A blockchain and crypto company in Canada, DMG Blockchain Solutions Inc. (DMG), has publicized the expansion of a global supply chain management platform for the legal cannabis industry.
According to the CBC, Canada’s national public news and information service, the government officially legalized recreational marijuana starting from October 17. Cannabis was only available for medical use beforehand. There are over 120 legal cannabis producers in Canada and some top producers have already experienced lack of labour and supply chain related problems but it will be handled soon after legalization.
DMG is currently working on building up partnerships with marijuana industry players, quality assurance labs, distributors, and regulators about launching its cannabis supply chain solution following industry specific requirements. DMG offers interoperation with legacy systems, onboarding of new participants, as well as defective product recall.
The CEO of DMG, Dan Reitzik, stated that the product management solutions due to the increase in demands for cannabis and blockchain is the most acceptable and efficient choice. He added that Bitcoin as an example was a great option for controlled products like cannabis. The cannabis market is a $23 billion industry in Canada while 13 million consumers make $6 billion profits.
Blockchain technology has been used in various fields including agriculture and food supply chain. Earlier this month, IBM bgan blockchain-based food tracking network, Food Trust, to form networks among different parties in the food industry. It collaborated with Nestle SA, Dole Food Co., Driscoll’s Inc., Gold State Foods, Kroger Co., McCormick and Co., McLane Co., Tyson Foods Inc. and Unilever NV.
Furthermore, Walmart and its division Sam’s Club stated that they will ask suppliers of leafy greens to set a farm-to-store tracking system with the blockchain technology to “dramatically increase efficiency.”
Author: Jieun Lee