DMG Blockchain Solutions: if we build it, cannabis players will come

Cannabis represents a $23 billion industry in Canada alone, including an estimated $6 billion in revenue from 13 million recreational users

Canada-based DMG Blockchain Solutions is building a legal cannabis industry-focused supply chain management platform. Deployment will begin in Canada and then expand globally.

DMG, together with its technology and finance partners, is looking to onboard a significant number of cannabis industry players, including major licenced producers, quality assurance labs, retail distributors and government regulators.

“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,” says DMG’s CEO Dan Reitzik.

“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.”

 High Times

In August, we reported on a cannabis-related crypto investor first.

High Times, a New York-based monthly magazine, was founded in 1974 and has featured original works from such counterculture and literature big hitters as Truman Capote, Hunter S.Thompson, Charles Bukowski and William Burroughs. Nowadays it is also in the websites, apps and live events business.

High Times CEO, Adam Levin, said: “We have been at the forefront of popular culture for more than four decades. Now we’re taking another step into the future, not only as one of the first cannabis-related brands to go public on the Nasdaq but also as the first to allow Bitcoin and Ethereum as part of our public capital raise.”

No to ICO

“Cryptocurrencies have created a new investor base across the world; we’re just giving them more stable opportunities for investment,” said Levin. “Beginning with our Reg. A+ crowdfunding, we’ve been focused on giving everyone from retail investors to long-time fans more ways to own a piece of High Times. While we didn’t believe that the ICO process was the right move for our brand, it would’ve been foolish to leave this emerging investor base out as we continue to transform into a diversified media, events and merchandise giant.”

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