DMG Blockchain Solutions (TSXV:DMGI) has announced it is working on building a global supply chain platform with a focus on the legal cannabis industry.
As quoted in the press release:
Deployment will begin in Canada, and subsequently expand globally.
DMG, together with its technology and finance partners, is currently in discussions with cannabis industry players, including major licensed producers, quality assurance labs, retail distributors, and government regulators. This global blockchain initiative is a collaboration among industry stakeholders and is being tailored to meet industry players’ specific requirements. DMG intends to onboard significant industry participants as it launches its cannabis supply chain solution.
DMG’s CEO Dan Reitzik, commented: “The emerging cannabis industry demands product management solutions and blockchain is the most logical choice. We want to be the first to offer an enterprise grade solution in partnership with leading technology providers and cannabis producers, processors and distributors. The first use of blockchain was bitcoin, but the perfect use is supply chain management for controlled products such as cannabis. Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of product, enhancing product safety, as well as facilitating and automating legal and taxation compliance.”
- Cannabis represents a $23 billion dollar1 industry in Canada alone, including an estimated $6 billion in revenue from 13 million recreational users
- Various market reports indicate the global cannabis market could exceed $500 billion