With the ever-changing cannabis space, entrepreneurs are exploring innovative ways to enter the CBD industry – But could cryptocurrency be the next innovation for cannabis?
The CBD industry has hit the mainstream media and is sweeping the nation’s shelves, as well as the Internet. There are now a vast array of companies both online and offline who are releasing products from CBD-infused gummies to healing balms and creams. CBD oil is legal in almost every state in the US and since the UK legalised it last year, the market is booming bigger than ever.
The medical marijuana, hemp oil, and CBD industry have attracted household names like Snoop Dogg and Morgan Freeman, who swear by its powerful therapeutic abilities and Crypto Entrepreneurs are now flocking to CBD too. As the industry grows from strength to strength, it is becoming increasingly notable that there are so many similarities between these two vastly different industries. And this is why it makes perfect sense for blockchain and CBD to take on the future side by side.
The CBD industry and cryptocurrency
Silicon Valley is without a doubt the centre of the blockchain and cryptocurrency universe and it has always had a somewhat complicated relationship with the health and wellness industry. Start-ups are absolutely booming, particularly those focusing on new and improved ways that their technology could help to improve health care systems around the world, yet the employees suffer at the hands of the pressure, stress, and burnout of the Silicon Valley environment.
This is probably one of the primary reasons that cryptocurrency entrepreneurs are becoming hugely interested in CBD and a simple Internet search will reveal a huge quantity of forums focusing specifically on the links between crypto entrepreneurs and CBD. There is, of course, the added catalyst of the fact that almost every single crypto worker has experienced the consequences of stress and anxiety and how important it is to treat it before it gets out of hand.
There are other important factors that come into play too. The number of Big Pharma scandals that have graced the headlines over recent years has caused even the most closed-minded individuals to think seriously about if they want to continue taking pharmaceutical medication. Feelings of mistrust and doubt towards Big Pharma companies are pushing natural medicines like CBD into the spotlight and the “thinking outside the box” mentality used by successful crypto start-ups can be easily applied to succeeding in the CBD industry.
The similarities don’t end there
Just like CBD and medical cannabis, Bitcoin was also once a frowned upon currency mainly used by drug dealers and dark web users. Last year saw a huge amount of blue-collar financial investors as well as successful individuals making huge profits from trading cryptocurrencies such as Bitcoin and this year this same boom is taking place within the world of CBD.
There is one major difference, however. The majority of people still believe that cryptocurrency will ultimately fail in the long run and that Bitcoin has already seen its glory days. Cryptocurrency is still not commonly accepted as a mainstream form of payment and you can’t pay your bill at your local grocery store using crypto.
In contrast, CBD is absolutely everywhere and while there is still some outstanding research required to make its classification as a medicine possible, good quality CBD products are selling out quickly, creating a demand that is set to continue outweighing supply.
This is good news for the CBD industry and even better news for the crypto entrepreneurs who know how to come up with the technology that is required to keep up with the ever-growing CBD boom taking place worldwide.
Cannabis-focused cryptocurrency
There are already a couple of cryptocurrencies in existence, most notably HempCoin that gives us good reason to believe that the marriage between cannabis and CBD-based products and cryptocurrency is going to go from strength to strength. With more crossovers happening between CBD companies and crypto entrepreneurs, it seems like the two are almost destined to be together.
Many people believe that it is just a matter of time before Big Pharma companies buy out all the smaller independent CBD businesses and the most viable people to stop that from happening would be those who have survived the cryptocurrency storm by learning to apply new and innovative ways of problem-solving, as well as technology.
Final thoughts
The next few years are going to be make or break for both the crypto and CBD industry; and so far, everything is looking incredibly positive. With more money invested in health and wellness companies, better quality products and better technology for manufacturers will continue to emerge and drive the market from strength to strength.
Madeleine Taylor
Originally published at SundayScaries
