Interest in cannabidiol-based products has been on the rise, as recent statistics show that the global cannabis market is expected to have reached $42.7 billion in the next four years. Yet as hemp-derived cannabidiol, or CBD, products gain popularity, federal agencies are proceeding with caution around regulatory measures for cannabis products. In order to address regulatory concerns, policymakers in different regions are looking toward using blockchain technology as a solution that can provide transparency into the complex cannabis supply chain. Ensure CBD becomes a novel food in Europe Most recently, the Cannabinoid Association of the Netherlands, which is a consortium …

Cannabidiol users concerned about the quality of their product in the EU can now trace the plant’s journey from when it was first planted in the fields to when it was sold in retail stores. An Aug. 6 statement from the Cannabinoid Association of the Netherlands (CAN) revealed it would make a blockchain tool — CanCheck — free for consumers to track cannabidiol (CBD) products in the EU online. HempFlax, one of the group’s founding members, and Europe’s largest independent grower and processor of industrial hemp, will be one of the first to offer traceable CAN products. CEO Mark Reinders …

A Californian federal judge has certified an investor class in a lawsuit alleging that the cannabis crypto firm Paragon Coin Inc violated securities laws in its 2017 initial coin offering (ICO) that raised $70 million. Paragon Coin promoted their ‘PRG’ tokens as comprising a currency for the cannabis industry and hired popular rapper The Game to promote the offering $70m crypto cannabis ICO to face federal claims On June 24, U.S. District Judge Jeffrey White granted the plaintiffs’ motion in-part on federal claims, however, he denied applications for claims at the state level on the behalf of investors based outside …

Once my company, Jerome Baker Designs, had become one of the premier producers of custom pipes and bongs in the 1990s, I no longer enjoyed doing it. However, when the Drug Enforcement Administration busted through the doors of my warehouse, and the Feds closed my business and seized all my assets, I had a change of heart. While I still won’t blow a custom glass for cash, I will do it for Bitcoin (BTC). Why? Because I truly believe in Bitcoin. When I was indicted in 2003 for trafficking illegal drug paraphernalia, alongside 50 other individuals like my pal Tommy …

In a varied career, Dan Schatt has been a Peace Corps volunteer in Romania, a Citibank banker in Senegal, a Celent analyst and a PayPal executive. He co-founded Cred, a decentralized lending and borrowing platform, with other PayPal technology veterans in 2018. Cred attracted some attention last year when it enabled a California politician to purchase cannabis with Bitcoin Cash (BCH). The politician was the first elected official to use cryptocurrency to purchase cannabis in the United States, according to Cointelegraph, in a demonstration meant to show how blockchain and stablecoin technology could enable more effective tax collection. Elsewhere, working …

Medical cannabis companies are rushing to sign up for the world’s first blockchain-secured platform for tracking product from seed-to-sale, according to a report from ProActiveInvestors on Jan. 3. The StrainSecure platform, developed by TruTrace, provides testing, DNA-based validation and product guarantees for patients and customers. Seed-to-sale tracking The immutable, cryptographically-secure platform enables cannabis producers to foster enhanced trust among customers in an industry famous for unreliable supply chains. “By focusing on granular genetic, chemical and contaminant data, as well as motion and movement information and then merging that into a blockchain we are able to provide real-time data on each …

A blockchain-based data marketplace, Measure Protocol, and a cannabis-oriented survey rewards app, Broccoli, will jointly establish a research community for cannabis users. According to a Nov. 12 press release, the companies will use the new community to survey consumers, collect data and make reports dedicated to cannabis use and the industry. In doing so, the parties intend to discuss the benefits of cannabis, debunk or prove myths surrounding it, and make the collected information available to the public. Phillip Olla, co-CEO of Audacia Bioscience, the company that stands behind Broccoli, said that blockchain technology will enable the firms to collect …

Decentralized application (DApp)-focused blockchain Aeternity will be used to track the supply chain of Montevideo-based medical and recreational cannabis producer Uruguay Can. Aeternity announced in a press release published on Sept. 25 that it is creating a supply chain management platform for the partner combining the Internet of Things and DApps. Aeternity Americas CEO Pablo Coirolo explained: “We want to be the first to offer a business-level solution in partnership with leading technology providers and cannabis producers, processors and distributors. [...] æternity technology is ideal for tracking the entire cannabis production process, from seed to full plant growth, throughout the …

A Californian politician has become the first elected official to use cryptocurrency to purchase cannabis in the United States. A press release shared with Cointelegraph on Sept. 11 revealed that Berkely City Councilmember Ben Bartlett used Bitcoin Cash (BCH) and the stablecoin Universal Dollar (UPUSD) to make the purchase at Ohana Cannabis, a dispensary in Emeryville, CA. The purchase was part of a live demonstration of crypto-financial technology conducted by blockchain company Cred and the Blockchain Advocacy Coalition. The latter is a group of California-based businesses and consumers that work to promote transparent blockchain legislation at a state and national …

Blockchain tracking startup TruTrace Technologies Inc. has partnered with "Big Four" auditing firm Deloitte to track cannabis using blockchain technology. Investing news outlet ProactiveInvestors reported on Sept. 4 that TruTrace is launching its StrainSecure product in partnership with Deloitte. The system employs blockchain technology to track cannabis from seed to sale, in order to guarantee that customers and retailers know the history of the product. TruTrace CEO Robert Galarza said that the new system will bring more transparency to the cannabis industry. The partnership with Deloitte will purportedly help the product reach a wider base of stakeholders since the firm …

Australian Securities Exchange-listed firm Security Matters has filed a patent application in the United States for a blockchain system to securely manage the cannabis supply chain. The proposed system could be applied to mark, track and manage the supply chain for cannabis plants, products and cannabis-derived ingredients, ZDNet reported on Sept. 3. Cannabis on the blockchain Security Matters — which publicly trades in Australia but is headquartered in Israel — has indicated that the scope of the patent covers the use of its proprietary chemical solution for “marking” cannabis plants at any stage of their cultivation — even to the …

A couple operating out of Merced, California have pleaded guilty to selling drugs on the dark web in exchange for cryptocurrencies, including Bitcoin (BTC) and Bitcoin Cash (BCH). The United States Department of Justice announced the charges in a press release on Aug. 6. According to the announcement, Jabari Monson has pleaded guilty to conspiring to distribute controlled substances, while Saudia Monson plead guilty to violating the Travel Act. Saudia allegedly used both mail and the internet to distribute controlled substances. According to the press release, the Monsons distributed cocaine, cocaine base, methamphetamine and marijuana through multiple vendor accounts on …