In 2019, service provider processor Fortress Payment Technologies announced that it might not be capable to settle for Visa funds for cannabidiol (CBD) associated merchandise. The announcement solely gave retailers eight hours’ discover of the change, this is only one instance of the many monetary hurdles that the hashish trade has confronted when making an attempt to course of transactions for cannabis-related merchandise.
Unfortunately, as a result of laws and laws in the hashish trade are nonetheless evolving, the trade is constantly coping with these obstacles. To keep away from any potential dangers, even in areas the place hashish is now authorized, most banks, bank card corporations, and fee suppliers will keep away from working instantly with hashish transactions.
Due to difficulties confronted with transactions, many companies are inclined to make use of money as their customary fee methodology. However, storing money presents a complete host of issues for companies. Not solely are companies’ safety compromised with the elevated risk of theft, but in addition their worker’s security when transporting money.
To present an answer to the drawback the hashish trade has been going through, London-based startup Quannabu has launched a decentralized fee community for cannabis-related transactions on the blockchain. Quannabu additionally has a fee platform known as Quannabu Pay, which is constructed on the blockchain and permits companies and customers to seamlessly switch funds with none monetary hurdles.
The firm’s monetary resolution for the hashish trade won’t solely have its personal type of cryptocurrency, but in addition a safe infrastructure in place. Since laws continues to be a piece in progress for many international locations, laws are continually altering and have created a posh and generally disjointed provide chain. This implies that authorities have a more durable time monitoring the provide of hashish.
Thanks to Quannabu’s blockchain know-how, the firm has created a product that minimizes criminal activity by permitting legislation enforcement to trace the supply and provide of all hashish merchandise. This implies that governments can observe the motion of hashish and cease any illicit circulation in its tracks, creating extra space for a safer and controlled market.
The transparency into the provide chain that Quannabu gives won’t solely enhance provide chain visibility to legislation enforcement, but in addition customers, producers, and suppliers. Through this resolution, the firm is rising belief and making a safer trade as a complete.
In addition to the firm’s provide chain resolution, token providing, and safe fee platform, it additionally operates Quannabu Labs, a groundbreaking testing laboratory that’s devoted to CBD-related actions on and off the blockchain—the solely operation of its type in the world.
Lastly, the firm can also be working in the direction of establishing its very personal hemp farm, to farm pharmaceutical-grade hemp. The facility may have licensed testing tools so it may possibly constantly and precisely take a look at its crops.