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Blockchain Can Boost Trust in Cannabis Industry

By Maurice Nagle
February 04, 2020

Whether we’re talking THC, CBD, hemp we’re speaking on solutions. As attitudes and actors shift toward supporting the cannabis industry, it is garnering growing attention from technology developers. One in particular, blockchain, is impacting this industry from seed to sale.

Next week, cannabis industry leadership will come together in sunny South Florida for “Cannabis on the Blockchain” a workshop devoted to educating attendees on how technology is assisting the space, but more so unpack best practice for current or prospective cannabusiness ventures, exploring business strategy, legislation, supply chain and more.

In advance of the event, I had the honor of catching up with keynote speaker and U.S. Cannabis Pharmaceutical Research and Development (USCPRD) Chief Executive Officer Michael Patterson to pick his brain a bit on the industry, and offer some insight as to what we can expect at Cannabis on the Blockchain next week.

Patterson explained that USCPRD is a global Cannabis, Hemp, and CBD company which has its hands in cultivation, processing, distribution of Cannabis. USCPRD also consults and collaborates on all issues regarding the Cananbis, Hemp and CBD industry including best practice in investing; technology, blockchain, crypto; regulation, law; and global trade.

Digging a little deeper in blockchain, Patterson noted that it, “is becoming the standard for “track and trace” and “seed to sale” software to track the cannabis plant through the entire value chain.  Also, blockchain is being used to track international shipments of Cannabis/Hemp product to decrease confusion and/or rejection of product in customs. Blockchain enables the industry to, “build ‘TRUST’ into a system which has little trust globally,” Patterson continued.

Internationally speaking, we are only seeing the beginning of trade, and one can expect this to expand in 2020 and beyond. The key to capitalizing is best practice, “Domestic and international markets are extremely lucrative if you can navigate your way and find trusted, reliable partners,” Patterson explained.

The primary obstacle of growth is consistency. Specifically, in regard to regulation, as Patterson highlighted they vary widely from state to state or nation to nation. He continued, “Laws and regulation are constantly changing, so staying on top of current regulatory practices can be daunting.”

It’s time for the rubber to meet the road. With growing attention, comes scrutiny. 2019 proved, “Reality set in and companies must actually create revenue and get to profitability in order to have accurate valuations.” I hate to belabor the point, but this harkens best practice and the right partners.

Patterson has been nothing short of enthusiastic about his opportunity to educate the tech world about major challenges and “choke points” in the cannabis industry in order to fix them. Attendees should expect Patterson to unpack the areas negatively impacting the industry, as he noted, “If you know the biggest problems in cannabis, it will give you the ability to create the best tech solution.”

Tech and cannabis are natural partners, and as the two industries come together we are reaching a tipping point in building trust, ditching stigmas and delivering the results patients and recreational users expect.

See you in sunny south Florida!

Interested in attending, exhibiting or sponsoring Cannabis on the Blockchain? Curious about what lays ahead for this much maligned but undeniable opportunity? Email Moe Nagle for more information. Don’t forget to ask how you can save 50% on registration!




Edited by Maurice Nagle
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