New Partnership Brings Blockchain To Cannabis Industry
Now that's what I call a growing industry
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Blockchains have strong potential for both growing and established industries, such as supply chains. Now, Mile High Labs, and Chain.io have collaborated to bring blockchain to supply chains in the marijuana industry.
Supply chain transparency provides yet another example of blockchain applications in the cannabis industry alongside financial services, which are currently difficult to come by for cannabis enterprises. According to a joint (no pun intended) press release, the budding cannabis industry leaves many consumers for want of information on how their products were grown, transported and handled.
In the release, Jason Roth, CEO of Mile High Labs, said:
“Mile High Labs is providing concrete, factual answers to some of the most prevalent questions that CBD consumers have: ‘Where does my CBD come from? What’s in it?’ In an ever-evolving regulatory landscape, our advanced supply chain protects the integrity of our brand and products.”
Chain.io’s collaboration with Mile High Labs aims to rectify that by applying blockchains to create a secure, data and proof-driven product supply chain for the cannabis industry. This transparency, Mile High Labs believes, is the key to increasing demand for pot products on the consumer’s end while putting blockchain technology to good use.
Regulatory compliance is another way in which DLT can shine, automating product I.D. checks. Roth added:
“The rising popularity of CBD has been seen by some as an opportunity to capitalize on a lack of knowledge and regulations. As a result, our industry is at risk of bad actors. These major developments in the Mile High Labs Supply Chain represent our steadfast commitment not only to safety and transparency but to the technological and regulatory advancement of the entire industry.”
Blockchain and other emerging markets like the cannabis industry seem to offer each other opportunities that allow both to grow side by side. Whereas DLT’s offer marijuana businesses decentralized and intelligent financial services and supply chains, the cannabis industry gives blockchain another chance to prove its transformative power in many industries.