While Cannabis legalization gains more traction, it is being slowed by an economic ecosystem that is still shrouded in black market practices as a fragmented industry. Paragon hopes that Blockchain can be the answer as they look to create a transparent, standardized, and regulated ecosystem for the industry to thrive on.
By using the immutable ledger that Blockchain offers, Paragon will be able to supply users every bit of information about the product they are buying, from seeds, to water quality, fertilizer used, as well as store patient IDs, doctors certificates and other relevant documentation.
As the Cannabis industry comes into the legal light, there is now a need more than ever for the different components to act together in order to strengthen the burgeoning business. However, as it stands, there is huge separation between producers, growers, labs, craftsmen, and dispensaries. Paragon hopes to bring together all the relevant parties in the Cannabis industry in order to tar them with the same standardized, and legitimized brush.
Paragon believes many of the issues dogging the expansion of the Cannabis industry to a white label level has to do with its mechanics, and as such, they aim to use the Blockchain to address these. There is no unified solution for medical cannabis ID’s, prescription registry and/or validation of CBD/THC level. Payment method is limited to cash only, due to federal regulations.There is no trusted method for validating the quality of cannabis being sold and there are limited workplaces for cannabis start-ups. But all of these issues can be addressed through the Blockchain.
This Paragon blockchain will hold all relevant data about cannabis – throughout the full life cycle, from seeds to retail product (including the event of the sale). Moreover, the end user can track the entire life cycle of his or her product – knowing that the data can be trusted in full. Furthermore, to spur on a new generation of intellectual growth in the Cannabis industry, Paragon will build workplaces for Cannabis start-ups to work from. In these work places people will use the coin to pay for rent, to pay for lab tests/results from the in house labs.