SQrBlock Offers Supply Chain Management for the Cannabis Industry

SQrBlock Solutions consultancy focused on enterprise blockchain deployment, has expanded its offerings to provide a range of business services to the cannabis industry and state regulators. SQrBlock offers unique supply chain management and digital certification capabilities for cannabis products at a time when the industry is rapidly expanding.

Much of the U.S. cannabis sector and state regulators have struggled to find a foolproof and sustainable methodology to track products from seed to sale and ensure that federal compliance concerns are adequately addressed. These issues persist as adult recreational sales are increasing 159% year over year in California, 100% in Washington, and 46% in Colorado. While many states have enacted laws permitting use of cannabis for recreational and medical use, supply chain management and digital certification of fully compliant, legally grown and sold products continues to be a challenge.

SQrBlock Solutions and its exclusive technology partner B-square Lab, a leading Korean blockchain company, combine tested and already deployed enterprise blockchain platforms for supply chain management and digital certification for use by regulators of cannabis in the U.S. and abroad. In the U.S., this solution will enable states to collect all taxes due on intra-state cannabis transactions, more effectively prohibit inter-state transport and sales, and create more insurance capacity providing coverage for legal cannabis transactions as requested by many insurance regulators.

“A blockchain-based solution that will allow states to collect 100% of cannabis-related tax revenues will be a boon to state regulators, who in some cases are seeing cannabis tax revenues come in less than 50% of their projections,” said SQrBlock Solutions CEO Huhnsik Chung, also a shareholder at Carlton Fields.