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DMG Blockchain Solutions Inc, a diversified cryptocurrency and blockchain platform company, announced on Tuesday 16 October that they are developing a global supply chain management platform for legal cannabis.
As part of the ongoing development, DMG are in talks with people across the cannabis industry about how to make this happen, this includes licensed producers, quality assurance labs, distributors and government regulators. The Vancouver based company is currently advised by key crypto player and Litecoin creator Charlie Lee.
At this stage in the development DMG is focusing on the Canadian application since Canada became the second country in the world to legalise recreational cannabis use this week, the first being Uruguay. However, DMG have made it clear that blockchain is a global phenomenon and they intend to start with Canada but expand globally when the time is right.
Market reports conducted by various companies have suggested that the global cannabis market could be over $500 billion. DMG are undoubtedly very excited to be at the forefront of a venture of this size and could potentially gain huge traction if legalisation continues to be worked towards across the world. However, they will find focusing on Canada to be enough to keep them busy with an estimated 13 million recreational cannabis users.
At this time the blockchain supply chain solution doesn’t have a formal name, that has been released at least, but DMG have released details on how they see it working. The blockchain focused solution will include several capabilities such as on boarding new market participants, automating the cannabis supply chain using smart contracts and product recalls. DMG have been wise to drum up excitement about the project without releasing any timescales for its implementation. With legalisation in Canada being in its infancy we are yet to see how the market will develop and also is DMG have the technology arsenal necessary to take on such an ambitious project.
It’s currently estimated that Canada’s cannabis industry could expand to $23 billion, so it’s a smart move for DMG to claim their place in the industry while it starts to grow in the coming months and years. Their success in the Canadian market could lead to huge revenue when it comes time for a global market, although we’re still some way off that at this time.
DMG CEO Daniel Reitzik “So just like there’s one global blockchain that manages Bitcoin, there is going to be one global blockchain that manages cannabis.”