The CBD sector is one of the fastest growing industries today with a projected CAGR of more than 22% between 2022 and 2028, as well as an increase of revenue of nearly 20 times over the last 8 years in the US.
Extensive research on CBD and its effects on human health has produced multiple studies confirming the benefits of the substance. In light of the Federal Drug Administration (FDA) in the US approving CBD-based drugs, as well as positive feedback from the scientific community, legislation surrounding CBD started to loosen up over a decade ago. As a result, many people today are using CBD products with a variety of purposes – from recreational use to its health benefits related to better sleep, combating anxiety, pain relief, improved appetite and many others.
However, because the CBD sector is still in its infant stages, the industry is not without its issues. Lack of widespread adoption due to the still existing pushback from regulators, as well as misinformation about the exact nature of the substance and its effects are some of these. Others lie within the traditional fundamental structures that other industries are also plagued by – most importantly, lack of informational transparency for the end consumers and the resulting power imbalances between the stakeholders.
Blockchain – a remedy for the problems in the CBD industry?
Blockchain has already disrupted multiple industries by introducing revolutionary solutions to some of their most pressing issues. From fintech to even the energy sector, the novel technology has allowed for the possibility to remove the informational asymmetries between stakeholders and the one-sided power of intermediary parties that allow them to impose unfair conditions without repercussions. Transactions and even whole supply chains can now become fully transparent to the end user, something that was unthinkable without the degree of decentralization offered by blockchain. Stakeholders can directly interact with each other through a predefined set of programmed rules, all of which are not changeable by any party and publicly visible. Above all, blockchain has made one central thing possible – verifiable trust.
The CBD sector is no exception in terms of the still potential benefits it can reap from being integrated with blockchain technology. For one, if implemented deeply within the supply chain of CBD products, consumers will be able to trace the whole path of the product – from the very beginning of the harvesting process until they finally acquire it in its final form. This adds a wide array of benefits for the customer, from comprehensive information about the integrity of the manufacturing process to transparent pricing and better overall conditions for all stakeholders involved. Blockchain can also help with the acceleration of the adoption of CBD-based products by making the industry more transparent and easy to understand for regulators.
One novel blockchain project is set out on a mission to improve the condition for all stakeholders in the CBD industry, and, more importantly – to resolve the industry’s issues by introducing innovative solutions that have never been explored before. We are talking about Qoomed.
Qoomed opens a new chapter for the CBD sector
Qoomed is a full-fledged, blockchain-based ecosystem for the CBD industry that consists of three main pillars – a B2B / B2C marketplace for high quality CBD products, the first NFT platform that is specifically focused on the cannabis sector and a Binance Smart Chain token that facilitates transactions.
The Qoomed marketplace connects buyers and sellers directly and provides a multitude of tools for business stakeholders to maximize their revenues. The marketplace provides solutions for farmers, brands, distributors, and retailers in the likes of order and inventory management, CRM and others that adhere to the specific needs of every stakeholder group. The marketplace is already live – buyers can get access to high quality CBD products in different categories like oils, edibles and cosmetics from well-known brands such as Harmony, Osiris, Evielab, Huile, Playboy, Alpaisia and many more.
The 420.work NFT platform that was recently launched by Qoomed is another prime example of the innovation that the project is adding to the blockchain and cryptocurrency space. It is the first NFT marketplace specifically focused on providing exposure to CBD and cannabis artists. Qoomed recognizes the high degree of correlation between the two sectors and creates a seamless way for creators to get exposure to a wide target group of potential fans. The NFT platform is closely connected with the marketplace, as it adheres to the interests of the already existing customer base of buyers of CBD products. The Qoomed project benefits from the synergy effects between the two platforms that essentially reinforce each other.
The QOOMED token underpins the Qoomed ecosystem and is used as payment for products on the marketplace, as well as to pay minting fees on the NFT platform and as a transactional method for buying and selling NFTs. While the Qoomed marketplace allows for payments with fiat currencies, using the token is beneficial, as it yields additional discounts and benefits to its users.
The future for CBD is just beginning
Both the CBD and blockchain industries are still in their early stages of expanding their full potential. The Qoomed project relies on years of experience in the CBD sector, has deep knowledge of its most pressing problems and the needs of every stakeholder and has already started exploring new, innovative ways of solving these through the introduction of blockchain-based solutions.
Both the Qoomed marketplace and the 420.work NFT platform are already live. The Qoomed project has multiple more exciting additions in store for cryptocurrency and CBD enthusiasts that are upcoming in the following months. Make sure to sign up for the newsletter to be up to date with everything surrounding the world’s first blockchain-based CBD ecosystem.