Blockchain for Cannabis industry
Governments around the world have been restricting and penalizing cannabis users and businesses for decades.
Yet, we are seeing developments that push governments to establish, regulate, and encourage an open and fair market for the use and sale of cannabis.
As a result of the rising worldwide tide of cannabis acceptance, which has led to medicinal legalization in countries around the world, experts estimate the burgeoning legal weed industry could be worth $146 billion by 2025.
Canada and California’s legalization of recreational cannabis show further commodification of the once forbidden plant is as assured as it is lucrative.
However, these few progressive attitudes haven’t been echoed globally, and currently, the $150 billion cannabis industry keeps struggling with a patchwork of laws and regulations around the world.
Aetsoft provides Rafarma with exclusive rights to proprietary cannabis control software based on state of the art blockchain technology.
All the rights to the developed software solutions transfer to Rafarma.
Together with Aetsoft, Rafarma plans to implement the use of blockchain technologies for its own proprietary cannabis control software and will license the software for other cannabis producers & regulators around the world.
RAFARMA’s Blockchain Tech Ready for Thailand’s Approved Uses of Cannabis
GlobeNewswire•July 8, 2019
Ljubljana, Slovenia, July 08, 2019 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals, Inc. (RAFA), is pleased to announce the commencement of negotiations with the government of the Kingdom of Thailand to use the company’s proprietary blockchain software developed by Aetsoft to manage regulatory control of the new cannabis industry in Thailand.
Thailand has approved the use of cannabis and kratom plants for medicinal use only, though use of recreational cannabis remains illegal. The lifting of restrictions related to medicinal use of both plants applies to production, import, export, possession and use. Purveyors, producers and researchers will require licenses to handle the plants, and patients will need prescriptions for medical purposes.
While the legal framework is still in the process of finalization, it is clear that the government will impose track-and-trace regulations in some form to be able to minimize unlawful diversion of cannabis products and enable regulators to monitor and ensure that all the proper taxes and fees have been paid by the responsible licensed entities.
As previously announced, Rafarma recently acquired utility blockchain software from Aetsoft (https://www.aetsoft.by/en/) for cannabis control applications. This utility blockchain software is completed and ready for deployment.
Rafarma and Aetsoft plan to assist the Thai government in implementing all appropriate regulatory controls necessary to manage the approved uses of cannabis and kratom in Thailand. This is extremely exciting time for the Company that comes with the opportunity to expand operations into Southeast Asia.
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