I don't write much about cannabis but definitely companies and stocks of one that is into this are rising and this project got my interest.
Despite several states legalizing ganja sale and consumption, the use or possession, purchase or sale of cannabis with THC content beyond 0.3 percent is still a federally illegal crime in the United States. The issue of cannabis legality makes it difficult for many Americans to consume, sell, or transact in cannabis unless we turn to blockchain-driven cannabis tech.
Why is Cannabis Illegal under US Federal Law?
Under federal law, cannabis is considered a Schedule 1 drug under the Controlled Substances Act (CSA), 1970, with a high potential for abuse and dependence. Cannabis containing THC is not considered to have any medical use under federal law.
The use of cannabis is currently illegal under any circumstances apart from their usage in FDA approved programs and trials. And it’s not just cannabis - even hemp is illegal to grow without a permit under the CSA.
Cannabis legality in Federal law is based on certain facts:
- The Schedule 1 drug classification of cannabis puts it at the same legal podium as heroin and a more restrictive category than Schedule 2 drugs that include cocaine and meth.
- Thus it is considered to have a high potential for abuse and psychological dependence with no known medical use to boot.
- Many consider it to be a gateway drug.
- It is a popular psychoactive drug among recreational drug users in the US.
In most cases, individuals are charged for possession of cannabis. However, there are other ways to get into legal trouble with cannabis, especially for those involved in buying and selling cannabis and cannabis-related products.
While both Schedule 1 and 2 drugs are considered equally dangerous in terms of dependence or abuse, the only distinction between a Schedule 1 and Schedule 2 drug is its lack of medical use. While there have been several calls to reschedule cannabis, such demands have not been met due to lack of any mainstream, large-scale criminal trials in cannabis, essentially landing it in a Catch-22 situation. While cannabis legality needs successful clinical tests to be conducted for rescheduling, such tests are harder to conduct while it is still a Schedule 1 drug.
Is cannabis federally illegal even in states where it is legalized?
The short answer is....... YEAH.
30 out of 50 US states have passed laws to legalize medical marijuana. Nine of them have even legalized the use of "adult" or recreational use of cannabis. Nevertheless, the cannabis plant is still a federally regulated substance. This means dealing cannabis or even medical marijuana in states where it is partially or fully legal can land a seller, grower, or consumer of cannabis in legal trouble.
Since cannabis is federally prohibited, the marihuana industry or related businesses can face banking and financial issues even in states where cannabis is legal. So even in legalized states, banks can refuse to do business with cannabis producers and businesses - the same as they do with cryptocurrency in Europe.
Why we need cannabis tech to ensure safety?
When researchers and doctors from the Northern California Institute for Research and Education and San Francisco VA Medical Center surveyed about 9003 adults in the US regarding cannabis use in 2028, they found that one in seven American adults had consumed cannabis in some form in the last year. Out of the 1,270 of the respondents who were part of the pro-marijuana group, 1,063 respondents smoked the cannabis plant, 930 adults said they ingested it through edibles, and 420 respondents said they vaped it. Most of these users belonged to states where cannabis is complete or partially legal.
In January of 2019, public cannabis companies in North America raised over 390 million USD selling cannabis-related products. According to a Gallup poll, 66 percent of Americans are in support of making cannabis federally legal.
However, despite the growing profitability of the cannabis sector and high demand for the product itself, stakeholders often face a wide range of issues, especially in terms of the traditional banking system. Thanks to federal prohibition, the cannabis industry and related businesses are often not eligible for traditional banking and finance. This greatly increases the risk for those involved in the industry as sellers and buyers.
This is why it is important to introduce cannabis tech systems that can regulate the industry and payments for cannabis products. The coming of multichain ventures powered by blockchain can go a long way in increasing and ensuring safety, legality, and transparency in the cannabis sector for growers, sellers, distributors, and consumers.
What are Multichain Ventures and Blockchain-driven Cannabis Technology?
Blockchain is essentially a digital ledger of transactions that is accessible to all parties and yet extremely hard to alter. It is an ever-growing list of records called "blocks" that are cryptographically linked to each other. Each block consists of a timestamp, transaction data, and a cryptographic hash of the previous block. Thus, a blockchain, by nature, is immutable and ensures transparency at every step.
Multichain Ventures is a universal crypto-merchant solution provider that creates an integrated ecosystem for the exchange of digital currency or cryptocurrencies for transactions of goods and services. More and more legal organizations dealing with cannabis are turning to cannabis tech and companies like Multichain Ventures to maintain cannabis legality and stay out of trouble while selling or consuming cannabis.
Multichain Ventures includes several products such as Tokes Platform, Cubed, EDEN, and Reli that provide payment tools based in cryptocurrency. They also act as tools to provide supply chain visibility. Driven by **blockchain, ** the platforms aim to make cannabis transactions more legal and safe. For example, Tokes is the native cryptocurrency of the Multichain Ventures ecosystem that consists of software products that boast of TKS token integrations at each step. You can learn more about it here.
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