How these non-traditional asset classes are using each other to break down barriers.
Cryptocurrency caught mainstream attention when the industry’s total market cap hit strongest cases for blockchain adoption. The efforts to add transparency and accountability to the supply chain management of cannabis businesses yields positive effects to the social stigma surrounding marijuana use. Medical marijuana dispensaries are successfully rebranding the drug by providing detailed information about the medicinal properties of particular strains, but communities moving to legalize pot still see pushback over concern that the legal cannabis will inevitably fall into the wrong hands.
Blockchain solutions like Paragon’s ‘seed-to-sale,’ CannaSOS’s ‘social marijuana network,’ or dispensaries using cryptocurrencies as a secure and accountable mechanism for sale are the key to ensuring accountability in the pot industry and to facilitating a positive ecosystem for buyers and sellers.
The growing cannabis industry in the U.S. has proved its profitability (national marijuana sales in the U.S. are estimated to hit $11 billion this year), but in terms of commoditization, pot still faces many hurdles.