancy. In an industry where products and availability often change drastically from month to month, being able to provide consumers, producers, and wholesale purchasers with detailed, lab-certified information is a challenge blockchain is uniquely suited to solve.”
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