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Canada Legalizes Cannabis to Create a $23 Billion Industry, DLT at the Forefront

As Canada becomes the second nation after Uruguay to legalize cannabis, one company is already underway with a blockchain-based solution for supply chain management.

Despite the announcement yesterday, inviting Newfoundlanders to be the first in the country to be able to make an officially sanctioned purchase, the legislation is hardly a free for all. Users will need to be 18 or 19 to purchase, and anyone caught selling to minors will incur a strong penalty with a possible jail sentence.

Plants grown at home will be limited and only 30 grams will be allowed for personal possession in public. Also, strict driving legislation will allow police to track and penalize drug-impaired drivers through roadside saliva testing for over the limit THC content.

Supply chain management is sure to become a major factor under Canada’s new legislation. DMG Blockchain Solutions is currently negotiating with cannabis licensed producers, quality assurance labs, retail distributors, and government regulators, to develop a cannabis supply chain solution. DMG describes itself as a diversified blockchain and cryptocurrency company that works on end-to-end solutions to monetize blockchain’s ecosystem.

The company currently has new 85-megawatt capacity transfer and electrical substation under construction, making their crypto mining installation one of the largest in North America. The company’s CEO Dan Reitzik talking about DMG’s latest venture, sees blockchain and the cannabis supply chain as a perfect match in providing a backdrop for safe usage of the legal drug, suggesting:

“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 the product, enhancing product safety, as well as facilitating and automating legal and tax compliance.”

Cannabis’s impact on the Canadian economy stands at potentially $23 billion, including an estimated $6 billion in revenue from 13 million recreational users. Ensuring the safety of the product with such widespread usage is vital. Systems such as DMG’s will at least be able to ensure that advertised products originate from listed official producers, although there are sure to be other problems associated with illegal circulation of the drug. The company’s official announcement listed some of the features of the proposed solution, such as:

“Supply chain automation on blockchain, applying artificial intelligence, IoT, machine learning and tight integration across the entire supply chain and the development of interfaces between the blockchain platform and legacy systems.”

Other aspects of the new technology as it applies to the project also includes the “Integration of existing ERP systems with the blockchain platform, licensed producers, licensed distributors, retailers, shippers, as well as a reporting and auditing system.”

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