PoshCoin is developed to address market inefficiencies, including monetization issues in the European cannabis market. It will offer blockchain solutions for the cannabis sector’s problems. These include lack of transparency, insufficient tracking of the supply chain, mistrust of systems for monitoring both patients’ and products’ conditions, etc. In this blog, we will look at how PoshCoin will negate these problems and help the European cannabis market grow.
Blockchain for cannabis
Daniel Daboczy, CEO of Technicorum Holdings, said, “North America has shown how cannabis tax revenues and earnings may offer more opportunities, but the European cannabis business has lagged far behind.” But all these will change soon with PoshCoin entering the European cannabis industry.
PoshCoin uses blockchain technology to simplify
- payment and processing
- inventory management
- patient monitoring
- tracking from seed to shelf
- management of medicinal cannabis cards
- and introduction of NFTs and DeFi into the cannabis ecosystem
PoshCoin not only offers a chance to get ahead but also a chance to properly take advantage of the potential in the European cannabis industry. It also assures a secure and responsible approach to this rapidly expanding sector and anticipated legalizations. We think that the legal cannabis business will profit from having its own monetary system. In addition, it will also have some of the most cutting-edge technology with the introduction of PoshCoin and its decentralized payment interface.
A solution for banking problems
In the cannabis industry, using crypto tokens or digital assets like PoshCoin to raise finance is becoming increasingly widespread. As cannabis is still illegal in many nations, participants find it challenging to raise money through public offerings or other conventional methods. This is where blockchain technology is emerging as an alternative method of financing.
Despite not being able to access financial services via decentralized financing (DeFi), cryptocurrencies have enormous potential. They have the power to level the playing field between big, well-funded multistate operators (MSOs) and small companies, such as those that are owned by minorities and social justice licensees.
Therefore, PoshCoin, with its highly advanced decentralized and open payments system, will allow the cannabis customers in Europe to navigate through the legal implications of the banking institutions. While the Latin American cannabis industry is way ahead by adopting cryptocurrencies like PoshCoin, it is time for the European cannabis industry to follow suit.
An opportunity for the medical sector to adopt cannabis
Per recent trends, people are developing a good perspective toward medical marijuana.The European Court of Justice decided around the end of 2020 that CBD—a component of the cannabis plant with therapeutic benefits—is not a narcotic substance. Soon after, the UN Commission on Narcotic Drugs categorized cannabis and crossed it off a list that included heroin and other dangerous opioids, marking another historic step.
In the UK as well, there have been indications of mainstreaming the cannabis industry. British American Tobacco invested in a second Canadian cannabis startup a few months after purchasing a 19.9% share in the first company earlier this year. In addition, Cellular Goods, a cannabis company with headquarters in London that debuted on the London Stock Exchange earlier this year, made news when rumors surfaced that David Beckham was endorsing it. The company will introduce its skincare items in the fall.
To sum up
These recent developments pertaining to the cannabis industry in the European continent point toward promising growth in the coming years. And the entry of PoshCoin, – an exclusive cryptocurrency for the cannabis industry will fuel the faster adoption of cannabis in the European continent.
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