Global Compliance Applications Corp. (GCAC) and EMTRI recently announced that Mendocino Clone Company (MCC), a provider of high-quality cannabis plants based in California, has implemented the blockchain-based solution from EMTRI and technology partner Global Compliance Applications to certify the authenticity, genetics, and batch of each of its mother plants and clones for the 2023 season and beyond.
EMTRI is, according to the blockchain project’s website, “a complete ecosystem created to drive better outcomes across the cannabis supply chain.” GCAC is engaged in “designing and developing innovative blockchain technologies and machine learning solutions to improve real-world businesses.” GCAC’s leading solution, the company writes on its website, is Efixii, “an Ethereum Layer 2 blockchain and EVM programming functionality on par with other Layer 2 solutions like Polygon.” It says the company enables “every participant from product manufacturers, distributors, makers, and retailers to be quickly connected through a series of value chain dApps” that “enable data connectivity to drive better consumer experiences and sales.”
read more about the use of blockchain by the Mendocino Clone Company and find other interesting cannabis news with the Hemp.im mobile app.
Each plant gets its own unique identity block
According to the press release, by implementing EMTRI and GCAC’s blockchain-based solution, each mother plant and its seedlings at Mendocino Clone Company, which MCC refers to as clones, will be given a batch certificate – a self-generated smart contract placed on each batch of clones – and each seedling will be given its own unique identity block created by the nursery and linked to the blockchain.
This, he said, allows the nursery to “document the early stages of a cannabis plant’s journey to becoming a premium product for consumers.” The certification is said to allow customers to easily verify the authenticity of their clones and their genetic lineage, providing valuable assurance to growers and cultivators who rely on the quality and genetics of their clones to produce the highest quality cannabis.
“At Mendocino Clone Company, we are always looking for ways to innovate and improve the quality of our products,” MCC CEO Jed Davis is quoted as saying in the press release. “We believe that by joining the decentralized EMTRI community, we can offer our customers an additional level of transparency and trust.”
EMT tokens as rewards
In addition, licensed growers who purchase cannabis clones from MCC “automatically qualify to unlock EMTRI token rewards,” according to the press release. The EMTRI blockchain app issues new EMT reward tokens to grower and distributor members when their “safe” cannabis is sold, according to EMTRI. Members can then export the tokens to the Ethereum mainnet, where they can be exchanged for USDC on Uniswap, generating passive income within DeFi’s global systems, it said.
“We are excited to be at the forefront of the cannabis industry and to become the first in the United States to adopt this cutting-edge technology in this way,” said Scott Zarnes, co-founder of EMTRI. “We believe it has the potential to revolutionize the way the industry works, and we’re proud to be leading the way.”
Mendocino Clone Company says it is committed to providing the highest quality clones, seedlings, and seeds to its customers. With the introduction of blockchain technology and joining EMTRI’s decentralized community, the company’s commitment to excellence is now being furthered, it said.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in finanzen.net, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Latin American Fintech Companies that Raised the Most Capital This Year
According to data compiled by Latam Fintech Hub consulting firm, Mexican fintech company Konfío, which grants loans to small businesses,...
The Netherlands to Launch Cannabis Legalization Pilot Program in December 2023
The city of Amsterdam has also expressed interest in participating in the cannabis experiment, and talks are underway. A bill...
The Crisis in the Crypto Market Impacts Ethereum, Cardano, and Bitcoin
The price of Ethereum (ETHUSD) has disappointed investors who hold this cryptocurrency in their portfolio. Right now, Ethereum quotes are...
Rooftop Solar Photovoltaic Market to Reach $84.2 Billion by 2030
With the increasing focus on renewable energy and the need to reduce carbon emissions, the rooftop solar PV installation market...
Use This AI-Powered Money Saving App to Boost Your Finances
We all know we should be saving more. But between unexpected expenses and bad habits, it's all too easy to...
Business1 week ago
Five Travel Stocks Investors Can’t Seem To Get Enough Of This Year
Fintech2 weeks ago
Banca Progetto Funding in Q1 Reaches €5 Billion and Disbursement to SMEs €1.5 Billion
Markets3 days ago
An Interesting Volatile Week for the Stock Markets
Fintech1 week ago
DeluPay Payment Method Comes with Fewer Commissions Paid by (e)-merchants