The Use of Blockchain in the Cannabis World

Blockchain and cannabis have one thing in common: they are both disruptive developments changing how people do business worldwide, particularly in the United States. When it comes to legal cannabis producers, blockchain has the potential to completely transform an industry that has been hampered by a shockingly slow development trajectory, resulting in increased revenues in the future. This isn’t only true for growers; blockchain’s impact on a sector will also affect retailers and producers. But before we look into the impacts, it is imperative to evaluate the cannabis industry’s challenges? The transition from illicit to legal products hasn’t happened as swiftly as predicted since recreational cannabis was legalized in numerous places across the United States and Canada. Those that joined the market early, anticipating high demand, have been disappointed. Depending on your perspective of the sector, it may come as no surprise that most cannabis is still sold illegally, with illegal channels accounting for 80% of volume and 60% of value in Canada. There are several reasons why the legalization of cannabis hasn’t progressed as quickly as expected: Only a few retail outlets exist. Legal products’ prices have risen. Product selection is somewhat limited. In-store and online supply shortfalls Uncertainty about government-regulated products Many of these issues are being addressed as the cannabis busin...