Are blockchain technologies suitable for the cannabis industry?

Absolutely.  I believe that blockchain technology can encourage better management in supply chains by identifying inefficiencies, creating a real-time non-paper record, allowing cannabis companies to reduce costs and thereby improve their operations. 

Cryptocurrency and Blockchain companies are rapidly entering the space to address the multitude of legal and logistical issues, and blockchain payment platforms and other solutions are quickly sprouting up to address the need.  

It remains to be seen how blockchain systems will strike a balance between privacy rights and the needs of government regulators.  Possibly we will see mechanisms to allow government review of transaction history only upon demonstration of probable cause or upon consent of the participants.   As much as blockchain may provide solutions, there may be opposition from the cannabis business community to the ability of government to participate in the blockchain ledger at all.

 

It is a hot topic, for sure.  Call me if you have specific needs or questions. I am here to help.  212 634-3096.  Andrea Cataneo

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