In 2019, service provider processor Fortress Cost Applied sciences announced that it will not be capable of 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 numerous monetary hurdles that the hashish trade has confronted when making an attempt to course of transactions for cannabis-related merchandise.
Sadly, as a result of laws and laws within the hashish trade are nonetheless evolving, the trade is constantly coping with these obstacles. To keep away from any attainable dangers, even in areas the place hashish is now authorized, most banks, bank card corporations, and cost suppliers will keep away from working straight with hashish transactions.
Attributable to difficulties confronted with transactions, many companies are inclined to make use of money as their commonplace cost technique. Nevertheless, 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 supply an answer to the issue the hashish trade has been going through, London-based startup Quannabu has launched a decentralized cost community for cannabis-related transactions on the blockchain. Quannabu additionally has a cost platform referred to as Quannabu Pay, which is constructed on the blockchain and permits companies and customers to seamlessly switch funds with none monetary hurdles.
The corporate’s monetary answer for the hashish trade is not going to 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 a lot of international locations, laws are continuously altering and have created a fancy and typically disjointed provide chain. Which means authorities have a more durable time monitoring the availability of hashish.
Because of Quannabu’s blockchain know-how, the corporate has created a product that minimizes criminality by permitting legislation enforcement to trace the supply and provide of all hashish merchandise. Which means governments can observe the motion of hashish and cease any illicit circulation in its tracks, creating more room for a safer and controlled market.
The transparency into the availability chain that Quannabu offers is not going to solely enhance provide chain visibility to legislation enforcement, but in addition customers, producers, and suppliers. By way of this answer, the corporate is rising belief and making a safer trade as a complete.
Along with the corporate’s provide chain answer, token providing, and safe cost platform, it additionally operates Quannabu Labs, a groundbreaking testing laboratory that’s devoted to CBD-related actions on and off the blockchain—the one operation of its variety on this planet.
Lastly, the corporate can be working in the direction of establishing its very personal hemp farm, to farm pharmaceutical-grade hemp. The power can have licensed testing tools so it may possibly constantly and precisely check its vegetation.