Canadian company will use blockchain technology for cannabis research

After legalizing the medical use of cannabis in 2001 and recreational use in October 2018, Canada has become one of the leading countries to research the benefits of cannabis consumption. The country now wants to implement blockchain technology for cannabis to improve their efforts.

The project is the result of a partnership between the American firm Deloitte and the Canadian firm Trutrace, which is responsible for providing all types of logistics solutions using this type of technology.

How Canada will use blockchain technology for cannabis

Using blockchain technology for cannabis emerged as a way to verify the medical results in patients who use the plant as an alternative treatment.

For recreational use, this technology aims to maintain the quality of cannabis, and give consumers peace of mind. According to data from the Canadian Federal Agency, since October 2018, 5.4 million Canadians have bought cannabis.

Among them, some 600,000 indicated that they recently tried it for the first time. It is therefore important to ensure the quality of the product. An effective way to do this is to trace cannabis through a product called StrainSecure.

The technology works as follows: using blockchain technology for cannabis, you can monitor the plant from seed to sale. This ensures that customers and retailers know the history of the product.

Additionally, this intends to bring transparency to the process. According to Deloitte, this partnership will help the product reach a broader base of interested people by serving 80% of Fortune Global 500 companies through its worldwide network of member firms.

Canada pushes for quality and safe cannabis

It also envisages that this technology will help the Canadian government to ensure that cannabis crops grow legally.

Additionally, this will ensure that appropriate taxes are imposed and collected and that black market sales are blocked.

It is worth mentioning that this is not the first initiative of this kind, as the Australian firm Security Matters intends to patent a blockchain system to safely manage the cannabis supply chain in the U.S.

US cannabis stock that can outsell Canadian growers next year

Founded in 2015, Veritas Farm Inc (OTC: VFRM) is a highly successful producer and distributor of CBD products.

In Q2 2019 Veritas generated more than $2.9 million in total revenue. That is a 500% increase since Q2 2018. The company’s gross profits reached $1,523,413 and thanks to great results, managed to reduce the liabilities by over $1.3 million.

Veritas Farm Inc (OTC: VFRM) grows their hemp similar to a quality vineyard, giving quality attention to each plant while using drip irrigation to provide precise hydration and conserve our pure Rocky Mountain water.

The company is committed to our community, sourcing locally whenever possible. They practice sustainable farming methods, reducing our impact on the land, remembering that future generations of farmers will follow us.

Canadian pharmacies will also be using blockchain technology for cannabis

Canada’s biggest drugstore chain plans to use blockchain technology to trace the source of the cannabis it distributes. This is part of an effort to set standards for the flourishing industry.

The Canadian pharmacy chain Shoppers Drug Mart partnered with TruTrace last June to launch a pilot program for the cannabis supply chain.

The program will track several strains of medical cannabis and allow physicians to issue more effective prescriptions while providing information for clinical trials, as part of an effort to set standards in this nascent industry.

This tracking system will track several strains of medical cannabis in order to know its chemical components and will allow doctors to issue more effective prescriptions,

Shoppers Drug Mart to launch pilot project using blockchain

The pilot project will be available in the Canadian network of 1,300 Shoppers DrugMart pharmacies in November 2019.

It is hoped that Shoppers DrugMart could soon use this to make similar arrangements with the US pharmacy chains CVS and Walgreens. These two pharmacies also sell products made from cannabis.

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(Featured image by WorldSpectrum via Pixabay)

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