Blockchain Startup to Solve Cannabis Market Problems 

From this article you will learn how blockchain startup can solve the main cannabis market problems 
08 February 2018   516

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. 

About Budbo

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.


Why Budbo?

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.

Why Budbo?Why Budbo? 

Budbo token

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 & TokenBudbo 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. 

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Centra Tech Inc. Co-Founder accused With Fraud by SEC

The US Securities and Exchange Commission (SEC) has charged Centra Tech Inc. co-founder, Raymond Trapani with ICO fraud  
25 April 2018   56

The charge came as the result of the SEC’s investigations into Centra’s controversial $32 million USD initial coin offering (ICO). Mr. Trapani is the third and final Centra co-founder to be accused for taking part in the ICO.

Raymond Trapani, a co-founder of Centra Tech Inc., has been charged by the SEC for his participation in “a fraudulent scheme connected with Centra’s 2017 ICO.” In 2017 Centra made headlines after enlisting celebrity approval from Floyd Mayweather and DJ Khaled. Two other firm`s co-founders, Sohrab “Sam” Sharma and Robert Farkas, were charged by officials earlier this month for their engagement  in the distribution of “CTR Tokens” to investors.

A changed variant of the SEC’s complaint demands that Trapani was the “mastermind of Centra’s fraudulent ICO,” with an SEC press release alleging that “Centra [was] marketed with claims about nonexistent business relationships with major credit card companies, fictional executive bios, and misrepresentations about the viability of the company’s core financial services products.” The SEC accuses Mr. Trapani and Mr. Sharma of “manipulat[ing] trading in the CTR Tokens to generate interest in the company and prop up the price of the tokens.”

We allege that the Centra co-founders went to great lengths to create the false impression that they had developed a viable, cutting-edge technology. 
Robert Cohen, Chief, SEC Enforcement Division’s Cyber Unit


The SEC has disclosed a text mail sent to Mr. Farkas and Mr. Trapani from Mr Sharma in what Mr. Sharma said to his colleagues “[w]e gotta get that s[***] removed everywhere and blame freelancers lol.” Mr. Trapani also demanded that Mr. Sharma “cook [him] up” a fraudulent document whilst the company was seeking to get CTR tokens listed on exchanges under misleading pretexts. Mr. Sharma replied to the request with “Don’t text me that s[***] lol. Delete.”

At the same time, the U.S. Attorney’s Office for the Southern District of New York has also looked for criminal accusations against Trapani. The SEC has revealed that text messages  jointly used between Centra’s co-founders discovered the scam purposes of the defendants.