Leveraging Blockchain to Enhance Traceability in the Cannabis Industry
Legalisation of cannabis has gained traction in several countries. In October, Canada became the first major economy to fully legalise marijuana, sparking celebrations as the country embarked on the controversial experiments with the drug policy. In the U.S., nine states have already legalised cannabis for recreational use, with medical marijuana being legal in another 30 states .
According to Pew Research Centre, a record 62% of the U.S. population is in favour of legalising cannabis reflecting a steady rise over the past decade. The expected growth in the cannabis industry is being driven by the realisation and increasing acceptance of its associated health benefits including managing diabetes, cancer, and chronic pains.
However, besides the health benefits for consumers and the likely profits, the cannabis-based start-ups are likely to obtain, the marijuana industry must be controlled and regulated. Regulation of the industry would ensure that users consume safe and high-quality cannabis products.
In a highly controlled and regulated environment, anyone who touches the product must have an efficient and transparent reporting system to remain profitable. Such a system requires efficient traceability mechanisms where cannabis firms participate in seed-to-sale tracking.