A new Web3 platform has launched, supporting small cannabis farmers and potentially helping them to scale their businesses.
Emerald Road directly connects growers with consumers via a crypto-exclusive POS ecosystem.
The inspiration behind the platform was a need to ensure that the cannabis industry does not become over-saturated and heavily diluted.
“Large verticals affect small producers by driving down the cost of production, which allows them to sell their own products at a much better price point,” app creator Justin Calvino told ZDNet. “The bigger issue isn’t necessarily the competition of value, it is the lack of education for consumers about what makes quality cannabis.”
Calvino added that “small batch cannabis produced by legacy farmers is much higher quality than large-scale overproduced, homogenized cannabis put out by corporations.”
California was the first state to allow medicinal cannabis use when voters passed the Compassionate Use Act in 1996. It is now legal for both medicinal and adult (recreational) use.
However, the state has strict regulations to ensure that businesses operate safely and are contaminant-free and sufficiently labeled.
Cannabis sales in the U.S. increased 40% in 2021 to $25 billion, according to BofA Securities. The global cannabis market is projected to increase from $28.266 billion in 2021 to $197.74 billion in 2028.
“With the burdensome regulations around cannabis and finance, everyone in the industry is ready for a shift,” said Calvino. “The Emerald Road will allow producers to control their own currency and to build their own community around that currency. As for the member (consumer), they will be incentivized to purchase directly from brands on the blockchain through unique, exclusive offerings — discounted prices, member-only products/drops, promotional goods, access to special events, and access to educational materials produced by brands. We believe this can only be done through a Web3 solution on the blockchain in a decentralized environment.”
