In 2019, merchant processor Fortress Payment Technologies announced that it would no longer have the ability to accept Visa payments for cannabidiol (CBD) associated items. The statement just offered merchants 8 hours’ notification of the modification, this is simply one example of the numerous monetary obstacles that the marijuana market has actually dealt with when attempting to process deals for cannabis-related items.
Sadly, since legislation and guidelines in the marijuana market are still progressing, the market is regularly handling these challenges. To prevent any possible threats, even in locations where marijuana is now legal, the majority of banks, charge card business, and payment service providers will prevent working straight with marijuana deals.
Due to troubles confronted with deals, numerous organizations are inclined to utilize money as their basic payment approach. Nevertheless, saving money provides an entire host of issues for organizations. Not just are organizations’ security jeopardized with the increased possibility of theft, however likewise their worker’s security when transferring money.
To supply a service to the issue the marijuana market has actually been dealing with, London-based start-up Quannabu has actually released a decentralized payment network for cannabis-related deals on the blockchain. Quannabu likewise has a payment platform called Quannabu Pay, which is developed on the blockchain and enables organizations and customers to perfectly move funds with no monetary obstacles.
The business’s monetary service for the marijuana market will not just have its own kind of cryptocurrency, however likewise a protected facilities in location. Because legislation is still an operate in development for numerous nations, guidelines are continuously altering and have actually produced a complex and in some cases disjointed supply chain. This suggests that authorities have a more difficult time tracking the supply of marijuana.
Thanks to Quannabu’s blockchain innovation, the business has actually produced an item that decreases unlawful activity by enabling police to track the source and supply of all marijuana items. This suggests that federal governments can track the motion of marijuana and stop any illegal blood circulation in its tracks, developing more area for a much safer and managed market.
The openness into the supply chain that Quannabu supplies will not just increase supply chain presence to police, however likewise customers, producers, and providers. Through this service, the business is increasing trust and developing a much safer market as a whole.
In addition to the business’s supply chain service, token offering, and protected payment platform, it likewise runs Quannabu Labs, a groundbreaking screening lab that is committed to CBD-related activities on and off the blockchain– the only operation of its kind worldwide.
Finally, the business is likewise working towards developing its extremely own hemp farm, to farm pharmaceutical-grade hemp. The center will have licensed screening devices so it can regularly and precisely check its plants.
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