The new president has different views on the use and implementation of marijuana. Unlike the Trump administration that was against the use of cannabis, Joe Biden has brought about new legislation that can immensely affect the blockchain projects revolving around cannabis.
According to a news article published on Beincrypto, the Biden administration is looking forward to making rapid strides in the cannabis market. They want to legalize substances that are controlled and offer health benefits.
Besides, the administration would look into individuals who have been convicted of cannabis use prior. They stand a good chance of getting expunged under the new administration. Braden Perry, a regulatory and enforcement attorney, feels that the blockchain usage in the cannabis market is in the baby stage.
In October, Biden had stated that “nobody must be doing prison time for using drugs.” He strongly rooted in the fact that the benefits of the drug should be tested and proved. Moreover, the markets should capitalize on the situation.
Blockchain and cannabis have always had a strong connection because they stand to benefit immensely from being able to trace the medical cannabis. Few of them include seed-to-sale, identification, the source of a strain, genetic cultivar information, and others.
The Cannabis Ecological Blockchain (CEB) has tweeted on the scenario.
A news publication on Straininsider, has pointed out the development of blockchain and cannabis has made over the last few years. Blockchain technology has seen intense growth. This has given rise to the cryptocurrency industry bringing immense changes in the way things work.
With the help of AI or artificial intelligence, the scope of new horizons in the blockchain integration look upwards. It comes as no surprise that startups and companies want to draw a connection between cannabis and blockchain.
Analysts hope that once the law is passed, new opportunities arise with a massive change in the industry’s landscape. Several states have recorded more sales of cannabis over the years.
The cannabis market in the world is set to be worth more than $102 billion by 2024.