Many industries have integrated blockchain technology into their production process, with the aim of certifying, tracking and making transparent the information recorded. And among these, there is also the sector dedicated to medical cannabis.
In fact, even today, it seems that medical cannabis, blockchain and crypto are all moving in the same direction, since the sectors are all booming, do not have a clear regulation that manages them and, in recent years, continue to register large volumes of money.
In particular, some projects have precipitated on this connection, putting in their core-business the coexistence between these worlds and creating medical cannabis projects on the blockchain.
In essence, among the two thousand cryptocurrencies in circulation, many of them are tokens or cryptocurrencies that represent a specific blockchain (some private and others permissionless) linked to the cannabis world.
Examples of medical cannabis projects on blockchain
DMG Blockchain is a private blockchain company whose latest project is based on a full-service supply chain and a source platform for the Canadian legal cannabis industry.
HempCoin (THC) is, instead, a blockchain solution with its own crypto, for agricultural trade and uses HempTRAC for data, HempPAY for payments and HempDEX for global exchange.
Users of this platform are private individuals and companies in the legal sectors of cannabis, hemp and tobacco. They mainly serve as a banking and payment solution for the marijuana industry.
Its crypto THC is listed on the crypto-exchange CryptoBridge, P2PB2B, Trade Satoshi and Graviex.
Paragon (PRG) is a comprehensive blockchain-based solution to many of the problems that plague the legal cannabis industry. Its distributed ledgers can authenticate the product and confirm that a transaction is legal and free of regulatory interference.
In addition, Paragon also searches for affordable properties to rent for cannabis startups, creates a digital space for cannabis enthusiasts to share their thoughts, and finances and supports blockchain innovation in the cannabis industry.
The PRG token is listed on the crypto-exchange of YoBit and Tidex.
PotCoin (POT) is a cryptocurrency designed to serve as a payment method and store of value for the legal cannabis industry worldwide. Users can exchange PotCoin for legal cannabis products and services.
POT is purchasable and exchangeable directly on the crypto-exchange Bittrex.
Malta and the regulation of medical cannabis
The issue of regulations for the crypto and cannabis sectors has enabled the state of Malta, called the Blockchain Island, to expand its vision through events that continue to invite innovative companies from these worlds.
Following the success of the SiGMA and Malta A.I. & Blockchain Summit, the island also hosted the Medical Cannabiz World event on 4-5 November 2019.
The Medical Cannabiz Summit focused on the regulatory benefits for companies settling in Malta and has attracted investors, medical researchers, policymakers and entrepreneurs from around the world, seeking to forge exciting new opportunities.