Marijuana’s status as a Schedule 1 drug means state marijuana operations are federally regulated as illegal enterprises. Despite the obstacles, legal marijuana has managed to go mainstream on a state-by-state basis, transforming the way Americans view and use cannabis.
The main problem with the marijuana industry boils down to a states' rights issue. While numerous states have legalized marijuana, either for medical or recreational use, the drug remains illegal at the federal level, leaving many companies vulnerable to investigations.
Federal regulation on the legality of transport, sale, and distribution of cannabis creates major obstacles for companies to establish, manage and grow their business. The lack of a fast, reliable and readily available payment method contributes to the multitude of issues businesses face, making it difficult to attract and retain customers.
Blockchain is the solution
The adoption of blockchain technology is the soundest solution to solving the fragmentation of the cannabis market and the marginalization of businesses and consumers. By integrating smart contracts and blockchain into its working model, Budbo targets the very basis of every digital transaction, exchange of value, goods, and services, and private data. A host of economic, legal, regulatory, and technological hurdles must be scaled before we see widespread adoption of blockchain technology in the cannabis market - but first movers are making incredible strides. The Budbo blockchain gives government agencies the solution for economic, legal, regulatory, and technological hurdles they have long faced.
Budbo was founded in November of 2016 to provide the highest quality medicine to cannabis patients by chasing the technological horizon. Every decision we’ve made has been guided by this ethos; from launching a consumer-facing mobile application to providing logistics and tracking to growers, and now the industry-wide blockchain solution. We are grateful to be able to continue to chase the technological horizon on behalf of the cannabis community.
Budbo will be the first-of-its-kind, fully integrated blockchain-based solution for standardized and regulated interaction between cannabis users, dispensaries, and couriers. Government regulators will have a transparent view of transactions and product integrity, potentially speeding up national legalization of cannabis. GPS technology will track all cannabis movements from seed-to-sale. The Budbo Tokens (BUBO tokens) will grant third parties complete access via API to Budbo’s immutable ledger on the blockchain - allowing for a single point, data-driven cannabis environment to quickly flourish.
The Budbo Tokens (BUBO tokens) will grant third parties complete access via API to Budbo’s immutable ledger on the blockchain - allowing for a single point, data-driven cannabis environment to quickly flourish. Budbo Token transactions will be instant, and average transaction confirmation time will be within minutes. All transactions will be secured with the state-of-the-art cryptography, and blockchain integrity will be protected by CPU efficient ASIC resistant proof of work. This unique model allows to fill in many gaps for cannabis businesses within the entire global cannabis market.
Budbo Crowdsale & Token
Budbo has already sold out its 20 million tokens during pre-sale 10 days before its scheduled end date. The company has also finished its Tier 1 token sale with 15 million tokens were sold and Tier 2 of the token crowd sale is now underway.