Blockchain News

Cannabis Industry to Reap Massive Benefits from Blockchain

Leading blockchain-based platform æternity, recently announced the launch of a supply chain management platform using blockchain for cannabis trade. The company is scheduled to take up the initiative in collaboration with South America’s renowned cannabis production company Uruguay Can.

æternity’s latest move will allow registration and monitoring of cannabis right from the seed stage to the final product. It will combine the technology of the Internet of Things popularly known as IoT and blockchain to facilitate the possibility of creating decentralized applications.

Pablo Coirolo, CEO of æternity Americas, emphasized the fact that blockchain technology may offer security and confidence about medical and recreational cannabis’ quality.

Pablo Coirolo said, “We want to be the first to offer a business-level solution in partnership with leading technology providers and cannabis producers, processors and distributors. æternity technology is ideal for tracking the entire cannabis production process, from seed to full plant growth, throughout the entire supply chain, which ensures consumer safety while complying with regulations.”

Earlier in the year 2013, Uruguay emerged as the only country in the world to entirely legalize the production and sale of marijuana. It has a population of just 3.4 million and located between Brazil and Argentina. Uruguay has also become a leading innovator in both recreational and medical marijuana all across the region.

According to reports, the first phase of the implementation between æternity and Uruguay Can start in this month only and likely to complete by January 2020.

Meanwhile, Uruguay Can CEO Eduardo Blasina is positive about the alliance with æternity and calls it a crucial milestone for the industry. Blasina said, “We are proud to be the first company in Uruguay that can guarantee the quality of our products in a transparent and verifiable way.”

On the other front, Los Angeles-based Cannabis Strategic Ventures Inc. and NUGS Farm made an important announcement of their first round of product sales from the first harvest of its entirely owned and controlled cultivation facility located in Northern California. LW Ventures had made a whopping investment of $8,000,000 to fund the harvest.  The product sale from the vast 6-acre area started in the middle of September 2019.

The plantation took place at a mere one-third of the total potential. It is expected to become completely operational by the end of 2019.

The massive 275,693 square-foot cannabis process has already initiated booking of deals for over 13 of its distinctive flower strains.

Amid the excellent financial support and expertise in cannabis, the operations of Cannabis Strategic Ventures have immediately turned the company as one of the most comprehensive greenhouse-based mixed lighting cultivators all across California.

Soon after the first harvest, the company may go for weekly harvests in the entire month of October. Meanwhile, Cannabis Strategic Ventures has yet to divulge vital details about the quantity of the present and succeeding harvests.

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