Supply Chain News

Global Supply Chain Management Platform for Cannabis

DMG Blockchain Solutions has planned capabilities of a new global supply chain management application that will include supply chain technology and integration across the legal cannabis supply chain.

The Retail Cannabis Market

The cannabis industry is expected to grow 35% a year to amass to $35 billion in retail sales by 2022.

In a separate study conducted by Deloitte, titled: “Recreational Marijuana: Insights and Opportunities,” cannabis represents a $23 billion dollar1 industry in Canada alone, including an estimated $6 billion in revenue from 13 million recreational users.

Various market reports indicate the global cannabis market could exceed $500 billion.

Cannabis-Focused Supply Chain Tool

DMG Blockchain Solutions Inc., a diversified blockchain and cryptocurrency company, has announced that development is now underway with our technology partner to build a global supply chain management platform with a focus on the legal cannabis industry.

The deployment will begin in Canada and subsequently expand globally.

DMG, together with its technology and finance partners, is currently in discussions with cannabis industry players, including major licensed producers, quality assurance labs, retail distributors, and government regulators.

This global blockchain initiative is a collaboration among industry stakeholders and is being tailored to meet industry players’ specific requirements.

DMG intends to onboard significant industry participants as it launches its cannabis supply chain solution.

DMG’s CEO Dan Reitzik commented:

DMG’s CEO Dan Reitzik

"The emerging cannabis industry demands product management solutions and blockchain is the most logical choice. We want to be the first to offer an enterprise grade solution in partnership with leading technology providers and cannabis producers, processors and distributors.”

"The first use of blockchain was bitcoin, but the perfect use is supply chain management for controlled products such as cannabis. Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of product, enhancing product safety, as well as facilitating and automating legal and tax compliance.”

Cannabis Market Size

  • Cannabis represents a $23 billion dollar industry in Canada alone, including an estimated $6 billion in revenue from 13 million recreational users
  • Various market reports indicate the global cannabis market could exceed $500 billion

Key planned capabilities of the new global supply chain management solution include:

  • Supply chain automation on the blockchain, applying artificial intelligence, IoT, machine learning and tight integration across the entire supply chain
  • Development of interfaces between the blockchain platform and legacy systems, allowing for automated transactions and process flows, utilizing smart contracts
  • Integration of existing ERP systems with the blockchain platform, supporting automated triggering of events such as defective product recall or the resupply process
  • Integration with licensed producers, licensed distributors, retailers, shippers, as well as reporting and auditing systems
  • Onboarding of new participants

News: Cannabis Goes Legal in Canada as Investors Ride Stocks Higher

About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its R&D engineering team located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting - Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.

Related Article: Unlocking Blockchain’s Potential in Your Supply Chain

Unlocking Blockchain’s Potential in Your Supply Chain

Related Blockchain White Papers

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In this white paper, you will learn why blockchain platforms vary widely in terms capability, disclosure, confidentiality, anonymity, the cost to use, and speed, and why companies need to leverage more than one blockchain network to realize game-changing business models. Download Now!


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Article Topics
Trends   Supply Chain   Global Trade   Blockchain   All topics


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