Bitcoin’s Rise Solidifies The Intersection Of Cannabis And Cryptocurrency

NEW YORK: As bitcoin’s price continues its meteoric rise, which has seen the cryptocurrency skyrocket in value from just under $1,000 at the start of 2017 to above $10,000 in November, a number of companies have taken steps to benefit from the growth of the burgeoning cryptocurrency industry.

One area of the industry that appears to offer significant growth potential is the application of bitcoin and other cryptocurrencies to sectors of the economy, such as the cannabis industry, that are blocked from accessing banking services. 

The intersection of the growth of the cannabis and cryptocurrency markets has created a promising environment for firms looking to capitalize on the robust growth currently occurring in these industries. Legalization of the use of cannabis for medical and recreational use by governments around the world has led to powerful demand for the product, which shows no signs of letting up anytime soon. This is reflected in a report by Grand View Research, which projects that the cannabis market will reach $55.8 billion by 2025.

Similarly, the ability of the blockchain to provide a decentralized, encrypted ledger to store records in an efficient, verifiable manner without requiring assistance from intermediaries has facilitated growth in the cryptocurrency market. The blockchain serves as the backbone of cryptocurrencies such as bitcoin, and its radical transparency has enabled the use of bitcoin to process high risk transactions, such as those in the cannabis industry. In a sign of the growing mainstream acceptance of the cryptocurrency, the U.S. CFTC recently gave approval to the CME CBOE exchanges to start trading bitcoin future contracts on Dec. 18 of this year.

 

Casa Verde Capital Leads Investment In Cannabis Testing Lab Cannalysis

Snoop Dogg Venture Firm Helps Analytical Cannabis Laboratory Expand Its Nationwide Footprint

CALIFORNIA: Cannalysis, a cannabis testing laboratory, announced today a seed investment led by Casa Verde Capital. As the premier cannabis testing lab in the market, Cannalysis harnesses technology to provide best-in-class service to some of the largest cultivators and brands in California.

With California’s adult-use regulations coming into effect next year, government-mandated third party testing will create a huge demand for services. However, many existing labs are not prepared to deal with this type of volume due to inferior technology, creating significant bottlenecks in getting clean product to market. As such, Cannalysis is poised to fill this gap, with industry leading, guaranteed three business-day turnarounds.

Having built a custom platform from the ground up, Cannalysis streamlines the testing experience and puts all data in the client’s hands, providing real-time tracking and sample status updates. Furthermore, beautiful and intuitive reporting enables Cannalysis to deliver the story behind the test results, something that customers genuinely appreciate.

In that vein, Kurvana, one of the largest cannabis brands in California had this to say on its relationship with Cannalysis. “They push our high volumes of samples through analysis without impact to quality or turnaround time, and they are willing to work with us to prioritize the results we need most. Placing value in collaboration and transparency, Cannalysis has exceeded our expectations and raised our standards.”

“With a tech-first approach, Cannalysis has quickly established itself as one of the leading lab platforms in California. This approach has also positioned Cannalysis to quickly scale and establish JV partners around the country,” said Karan Wadhera, managing partner at Casa Verde Capital. Mr. Wadhera continued, “in fact, the first Cannalysis JV will come online in Portland early next year and we’re eager to secure new partnerships across the country to help extend the Cannalysis brand.”

Brian Lannon, CEO of Cannalysis, echoed these remarks, saying “we are at an inflection point for this industry and we are ready to expand. Having a marquee investor and strategic partner like Casa Verde, will be instrumental in helping us achieve our growth objectives.”