CFN Media Group ("CannabisFN"), the leading creative agency and
media network dedicated to legal cannabis, announces publication of
an article covering Emerald Health Therapeutics Inc.'s
(TSX-V:EMH) (OTCQB:EMHTF) recently announced letter of intent to
enter a joint venture to create a blockchain company focused on
delivering innovative solutions to the global cannabis industry.
The rise of bitcoin and other cryptocurrencies has sparked
tremendous interest among the investment community. While many
individual investors are focused on the cryptocurrencies
themselves, financial institutions and regulators are more focused
on the underlying blockchain technology that could revolutionize
supply chains and financial transactions. Investors may want to
consider investing in companies focused in these areas over the
long-term.
The Intersection of Blockchain &
Cannabis
Blockchain technology has become increasingly popular with the
rise of cryptocurrencies like Bitcoin and Ethereum. While these
cryptocurrencies capture the headlines, the underlying blockchain
technology extends well beyond the realm of currencies. Blockchains
provide an immutable ledger of transactions, which could prove
tremendously valuable to financial institutions, governments, and
anyone that needs a reliable record of transactions.
The cannabis industry is a great example of an industry that
requires such immutable ledgers. There are many touch points along
the cannabis supply chain, including licensed producers, testing
laboratories, distribution firms, and ultimately consumers. With
several high-profile contaminations and the need for strict
regulation, blockchain technology could help the cannabis industry
overcome key hurdles that will only grow higher as the industry
expands with recreational legalization.
Blockchain technology could help other areas of the industry.
For example, governments would be able to see how much taxes are
owed on products sold and companies could track supply chain costs
down to the product level.
Emerald Health’s New Joint Venture
Emerald Health recently announced a joint venture with
DMG Blockchain Solutions, called CannaChain Technologies, to
develop a foundational blockchain-based supply chain management
system and ecommerce marketplace for the legal cannabis industry.
Under the terms of the deal, Emerald Health would provide its
expertise and relationships and DMG Blockchain Solutions would
build and deploy a blockchain supply chain management solution.
The new solution will provide extensive plant, growing,
third-party testing, and handling data, as well as offer enhanced
trust of origin, quality, and safety based on the blockchain’s
ability to maintain immutable records as cannabis products flow
from seed to sale through the supply chain. Relevant stakeholders
for this technology alone include producers, distributors,
shippers, government agencies, and consumers.
“There are notable new applications of blockchain technology to
validate and assure the source, quality and integrity of products
such as diamonds, wine, and art, along with coffee and other food
products,” said Emerald Health Executive Chairman Avtar Dhillon,
MD. “Cannabis is also a prime industry in which to apply blockchain
supply management based on the broad spectrum of plant and growing
attributes, as well as product innovation potential.”
The joint venture will also focus on developing an ecommerce
marketplace based on the blockchain-based supply chain management
system to facilitate the sale of a broad product selection backed
by unprecedented supporting data and trust.
Currently, the companies remain in negotiations to finalize the
joint venture and the specific terms will be announced at a later
date.
Looking Ahead
Emerald Health Therapeutics Inc. (TSX-V:EMH) (OTCQB:EMHTF) is
well positioned to leverage its unique status in the cannabis
industry as a licensed producer to introduce a blockchain
implementation that could revolutionize the industry’s supply
chain. The company offers a more diversified play on the industry
than licensed producers that are squarely focused on cultivation
and distribution operations.
Please follow the link to read the full
article: http://www.cannabisfn.com/emerald-health-looks-blockchain-supply-management/
For more information, visit the company’s website
at www.emerald.care or www.emeraldhealth.ca..
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CFN MediaFrank Lane206-369-7050flane@cannabisfn.com
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