Companies Use Blockchain to Connect Consumers to Cannabis Growers

Companies Use Blockchain to Connect Consumers to Cannabis Growers

Industrial hemp is legal in all 50 states and companies are working to get CBD, insulation, textiles, and biofuels made from it to the masses. These three companies hope their partnership will help connect farmers and buyers.


Blockchain application firm Global Compliance Applications Corp (APP: CSE; FUAPF: OTCQB; 2FA: FSA) is partnering with two other companies to offer farmers affordable ways to connect with customers in the booming cannabis industry.

GCAC’s Efixii and blockchain app allow these farmers to get feedback from buyers and offer them digital rewards in return.

Since 2018, cannabis, a type of cannabis that contains only trace amounts of the mind-altering THC, has been legal in the United States. It’s used to make everything from CBD to animal bedding, insulation, textiles and biofuels, and the market is set to expand eightfold over the next five years.

Jim Higdon, co-founder of Cornbread Hemp and author of the book said: The cornbread mafia About the largest domestic marijuana syndicate in American history.

“It’s really a good opportunity to invest because the market is almost certain to grow,” Higdon said. “And the players that have the potential to grow within this market are less than they did two years ago.”

“It’s really a good opportunity to invest because the market is almost certain to grow,” Higdon said. “And the players that have the potential to grow within this market are less than they did two years ago.”

GCAC partners with ThingBlu Inc. B&M Products and Services LLP, an Indiana company that contracts with industrial hemp growers and processors.

The CBD market is expected to grow from $2.42 billion in 2021 to $15.66 billion by 2028, according to Report by Insight Partners.

GCAC and ThingBlu provide application and business solutions, and B&M connects them to farmers.

To use an example in another agricultural industry, the coffee grower using the app can have a direct relationship with the end consumer. Through a QR code, a farmer can provide a story about a product that is available to anyone with the app and smartphone — where it grew, its genetic makeup, and feedback from other consumers. The consumer can share feedback and get rewards from the farms, such as a non-fungible token (NFT).

The program records these things all the way, every step from genetics to cultivation, from harvesting to distribution.

“Coffee growers now have a direct relationship with the end consumer,” said Brad Moore, CEO of GCAC. Streetwise Reports. “It gave small to medium-sized businesses a marketing tool they could not have access to before. It connected them directly with consumers.”

catalyst

Markets open as attitudes toward cannabis continue to change. US President Joe Biden recently Sorry Thousands of people have been charged with petty marijuana possession at the federal level.

Another non-psychoactive substance in cannabis, cannabidiol (CBD), is used for skin care, anxiety, seizures, and pain management. The CBD market is expected to grow from $2.42 billion in 2021 to $15.66 billion by 2028, according to Report by Insight Partners.

“The growth of the CBD oils market has been driven mainly by increased legalization of CBD oil-based products, increased awareness about the medicinal use of CBD-based products, and a growing preference for hemp oil extraction,” the report said. “However, strict government regulations and high prices for commercially available CBD oil products are hampering the market.”

some are anticipation That by 2030, there will be 9 million acres of land under industrial hemp, and the global industrial hemp market could grow to as much as $36 billion by 2026.

Connect through Blockchain

The blockchain that Efixii operates on is an electronic distributed ledger system where no entity, such as a bank, controls it. Blockchains are best known for their role in cryptocurrency systems, but they can be used in any database – such as agricultural records and customer interactions.

GCAC launched Efixii in 2020 using its own blockchain. It has the ability to create NFTs.

Moore believes that many everyday electronic items will eventually be integrated into the blockchain, such as all your reward programs for stores and other physical cards you might have in your wallet or hanging off your keychain now.

“I guarantee that in five to seven years, everyone will have one login,” Moore said. “It’s a simpler experience.”

For cannabis growers and their clients, this will enable them to communicate directly, even when there are other intermediaries involved in the transactions.

“As someone who grew up in agriculture, I know that farming operates on very tight margins,” said Kevin Gorman, CEO of ThingBlu. “With the industrial hemp market intensifying, ThingBlu’s SaaS (Software as a Service) analysis of aggregated workflow and sensor data can play a huge role in the viability of cannabis farms. On the blockchain, it is unbeatable.”

Ownership structure and shares

Major shareholders of GCAC include Chief Financial Officer and Director Alexander Helmel with 2.57% or 5.29 million shares, CEO Moore with 2.54% or 5.25 million shares, Hanan Gelbendorf with 0.81% or 1.67 million shares, and Director Jeffrey Hayzlett with 0.08% or 0.16 million shares .

The company has a market capitalization of C$3.99 million, with 206.2 million shares outstanding, 193.9 million of which are free float. It is trading in the 52-week range of C$0.075 and C$0.02.


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Disclosures:
1) Steve Sobek wrote this article for Streetwise Reports LLC. He or his family members own the securities of the following companies mentioned in the article: None. He or his family members get paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. As of the date of this article, a Streetwise Reports affiliate has an advisory relationship with: Global Compliance Applications Corp. Please click here for more information.

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