All About Quannabu, the Cryptocurrency Built for the Cannabis Industry
21 Settembre 2021 - 3:11PM
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In 2019, merchant processor Fortress Payment Technologies announced
that it would no longer be able to accept Visa payments for
cannabidiol (CBD) related products. The announcement only gave
merchants eight hours’ notice of the change, this is just one
example of the many financial hurdles that the cannabis industry
has faced when trying to process transactions for cannabis-related
products. Unfortunately, because legislation and regulations in the
cannabis industry are still evolving, the industry is consistently
dealing with these obstacles. To avoid any possible risks, even in
areas where cannabis is now legal, most banks, credit card
companies, and payment providers will avoid working directly with
cannabis transactions. Due to difficulties faced with transactions,
many businesses are inclined to use cash as their standard payment
method. However, storing cash presents a whole host of problems for
businesses. Not only are businesses’ security compromised with the
increased possibility of theft, but also their employee’s safety
when transporting cash. To provide a solution to the problem the
cannabis industry has been facing, London-based startup Quannabu
has launched a decentralized payment network for cannabis-related
transactions on the blockchain. Quannabu also has a payment
platform called Quannabu Pay, which is built on the blockchain and
allows businesses and consumers to seamlessly transfer funds
without any financial hurdles. The company’s financial solution for
the cannabis industry will not only have its own form of
cryptocurrency, but also a secure infrastructure in place. Since
legislation is still a work in progress for many countries,
regulations are constantly changing and have created a complex and
sometimes disjointed supply chain. This means that authorities have
a harder time tracking the supply of cannabis. Thanks to Quannabu’s
blockchain technology, the company has created a product that
minimizes illegal activity by allowing law enforcement to track the
source and supply of all cannabis products. This means that
governments can track the movement of cannabis and stop any illicit
circulation in its tracks, creating more space for a safer and
regulated marketplace. The transparency into the supply chain that
Quannabu provides will not only increase supply chain visibility to
law enforcement, but also consumers, manufacturers, and suppliers.
Through this solution, the company is increasing trust and creating
a safer industry as a whole. In addition to the company’s supply
chain solution, token offering, and secure payment platform, it
also operates Quannabu Labs, a groundbreaking testing laboratory
that is dedicated to CBD-related activities on and off the
blockchain—the only operation of its kind in the world. Lastly, the
company is also working towards establishing its very own hemp
farm, to farm pharmaceutical-grade hemp. The facility will have
certified testing equipment so it can consistently and accurately
test its plants.
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