The need for a transparent, secure solution for Cannabis businesses to accept non-cash payments, verify customers and share data in real-time, is not in dispute.
The simple transparent design of a blockchain system is what has caused it to become one of the largest technical disruptors in history. And corporations and governments across the globe are starting to understand its potential for transforming the cannabis industry.
In a piece by CNNmoney, one dispensary owner in San Diego was quoted as “paying city, state and federal taxes in bags of cash that smell like marijuana” and arrives at the local IRS offices with “a security detail with weapons” that help him to get to the right destination. Because marijuana is prohibited by the feds, banks are not legally allowed to provide financial services to businesses that deal in state-legal pot. It’s been reported that nearly a third of those taxpayers couldn’t get bank accounts last year. The Cangea Project is looking for alternative solutions to the collection and transparency problems plaguing the budding industry.
Jay Lindberg, Founder of Cangea, LLC, says that his company is poised to build a proper solution: “We’re sitting at the crossroads of two emerging industries — Cannabis and Blockchain. Our mission is to leverage blockchain technology and cryptocurrency to create secure and transparent technology solutions, and to create an economy that serves the entire cannabis ecosystem.”
Cangea, LLC will be launching Cangea CNG, a digital currency for the Cangea ecosystem, providing a highly secure, instantly transferable and transparent blockchain token that is used as the instrument of value throughout the Cangea ecosystem. All this is backed by the CannPass software to transparent distribution of funds.
The team is in the process of reaching out to local and state governments (including recent talks with government officials in Charleston, West Virginia, along with financial institutions who have expressed interest in a more transparent cannabis economy. Giving demonstrations to governments and companies around the country has allowed The Cangea Project to open up doors with decision-makers, corporate executives and policy makers.
Highly secure and scalable, Cangea offers developers the ability to develop and build Dapps (Decentralized Applications) on the Cangea Blockchain. Cangea CNG is an ERC223 token, a secure cryptocurrency powered by blockchain and distributed ledger technology. This also means fast and easy payments to anyone in the world within seconds, while avoiding high payment processing fees and delayed transaction times.
“At this point, we believe the time is ideal to launch a full solution to the transparency problem and we want to bring together government, consumers and financial institutions under one economy,” said Lindberg. “We want to empower all parties in the following areas: International Payments; Contractor Agreements; Product Consignment Contracts; Government Regulation; Profit Share Disbursement; Audit and Regulatory Compliance; Sender Verification; and Peer to Peer Transactions.”
With ‘potphoria’ rolls through Wall Street, mass consumers grow increasingly enamored by the legalization of cannabis in North America. According to Forbes, “jobs and salaries in the legal marijuana industry have been climbing steadily” as states continue to legalize medical or recreational use.
Via Press Release