A California nursery of medical cannabis is introducing a blockchain-based certification and supply chain tracking system for its products.
The Mendocino Clone Company (MCC), which breeds and produces medical cannabis, will implement technology based on smart contracts to certify the genetic origin and authenticity of its products. Global Compliance Applications will serve as a technical partner for the project.
The initiative is implemented as part of the EMTRI Project, a decentralized ecosystem for tracking cannabis supply chains. The idea will be realized with the help of a smart contract generated for each batch of cloned plants. Each seedling will then receive a “unique identity block” based on Ethereum. All members of the production chain, up to the end consumer, will be able to use this information to verify the authenticity of the product and its genetic origin.
The project will start in February 2023. All entrepreneurs involved in the project will have access to the EMTRI project bonus system based on EMT tokens. These tokens can be used for yield farming or exchanged for USDC on the decentralized exchange Uniswap.
This isn’t the first attempt by the medical cannabis industry to enter the cryptocurrency market and use blockchain in their business processes. In 2022, several such projects emerged and received relatively wide publicity:
- Payment services and blockchain tools to track supply chains were offered to cannabis producers by a cryptocurrency startup BitCanna.
- Cannabis stoners got a separate Metaverse project called Cannaland.
- Performers Snoop Dogg and Santana released an NFT collection of tokenized bongs.
Generally speaking, crypto projects like CannabisCoin (CANN) targeting the medical cannabis market have been arising since 2014, but none of them have caused much hype. Perhaps that will change in 2023, as the vast majority of businesses intend to incorporate blockchain into existing enterprises.
