When you first hear the expression CBD + Cryptocurrency, what do you think of? Although it may seem that these two industries are far from being related, they share similarities and can even be integrated to help each other. As cannabis remains a debatable topic and many dispensaries face difficulties, blockchain can give a helping hand. Read on to find out how.
1. Check the Source
Cannabis businesses strongly depend on where the plant comes from. It is not only about the quality but also about the legal rights of the seller to produce and distribute the plant. Sometimes dispensaries may fall into the trap of malicious sellers who have wrong certificates as it is hard to check their validity. Nevertheless, if the shop or dispensary wants to be on the market, they should trace the source where cannabis was manufactured. Blockchain technologies can give this information and infrastructure. With the help of the DeFi (Decentralized Finance) ledger, companies using blockchain can follow the entire cycle of cannabis production before it reaches the shelves of their shops.
2. Ensure the Legality
Cannabis dispensaries are not the only entity caring about the quality and supply chain of the plant. Governments of most countries are also taking steps to ensure that cannabis circulation follows the established norms and rules. In countries and states where cannabis is still illegal, law enforcement bodies can use blockchain to understand how the plant appeared in their territory. This can help them prevent illegal cannabis from entering the country through possible legal loopholes. In countries and states where cannabis is legal, state bodies can apply blockchain to make sure that they have high-quality cannabis. Of course, in both cases, blockchain can also help find sources selling weed illegally or distributing low-quality produce.
3. Validate the Medical Use
In some countries, cannabis is allowed into the healthcare system. The plant has been in use for decades and has proved its effectiveness in fighting issues such as chronic pain and depression. Hence, doctors can prescribe cannabis for medical benefits, but people can use those prescriptions with financial intentions. Those who don’t have access to cannabis, but want to either take it or sell it, can falsify prescriptions or use it to get cannabis and sell it to third parties. These actions can be hard to track as illegal cannabis sellers can use people with medical conditions to get doctor’s prescriptions repeatedly. Blockchain can help doctors and drug store sellers have a combined platform where doctors can put the prescription for a particular patient, and the drug store seller can validate it electronically.
4. Accept Payments
Finally, many companies offering financial services don’t want to be associated with the cannabis industry. From Visa and Mastercard to PayPal, such businesses have forbidden their customers from purchasing at canna stores using their cards and apps. However, there is some good news, too: canna dispensaries have started to take cryptocurrency, which helps this industry grow and attract buyers. If you are one of those customers, both into cryptocurrency and cannabis, there is a high chance you will be able to purchase not only the plant but also custom lighters and bags, and jars to boost your canna experience.
Source: Plato Data Intelligence: PlatoData.io
