CMTREX: A Gateway to the Global Cannabis and Hemp Trade
Saul Singer, the co-founder, and CEO of CMTREX sat down with CannabisTech to discuss the rapid evolution of the cannabis marketplace.
Regardless of the product, when a new industry emerges, opportunities arise for early adopters to jump into highly rewarding positions in an exciting new field. With industries as promising as cannabis and hemp, many people are finding new ways to incorporate skills and expertise, learned from more mainstream industries, to forge a new path during the early days of the Green Rush.
It’s 2018 and after decades of vehemently persecuting marijuana production, nearly thirty states have legalized the controversial plant in one way or another. A booming demand for regulated and reliable marijuana products has opened new revenue streams within the agricultural industry, but this profit wave has not flowed without its own unique set of regulatory hurdles.
The cannabis industry moves fast. Licensed business owners and their employees are expected to move even faster when it comes to keeping up with myriad burdensome compliance requirements. The industry itself is one of the most regulated currently in existence. In an effort to keep tabs on cannabis businesses; state, local, and some federal regulatory agencies expect us to create and utilize countless specific documents. We can also expect such agencies to request reviews of these items when necessary and at their whim.
Long gone are the days of cannabis farmers scribbling eligible notes on stained notepads in the grow room, today there is a growing marketplace of community-driven, expert-developed grow applications for mobile devices. Now, thanks to recent advancements in cloud-based technology, and our growing obsession with mobile technologies, a cultivator can see everything they need to know about their crop all in one place.
In Germany, the law now says that all health insurance companies have to pick up the tab for medical cannabis. But there is a procedural and scientific process to establish as the country mainstreams cannabis.
Part I of II: It is not news anymore in the United States that the cannabis reform that kicked up the conversation at the state level just four years ago has now gone global. Canada’s recreational market which will begin this summer, nationally, has already demonstrated that what started in the U.S. states (if not Holland before that) is now a world-wide movement if not legit industry.
BioTrackTHC has always been in the business of compliance and tracking. Although they started with a product designed to help reel in the opiate prescribing problem in Florida, known as Bio-Script, Colorado cannabis businesses expressed a need, and the company began to pivot their product to meet the stringent compliance and tracking requirements of cannabis.
The current environment surrounding legal cannabis is riddled with inconsistencies, often being referred to as the “Wild West.” From state to state, not only does the legality of cannabis vary, so do the regulations and standards for cannabis businesses. To rein in these inconsistencies and provide the Federal Government with necessary assurances of high standards, Joshua Laterman founded the National Association of Cannabis Business (NACB) to address national standards and policy.
On July 1, 2018, changes to federal legislation are set to open up an already liberal marketplace, putting Canada on the cusp of fully legalizing cannabis for recreational purposes – countrywide. Canadian cannabis companies, as well as the peripheral businesses, no longer need to operate on the fringes of the business world and many are ready to take cannabis technology where it has never gone before.
Most growers will tell you that despite the expansion of technology in the cannabis sector, little of it has trickled down to the level of the gardener. Most farmers still rely on a good old-fashioned notebook. The status quo is no integration, little automation, and absolutely no data analysis on environmental conditions.
The growth of any industry yields not only an influx of data but also the need to access this data. Real-time intelligence and analytical platforms are crucial to providing the data insight needed to navigate this new terrain and make informed business decisions.
Combining the complex regulatory requirements of the cannabis industry with the pace of today’s world, Grasshopper Kiosks has taken the traditional vending machine and given it a modern-day makeover to help streamline the retail process in many dispensaries.
While the federal government continues to tighten the clamps on the cannabis industry, compliance and tracking of business transactions that include banking, payroll, and distribution of products have never been more critical.
The cannabis industry is one of many industries benefiting from what blockchain technology has to offer. We’re going to take a look at six companies who are leveraging blockchain solutions in the cannabis industry. But first, we need to know exactly what blockchain is and how it works.