In 2019, service provider processor Fortress Fee Applied sciences introduced that it will not have the ability to 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 various monetary hurdles that the hashish business has confronted when attempting to course of transactions for cannabis-related merchandise.

Sadly, as a result of laws and laws within the hashish business are nonetheless evolving, the business 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.

Resulting from 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 chance of theft, but additionally their worker’s security when transporting money.

To supply an answer to the issue the hashish business 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 known 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 business won’t solely have its personal type of cryptocurrency, but additionally a safe infrastructure in place. Since laws remains to be a piece in progress for a lot of international locations, laws are continuously altering and have created a fancy and generally disjointed provide chain. Which means that authorities have a more durable time monitoring the provision of hashish.

Because of Quannabu’s blockchain know-how, the corporate has created a product that minimizes criminal activity by permitting legislation enforcement to trace the supply and provide of all hashish merchandise. Which means that governments can monitor the motion of hashish and cease any illicit circulation in its tracks, creating extra space for a safer and controlled market.

The transparency into the provision chain that Quannabu supplies won’t solely enhance provide chain visibility to legislation enforcement, but additionally customers, producers, and suppliers. By means of this answer, the corporate is rising belief and making a safer business 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 sort on the earth.

Lastly, the corporate can be working in direction of establishing its very personal hemp farm, to farm pharmaceutical-grade hemp. The ability could have licensed testing tools so it might probably constantly and precisely take a look at its crops.

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