News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Newport Beach, California–(Newsfile Corp. – October 10, 2022) – Budding Technologies, INC,The firm that combines cannabis and blockchain technology, has launched its new system Budbo. The US-based company has designed its Budbo platform as a means of enhancing the security and efficiency of the global cannabis industry.
The recreational and medicinal cannabis industry is growing at an increasingly rapid pace, with reports suggesting that the global cannabis market could grow to a valuation of over $197 billion by 2028, after being worth $28 billion in 2021. Marijuana sales spiked during the pandemic, and the fact that recreational marijuana is now legal in 19 states has helped to transform this into a fast-growing industry.
However, senior officials at Budbo highlight how the industry is still relatively fractured and piecemeal, partly as a result of the laws that vary from state to state. This has led to a number of operational inefficiencies within the sector. Budbo has unveiled its blockchain-based system as a solution to this.
The purpose of the platform is to help all stakeholders in the cannabis supply chain, from the growers and manufacturers to the drivers and distributors. Budbo is a comprehensive, all-encompassing platform that is linked to an accompanying app. Through the Budbo Trax aspect of the platform, sellers can check the dashboard and ensure that each aspect of the supply chain has gone to plan, as well as verifying the quality of the product. Due to Budbo operating on blockchain technology, which means that any data stored is incorruptible, this validates any testing results and quality checks beyond doubt.
Similarly, prospective buyers are able to use the gamified platform to browse for their next marijuana purchase by ‘swiping’ through various offerings. Budbo integrates artificial intelligence to help the app to match products to the user, depending on an assortment of factors such as previous purchases, laboratory results and consumer interactions.
Currently, nearly half of consumers get their cannabis products from a dispensary. Budbo enables users to not only find their nearest dispensaries, but its technology also intelligently advises buyers on which products would be best suited to their needs, and in turn, where they can find dispensaries that sell these specific strains and items.
By combining cannabis and blockchain technology in its new platform, Budbo is setting out to capitalize on two quickly emerging industries. Global expenditure on blockchain solutions is expected to reach just shy of $12 billion by the end of 2022. Furthermore, spending on the integration of blockchain technology into healthcare – within which the medicinal cannabis industry is involved – will increase to $5.61 billion by 2025.
“It’s a really exciting time to be involved in both blockchain technology and the cannabis industry. Due to it still being relatively new, we have found that the latter still suffers from widespread supply chain issues and problems with quality control. Through the incorruptibility of Budbo’s blockchain technology, we’re delighted to be offering a streamlined and wholly transparent solution to challenges that would otherwise stifle the potential of the sector,” concludes Luke Patterson, CEO of Budbo.
Media Contact
Name: Nick Heldreth
Email: [email protected]
Website: https://budbo.arcviewcapital.com/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140024