In 2019, merchant processor Fortress Rate Technologies introduced that it aren’t ready to accept Visa payments for cannabidiol (CBD) associated products. The announcement simplest gave retailers eight hours’ scrutinize of the alternate, right here’s staunch one example of the a gargantuan number of monetary hurdles that the cannabis trade has confronted when attempting to process transactions for cannabis-associated products.
Unfortunately, attributable to legislation and guidelines within the cannabis trade are light evolving, the trade is persistently coping with these obstacles. To get rid of from any that you just furthermore mght can judge of dangers, even in areas where cannabis is now gleaming, most banks, credit ranking card corporations, and price suppliers will take a long way from working staunch away with cannabis transactions.
Because of difficulties confronted with transactions, many agencies are inclined to make expend of cash as their identical outdated price plot. Nevertheless, storing cash gives a complete host of considerations for agencies. Not simplest are agencies’ security compromised with the increased possibility of theft, but also their employee’s security when transporting cash.
To catch a resolution to the grief the cannabis trade has been facing, London-based startup Quannabu has launched a decentralized price network for cannabis-associated transactions on the blockchain. Quannabu also has a price platform known as Quannabu Pay, which is built on the blockchain and enables agencies and patrons to seamlessly transfer funds with none monetary hurdles.
The firm’s monetary resolution for the cannabis trade will now not simplest catch its maintain manufacture of cryptocurrency, but also a derive infrastructure in assert. Since legislation is light a piece in development for quite loads of countries, guidelines are continuously altering and catch created a elaborate and usually disjointed offer chain. This implies that authorities catch a more challenging time tracking the provision of cannabis.
Because of Quannabu’s blockchain technology, the firm has created a product that minimizes illegal tell by allowing regulation enforcement to video display the source and offer of all cannabis products. This implies that governments can video display the circulation of cannabis and extinguish any illicit circulation in its tracks, developing extra attach for a safer and regulated marketplace.
The transparency into the provision chain that Quannabu gives will now not simplest lengthen offer chain visibility to regulation enforcement, but also patrons, producers, and suppliers. Via this resolution, the firm is rising have faith and developing a safer trade as a complete.
To boot to the firm’s offer chain resolution, token offering, and derive price platform, it also operates Quannabu Labs, a groundbreaking testing laboratory that’s devoted to CBD-associated actions on and off the blockchain—maybe the most keen operation of its kind within the enviornment.
Lastly, the firm is also practicing organising its very maintain hemp farm, to farm pharmaceutical-grade hemp. The power will catch certified testing equipment so it will persistently and precisely take a look at its flowers.