Most businesses keep meticulous records of their inventory and sales, tracking how much and which varieties of product they move and at which times. This is even more true for industries like alcohol and cannabis, which need to demonstrate to regulators that they are following all necessary laws related to how they sell controlled substances. Last year, cannabis legalization took large steps forward as California, Nevada and Massachusetts all voted to legalize recreational marijuana, creating even larger markets of cannabis sellers who needed to be able to track their product. Blockchain offers a new approach to solving this problem, offering states and retailers a means of tracking cannabis from seed to smoke, so to speak. 420 Blockchain is a business bringing the blockchain to the cannabis industry in a way that helps consumers, industry figures and regulators.
“Cannabis is so fragmented; it is a fragmented industry,” says Mike Kramer, 420 Blockchain’s CEO, who got his introduction to the industry through Red Sand Financial, which lent to the cannabis industry. “In lending I would see some operations that were run like businesses and some where I didn’t understand how they were even functioning.”
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