A billion-dollar industry has sprung up virtually overnight.
Cannabis has gone from taboo to big business, and most of it is happening in Canada, a country with 35 million people and big, green ambitions.
"Cannabusiness" is growing at an astounding rate, and it is much more advanced than you might think.
Today's cutting-edge technology has a big role to play in managing this new "Green Revolution."
One company is entering the world of marijuana technology…and faces little competition.
BLOCKStrain (TSX.V:DNAX) is a full-service software company which has developed the world's first integrated platform that tracks and registers cannabis intellectual property (IP) "from genome to sale."
The company's software utilizes blockchain technology, and is proprietary, immutable and
cryptographically secure from external tampering: a completely safe repository for IP and a "single source of truth for cannabis strains and their ownership."
Canada is on the verge of a historic milestone, becoming the first G7 country to make cannabis fully legal. The number of licensed producers (LPs) has shot through the roof as growers try to position themselves to meet increased demand.
Canada's cannabis exports increased by 400 percent in 2017. The nation's marijuana market is set to grow to more than $20 billion once legalization goes through. In May, the industry had its first billion-dollar buyout.
As the first developed country to embrace full marijuana legalization, Canada is about to become the pot capital of the world.
But with so many growers crowding the market, tracking and verifying product strains poses a big challenge.
Why is weed special? Well, it remains subject to different laws and regulations depending on regions: federal legalization will help with that problem, but provincial authorities will continue to affect how cannabis can be bought and sold.
Patent protection for marijuana strains is a historic trouble spot for the industry: it can be difficult to find adequate legal protections for products, and thieves can duplicate strains and rip off IP with ease.
Finally, with so many unprotected strains out there, ensuring quality control and bringing transparency to the market is absolutely necessary. Without effective quality assurance, strains might not perform as advertised, with potentially harmful consequences.
Supply chain management for cannabis could be a huge opportunity, one which has gone relatively under-appreciated in the cannabis stock boom of 2017-2018. The global cannabis market is projected to be $63 billion by 2024, and could overtake cigarette sales, currently $77 billion.
Billions of dollars in product will soon be changing hands across a global marijuana market, but without quality assurance, patent protection and tracking/verification, billions could be lost in waste.