From genome to sale, blockchain technology can protect the cannabis industry from itself.
For consumers to have true product choices in the budding cannabis space, growers and breeders need to protect their intellectual property through a modernized system. As it stands, the patent application process is arduous and outdated, posing as a barrier to cannabis market entrants.
From cannabis-laced lozenges to plant-breeding techniques and recipes for pot-infused beverages, dozens of cannabis-related patents have been issued in the US ― despite the fact that cannabis is still listed as a Schedule 1 drug. Patent law is complicated, and the discrepancy between US state and federal legalization laws, as well as Canadian laws, causes problems for growers.
The cannabis industry is projected to reach $63 billion