The media attention given to Canada’s recent legalisation of cannabis has been wild. Canada has become the second country after Uruguay to legalise possession and use of recreational cannabis. And the Canadians are loving it! Now blockchain is looking to capitalise on this development through a blockchain based solution.
Blockchain and Cannabis
Justin Trudeau, the Prime Minister of Canada, announced that the pivot towards the legalisation of cannabis was done in a bid to keep ‘profits’ out of the hands of criminals’ and to ‘protect ‘the nation’s population at large.
In tandem with the regulatory action, Vancouver-based DMG Blockchain Solutions Inc (DMG) announced that it is developing a supply chain management system for the cannabis industry. DMG is advised by none other than Litecoin creator Charlie Lee – which adds a heavy-weight hitter to the scene.
DMG’s CEO Dan Reitzik, commented:
The emerging cannabis industry demands product management solutions and blockchain is the most logical choice. We want to be the first to offer an enterprise grade solution in partnership with leading technology providers and cannabis producers, processors and distributors. The first use of blockchain was bitcoin, but the perfect use is supply chain management for controlled products such as cannabis. Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of product, enhancing product safety, as well as facilitating and automating legal and taxation compliance.
It’s great to see companies like DMG seizing the momentum of blockchain and cannabis creating value in the space!
The cannabis economy is likely to explode in value and this is an area that would be ripe for a blockchain based solution. Blockchain and cannabis would be a great match and would work be an effective partnership to model the synergies between blockchain and mass market needs. From cryptocoindude.com good luck to all blockchain platforms exploring this brave frontier.