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‘Cannabis industry at tipping point, waiting for regulations’

The world is waking up to the blooming cannabis market and it’s time to elevate it, says Eric Benz, a contributor to CannaDAO, which is creating a blockchain-based platform for the cannabis industry.

February 24, 2022 / 04:55 PM IST
(Representational image)

(Representational image)

What happens when cannabis and blockchain come together? Some countries have started to legalise cannabis as a recreational drug, in addition to its use in medicine. India still prohibits the consumption of intoxicating drugs injurious to health, except for medicinal purposes.

Blockchain is a decentralised digital technology that records peer-to-peer transactions and can help to regulate the cannabis industry, where most sales still take place illegally.

Eric Benz is a contributor to CannaDAO, a project that is creating an ecosystem of opportunity for the cannabis industry via tokenisation and a permission-less, decentralised, on-chain platform governed by members. He told Moneycontrol in an interview that legalisation of the cannabis industry will open up immense opportunities to individuals and businesses in the global markets and pave the way for other plant medicines and treatments to come. Edited excerpts:

Why have most countries banned the production and sale of cannabis, except for medical uses?