For those of you keeping up with cannabis legalization, it should bring you much joy that our neighbor to the north, Canada, officially legalized recreational marijuana on October 17. Those aged 18 or older can now possess up to 30 grams of cannabis in public, share it with other adults, and purchase cannabis items at licensed retailers. Those with a bit of a green thumb can also legally grow up to four plants per home.
How does blockchain play a role in the sale of marijuana? Cointelegraph recently released an article detailing how DMG Blockchain Solutions Inc. (DMG) will create a global supply chain management platform for the newly legalized cannabis industry. Supply chain is defined by Oxford Dictionary as “the sequence of processes involved in the production and distribution of a commodity”. In other words, supply chain includes all the processes involved in producing and delivering a product. The article goes on to detail how DMG will be interacting with numerous facets of the cannabis industry. Using a blockchain-powered platform, they will be able to make huge strides forward.
Companies such as IBM have already deployed blockchain technology with agriculture and food supply chains. If more companies get behind this technology, we could see a boom in adoption of blockchain—which could boost other aspects of blockchain technology, like cryptocurrencies. This may translate to a rise in the value of cryptocurrencies, such as Bitcoin and Ethereum.
So if you are looking to cash into the cannabis business in Canada, DMG might be your go-to for supply chain needs.