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The cannabidiol industry continues to expand. Consumers are turning to products like CBD topicals instead of prescription and OTC drugs. Only a few years ago, the non-intoxicating cannabinoid was considered as an extremely niche product. It wasn’t technically legal, and there was a greater focus on the marijuana market.
These days, CBD still isn’t technically legal in the United States. However, the 2018 Farm Bill legalized the growth of industrial hemp with less than 0.3% THC. Most hemp farmers grow their crops to supply the blossoming CBD market.
Top suppliers like PureKana sell products with less than 0.3% THC and have lab tests to back up these claims. They ship to the majority of states in a matter of days. Their success is a clear sign that cannabidiol is widely tolerated after years spent in the shadows.
One link between CBD and crypto is their rise from backwater status to the mainstream. There is a suggestion that the growth of the cryptocurrency market could somehow hamper the cannabidiol industry. It is a truly bizarre claim because the growth of one doesn’t have any negative impact on the other.
It is quite the contrary, in fact. The reality is that CBD and crypto could help one another, and there is already evidence of this happening.
Savvy Entrepreneurs Use CBD and Crypto
It shouldn’t be a surprise that the same type of people involved in the CBD market also have an interest in cannabidiol and blockchain technology. Verma Farms is a clear example of this combination in action.
According to Forbes, AJ Agrawal founded Verma Farms, a CBD oil company. He is also the man behind Verma Media, which is a cryptocurrency marketing organization. This company has worked with dozens of cryptocurrency businesses in the last couple of years.
However, at present, it is hard to see anyone willingly using cryptocurrency to purchase CBD products. The decentralized digital currency is far too volatile to even consider in the same fashion as fiat currency. With paper money, you know it is only going to increase and decrease by a handful of percent a year. Yes, there are periods of hyperinflation and deflation, but this is exceedingly rare.
One could argue that the capitalist society we are reliant on is about to fall into ruins. That’s a topic for another day!
What we know right now is that cryptocurrencies such as Bitcoin and Litecoin rise and fall at an astonishing rate. Most people purchase digital currencies intending to sell them for a profit during bull runs. Individuals with this mentality will certainly avoid buying 1,000mg of CBD with their Bitcoin! They know that crypto could be worth double what it is now in a matter of months.
One wonders if CBD and crypto will ever become a viable combination in terms of buying one with the other. It isn't easy to see it happening in the foreseeable future. However, one thing we may get to witness is the growth of blockchain in the CBD market.
Could Blockchain Improve the Standard of the CBD Market?
Blockchain is a complex record-keeping technology that is behind cryptocurrencies such as Bitcoin. The ‘blocks’ store information on transactions, who is participating in them, and also has information that distinguishes it from other blocks. The goal of blockchain is to record and distribute digital information without editing it.
However, you can use blockchain technology for a lot more than cryptocurrency. For example, the Cannabinoid Association of the Netherlands (CAN) aims to use it to help boost the CBD market’s traceability, accountability, and transparency. It has launched a free online search tool that lets you trace products from shelf to seed.
CAN claims that any product with the Quality Mark is traceable. You can input a batch number, which immediately directs you to test results. This is potentially great news for an industry often derided for lack of regulation. It is all too easy for CBD sellers to produce products with no lab reports. In many countries, there is no legal requirement to have accurate testing reports with the products sold.
As a result, there is no way of knowing what is inside a CBD product. First and foremost, consumers want to know how much CBD and THC there is. They also want to know if the product contains any pesticides, insecticides, heavy metals, or other toxins. It seems as if CBD and crypto could be the combination to help improve the standard of the industry.
Until then, consumers must stick with tried and trusted brands like PureKana. It has full third-party lab reports and a reputation for premium-quality products. It sells CBD oil, topicals, gummies, and many other innovative options. Check out its lab tests for further proof of CBD and THC content. You will also discover that PureKana products have no solvents, herbicides, pesticides, or chemical fertilizers.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.