In line with a recent official announcement by the DMG Blockchain Solutions Inc. [DMG] firm, and reported by the Canadian national public news and information service [CBC] the country’s govt has formally legalized recreational marijuana as on 17th Oct. Cannabis was antecedently available in the market just for medicinal purposes within the country.
In line with Health Canada, there are presently over a 120 commissioned cannabis producers in the country, where one among the largest producers has already declared that the shortage of labor and supply chain problems may lead to insufficiency soon after when it becomes legal.
DMG is presently negotiating with marijuana business players, quality assurance labs, distributors, and regulators regarding launching its cannabis supply chain solution in compliance with business specific needs. Among the planned capabilities of the new blockchain platform, DMG cites interoperation with bequest systems, onboarding of latest participants, along with defective product recall.
CEO of DMG ‘Dan Reitzik’ aforementioned that the rising cannabis business demands product management solutions, blockchain seem to be the most reasonable selection,” adding that “the primary use of blockchain was Bitcoin [BTC], however the right use is to offer chain management for controlled product like cannabis.”
As per the statistics provided by DMG, the cannabis market is a $23 Bln business in Canada alone, whereas 13 Mln recreational customers produce $6 Bln in revenue.
Blockchain technology has been actively deployed in agriculture and food supplying chains. Even earlier this month, IBM launched its blockchain-based food tracing network, Food Trust to attract totally different parties within the food business. Throughout this time period, that started earlier in Aug 2017, the corporate partnered with Nestle SA, Dole Food Co., Driscoll’s INC., Golden State Foods, Kroger Co., McCormick and Co., McLane Co., Tyson Foods INC. and Unilever NV.