BLOCKCHAIN INVESTORS MEET MEDICAL CANNABIS

AS MACHINE LEARNING ADVANCES AND BLOCK TECH MOVES INTO THE MAINSTREAM, INDUSTRIES SUCH AS MEDICAL CANNABIS ARE TUNING IN TO THE REVOLUTIONARY APPLICATIONS OF THESE EMERGING TECHNOLOGIES. THEIR POTENTIAL TO OPEN DOORS TO IMPROVED BUSINESS PRACTICES AND HIGHER QUALITY PRODUCTS IS VAST.

An increasing number of companies are turning to blockchain and A.I. technology to establish and advance their business. Despite more and more countries catching on to the benefits of cannabis for medicinal use, traditional players in the field, such as banks, are often quick to snub businesses operating in this sphere, and companies are finding them increasingly unwilling to carry the regulatory burdens. Industries such as the medical cannabis sector, which is prone to facing greater legislative scrutiny than average, has found the applications of emerging technologies to be the perfect balm to soothe fractious minds.

One solution hoping to remedy this comes through alternative payment platforms. German start-up, MedPayRx, is one such company to take advantage of the applications of blockchain to healthcare. The company is offering a digital prescription service that bills products, such as medical cannabis, in the form of cryptocurrency. It also runs an open source platform to facilitate fast and cheap transactions, whilst maintaining a centralised, secure record of prescriptions and patient records.

Aside from providing digital banking services, blockchain can transform the medical cannabis industry in other ways too. Companies like Paragon are using the technology to revolutionise the way the entire system of manufacturing works, by providing greater provenance and assurances for customers. From monitoring the growth of the plant to shipping the final product, seed-to-sale tracking is ensuring that nothing less than top quality reaches the consumer.

Reviewing each phase of the supply chain through a blockchain enables the end user or buyer to verify the plant has been grown or shipped in conditions conducive to the quality expected from a pharmaceutical product. It can also guarantee peace of mind that the cannabis has been verified by the lab producing it, that the production is in-line with regulation, and that the strain being sold is what it says on the label. This kind of security is essential for a product still facing a somewhat uphill battle in the PR department.

It is especially valuable for those who would like to stamp out illegal, black-market trade. Roping in block tech makes sure that every link in the supply chain is above board and that it is easy to share information amongst stakeholders – its immutable, transparent and auditable nature ensures a product built on trust.

The technology will also come into play for researchers and clinicians. The global market for clinical trials and for medical cannabis has seen a massive boost as countries such as Malta move to regulate the space. With a steady flow of new products hitting the shelves, the process of ensuring that new combinations of cannabinoids are safe and effective becomes of paramount importance. Issues with securing the integrity of data, as well as increasing patient enrolment can be tackled easily through blockchain ledgers.

There are also interesting examples of machine learning being used to predict product cost, refine the growing process and measure crop yield. Motorleaf have done interesting work using algorithms to track the growth rate of plants more accurately, taking thousands of measurements each day. This is critical for maintaining a consistent quality.

A.I. can also be used to more accurately match users of medical cannabis to the best strain for their needs, and this more personalised approach to treating ailments is likely to revolutionise the medical marijuana industry, especially when paired with A.I.based DNA sequencing.

Prime Minister of Malta, Joseph Muscat, has already given the industry his seal of approval. Following the launch of The Production of Cannabis for Medicinal and Research Purposes Act in 2018, and a government decision to allow the large-scale cultivation of cannabis plants, the island has fielded significant interest from policy makers and investors looking to set up shop on the island. In March of last year, Malta Enterprise approved five projects with a total investment value of €30 million, which will create nearly 200 new jobs. They have also issued letters of intent to ten companies seeking approval from the Malta Medicines Authority to begin production of medical cannabis in Malta.

This meshing of industry is a driving force behind the decision to hold the Malta Cannabiz Summit World back-to-back with the Malta A.I. & Blockchain Summit in November. The week is dedicated to bringing even more value to investors by providing them with a chance to explore the huge potential these sectors have to offer as they flourish beneath a forward-looking legislative framework.

The Malta Cannabiz Summit World will take place on the 4th and 5th of November, just one day apart from the winter edition of the Malta A.I. and Blockchain Summit which will be held on the 7th and 8th.