President Trump has ordered increased enforcement of federal marijuana laws in states that have legalized it. But the industry that has spent most of its life in the grey market is not going to be bullied. Like other industries, the marijuana industry is moving to the Blockchain and creating a self-regulating model. In the process, it is leapfrogging ahead of other industries in terms of legal and industry compliance.
Could the legalization of marijuana in US states be rolled back?
Rather than circumvent legal and regulatory hurdles, Budbo is launching a blockchain supply chain solution for the cannabis industry with an unsurpassed level of legal and regulatory transparency.
The cannabis data analytics provider has developed a cloud platform that tracks the entire cannabis life-cycle, from seed to sale. The grower, manufacturer and dispensary all conduct development, sales and distribution activities transparently in compliance with national and state regulations. All transaction information across the lifecycle becomes part of a decentralized repository that can be leveraged to create cannabis product and quality control standardization across channels. The improved regulatory oversight could pave the way for the national legalization of cannabis.
Developing a Tokenized Global Cannabis Market
The gradual legalization of marijuana across US states over the years has created a fragmented industry in dire need of integration and systemization. By placing the entire cannabis supply chain on the immutable and transparent blockchain ledger, Budbo is creating the first truly national and global market for the cannabis industry.
Rather than operate outside the purview of regulators, Budbo is helping them do a better job. A truly innovative development is the ability of government regulators to view transactions and ensure product integrity in real time on the transparent transaction ledger. Budbo’s GPS system already tracks the logistics of cannabis products. This view into industry activity can be monitored by regulators via the Budbo blockchain.
Sharing Cannabis Intelligence
As a data analytics leader, Budbo will become an increasingly important data provider. Its mobile app helps buyers choose the strain of cannabis they desire and then find reputable sellers while collecting important cannabis buyer trends on strain preference, effects desired, and so on.
This information is stored in Budbo’s robust data analytics engine. The information is of great value to drug developers and dispensaries, which need to understand the emerging market demand and trends. These data analytics could also be used to develop regulations, for example, by informing the establishment of strain standards and quality control.
Regulators have a vested interest in pushing more cannabis sales into the legal market where data analytics like those provided by Budbo are improving product quality and efficacy. Only about 20 percent of the $50 billion in marijuana sales take place in the legal market. Putting the marijuana trade on the legal books has produced many benefits. States that have legalized weed are investing the tax proceeds into public health, education, and substance abuse prevention.
The use of marijuana by adolescents has, in fact, declined as more states have legalized cannabis. Future tax windfalls from cannabis sales could be as high as $150 billion, according to an estimated value.
The Budbo ICO
All industry players, from growers and dispensers to government actors, will require the Budbo token ($BUBO) to conduct business in the decentralized market. Budbo’s token sale is already in progress. A total of 150 million tokens are being sold across five tiers with the price of the token increasing from $0.25 to $0.35. The pre-sale sold out early in January, so get in now before you miss the chance to join the cannabis blockchain movement.