DMG Blockchain is joining forces with industry partners to launch global supply chain management platform for cannabis
The supply chain technology provides DMG and its partners with a “first mover” advantage as a global cannabis blockchain solution
DMG’s platform will have the capability to provide immediate product traceability, as well as automating transactions and information flow among licensed producers, licensed distributors, regulators, retailers, shippers, and reporting and auditing systems
DMG’s global technology partner has commercially deployed multiple blockchain-enabled supply chain management systems for Fortune 100 clients
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. Bigger tech companies and startups are beginning to see opportunities in this growing sector of the economy. In addition, some technology startups are also looking at how blockchain could be used to disrupt the cannabis industry. One of these startups is DMG Blockchain Solutions Inc. (DMG), a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem.
Today DMG announced it’s working with its technology partner to build a global supply chain management platform with a focus on the legal cannabis industry. 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.
Founded in 2011 by Dan Reitzik, the Vancouver, Canada-based DMG is a full service diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG intends to be the global leader in bitcoin mining hosting, Mining as a Service (MaaS), bitcoin mining, forensics and diversified blockchain platform development. The company is focused on the two primary opportunities in the sector – mining public blockchains and applying permissioned blockchain technology to address the fraud and friction that plagues the movement of value through supply chains.
DMG’s CEO Dan Reitzik, commented: “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 taxation compliance.”
The key planned capabilities of the new global supply chain management solution will include supply chain automation on blockchain, applying artificial intelligence, IoT, machine learning and tight integration across the entire supply chain and development of interfaces between the blockchain platform and legacy systems, allowing for automated transactions and process flows, utilizing smart contracts. Other capabilities will also include the 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, and onboarding of new participants.