Crypto News

Europe’s New ‘Seed-to-Shelf’ Cannabidiol Blockchain Tracking Tool

The Cannabinoid Association of the Netherlands has unveiled a blockchain-based CBD tracker for customers to trace a product’s journey from seed-to-sale.

Cannabidiol users concerned about the quality of their product in the EU can now trace the plant’s journey from when it was first planted in the fields to when it was sold in retail stores.

An Aug. 6 statement from the Cannabinoid Association of the Netherlands (CAN) revealed it would make a blockchain tool — CanCheck — free for consumers to track cannabidiol (CBD) products in the EU online. HempFlax, one of the group’s founding members, and Europe’s largest independent grower and processor of industrial hemp, will be one of the first to offer traceable CAN products.

CEO Mark Reinders said full traceability would help protect consumers as they could now “trace the production of hemp-derived cannabidiol products from shelf to seed.” 

Regulatory bodies in the EU recently determined that CBD would not be classified as a “food,” and was not subject to the same regulations.

Hemp across the globe

The seed-to-sale concept isn’t limited to CBD organizations in Europe. StrainSecure, a similar blockchain-based cannabis tracker based in North America, announced in January it would be providing DNA-based validation of medical cannabis products. Cannabis is legal in Canada for both recreational and medicinal purposes, but legality in the United States varies state-to-state.

Uruguay, the first country in the world to completely legalize cannabis production and sale, was also one of the first countries with a supply chain tracker using blockchain Aeternity.

Cannabis and crypto

In September, Berkeley City Council member Ben Bartlett used Bitcoin Cash (BCH) and the stablecoin Universal Dollar (UPUSD) to purchase cannabis at a local dispensary. Cannabis is now legal across California, with many dispensaries now accepting Bitcoin (BTC) as payment.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

The need for a dialogue between crypto businesses and regulators
Regulators and service providers are collaborating as never before to address systemic vulnerabilities of the crypto industry. This year...
Interest in Bitcoin Soars in Egypt Amid Economic Crisis and Unemployment
A growing number of Egyptians are reportedly turning to bitcoin amid rising unemployment and the economic crisis. An Egyptian...
Bitcoin Price Has “12 Weeks” Left To Validate Four-Year-Cycle Theory
Bitcoin price is currently trading at $10,500, holding strong above a key resistance level despite several retests of support....
Bitcoin Could be Coiling Up for a Move Past $11,000 Due to These Events
Bitcoin’s price has been seeing an incredibly tight bout of consolidation throughout the past 24-hours, forming a $50 trading...
A guide to setting up a crypto business in Switzerland
How to use the opportunities that the Swiss regulatory system provides for crypto projects wisely to speed up the...
KuCoin CEO claims hacking suspects identified
They’ve already gotten the police involved. As the fallout from the hack on its platform continues, KuCoin said it...

Featured Crypto News

Three key reasons Dow plunge won’t cause a bigger Bitcoin drop below $10K
Bitcoin price slipped as the Dow Jones sharply dropped, but three key reasons might prevent a prolonged pullback. The...
Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News
Bitcoin faced a strong correction on Thursday from its $10,900 daily high. The leading cryptocurrency currently trades for $10,400,...
Yield farming platform APY Finance locks $67 million in first hour
APY.Finance is the latest DeFi protocol to explode in popularity, locking more than $67 million of stablecoins in the...
NBA TopShot opens to public after closed beta drives $2M in NFT sales
NBA Top Shot, the officially licensed crypto collectibles from the team behind CryptoKitties, has opened its beta version to...
Are ‘social tokens’ the next big thing?
Creators and influencers have a new way to monetize their efforts and reward their loyal followers. Social tokens —...
A Lifelong US Dollar Downtrend Paints Bullish Outlook for Bitcoin
The US dollar is on track for its most significant monthly performance since July 2019. But it continues to...