Blockchain Supply Chain Management Platform For Cannabis Planned By DMG

Blockchain, News | October 18, 2018 By:

DMG Blockchain Solutions is developing a global supply chain management platform for the legal cannabis industry.

DMG is a full service diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. It intends to be the global leader in bitcoin mining hosting, Mining as a Service (MaaS), bitcoin mining, forensics and diversified blockchain platform development.

The company said that it is currently negotiating with cannabis industry players, including major licensed producers, quality assurance labs, retail distributors, and government regulators, about launching its cannabis supply chain management platform in compliance with industry specific requirements.

Key planned capabilities of the cannabis supply chain management solution include the capability to provide immediate product traceability, as well as automating transactions and information flow among licensed producers, licensed distributors, regulators, retailers, shippers, and reporting and auditing systems.

DMG said that the deployment will begin in Canada, which recently passed a bill to legalize recreational cannabis and one of only two countries, besides the Netherlands, that exports cannabis products. According to DMG, cannabis represents a $23 billion dollar industry in Canada alone, including an estimated $6 billion in revenue from 13 million recreational users.

Dan Reitzik, CEO of DMG, said that 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,” Reitzik said. “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.”