Paying for Cannabis with Dogecoin? Blockchain Enters the Cannabis Industry | Morning Buzz

Cannabis News Update February 18, 2021 Today in the world of cannabis: Blockchain comes to the cannabis industry, researchers publish the latest and highest 6-year cannabis market projections to date, and data shows that cannabis prices have and will likely continue to rise during the coronavirus pandemic. The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what's happening within the cannabis industry. Check in with the cannabis community at TRICHOMES.com ** First up: Imagine a future where you pay for your cannabis with dogecoin. In a report by Globe Newswire, BOTS, Inc., a company specializing in developing and servicing blockchain and robotics solutions, has announced that the cannabis pharmaceutical start-up THC Farmaceuticals is the first company to join its platform as part of a landmark initiative for the cannabis industry. According to a press release, the goal of the Cannabis Blockchain Initiative is to “build a global supply chain platform based on advanced blockchain technology with a focus on the legal cannabis industry,” which is “quickly gaining momentum.” THC Farmaceuticals role in the initiative is to “help identify needs and gaps in cannabis supply chain logistics that are not being addressed elsewhere and collaborate on building solutions aimed at making domestic and inter-state cannabis e-commerce easier, safer and more efficient.” A spokeshuman for the company said: “THC Farmaceuticals Inc has a passion for innovation in our industry and joins BOTS Inc.’s Blockchain initiative to revolutionize the entire supply chain in the Cannabis industry when powered by Blockchain.” https://www.globenewswire.com/news-re... ** And next: PRNewswire reports that data from Grand View Research projects that the legal cannabis market will reach over $73 billion by 2027. This adds to a list of research findings from data aggregators projecting higher and higher numbers in the coming years. Grand View’s report broke down the revenue share by product type and industry segment according to data from previous years: “The medical segment held the leading revenue share of 71.0% in 2019, owing to the growing adoption of cannabis as a pharmaceutical product for treating severe medical conditions, such as cancer, arthritis, and Parkinson's disease, and Alzheimer's disease among other neurological conditions. Moreover, the increasing need for pain management therapies along with the growing disease burden of chronic pain among elders is expected to boost the product demand.” “Based on product type, the legal marijuana buds segment accounted for the largest market share in terms of revenue... Buds are primary plant products and are readily available without any processing, which makes them relatively affordable for low-income patients. Moreover, the rapid onset of action of smoking buds compared to other types is anticipated to further fuel the segment growth.” https://www.prnewswire.com/news-relea... ** Last up: In a report by MJBizDaily, retail data trends show that average prices for recreational cannabis products have steadily increased due to record demand during the coronavirus pandemic. The cannabis analytics firm Headset observed the average price for the past 90 days in comparison to prices from the same time last year and found that in California, Colorado, Nevada and Washington state, retail cannabis flower prices rose 17% and preroll prices rose 15%. Wholesale flower in Colorado saw its highest price since 2016, with the average price of flower per pound rising 31% from October 2020 to the end of January 2021. In Nevada, a state hit hard by less tourism during the pandemic, while cannabis flower prices rose 25%, other cannabis product categories saw declines in price, with average cannabis-infused beverage prices falling 31% compared to last year and tincture and sublingual prices falling 51%. https://mjbizdaily.com/retail-prices-...