San Juan, Puerto Rico, Feb. 12, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — BOTS, Inc. (OTC MARKETS: BTZI), an emerging innovator of products, technologies, and services for the rapidly growing cyber-security, digital robotics automation and A.I. for the manufacturing industry, announced today its initiative on building a global supply chain platform based on advanced blockchain technology with a focus on the legal cannabis industry. Cannabis companies will benefit from blockchain technology for a range of applications, from optimizing efficiency to transparency in business transactions, to securely storing and monitoring inventory, financial and regulatory data on the blockchain involving a concept known as “Seed-to-Sale.”
Technology executives in the Cannabis Industry are considering the following key benefits in determining whether and how blockchain technology will serve their Companies:
Transparency and Compliance
Blockchain, by design, enables greater transparency and efficiency. Sharing digital blockchain information in joint-operating agreements reduces, if not eliminates, the need for reconciliations between companies and data hubs controlled by third parties. This completely disrupts the current processes for balloting partners on new projects, performing joint interest billing, and reporting production revenue.
The size and volume of contracts and transactions necessary to execute projects in the $22 Billion Cannabis Industry have historically caused significant reconciliation and tracking issues among contractors, subcontractors, suppliers, and regulators. These also pose significant challenges in managing logistics for supplies, tracking costs, and deploying inventory. Companies utilizing our blockchain solutions, however, generate cascading purchase orders, change orders, receipts, and other trade-related documentation and data on inventory by following specific codified rules. Drafting agreements that afford new tracking, bookkeeping, and automation methodologies create a more efficient supply chain, improving capital project spend analytics, and simplifies contractual obligations. Simply put, this game-changing technology provides knowledge of who gets paid and how much, as well as insight into whom along the chain is performing as explicitly and contractually mandated.
Trading and Third-party Impacts
Blockchain technologies are disrupting many industries including legal cannabis markets. Blockchain-enabled applications can also address issues such as reduced costs, reducing fraud, error, and otherwise compromised transactions, and limiting credit risk and transaction finance requirements. By trading cannabis raw materials and finished products on a blockchain solution, market participants benefit from increased exchange speed, improved availability of data, and enhanced reliability and suitability as transactions are verified in real-time. Ultimately, this could result in minimizing transaction errors and overall costs.
Total USA Cannabis sales could rise as high as $37 billion by 2024 according to exclusive projections from MJBizConNEXT Direct published recently.
According to the Cannabis Industry Overview Statistics published by Atheneum Collective:
- 67% of Americans believe marijuana should be legalized.
- 87% of the total sales revenue came from the black market.
- As of 2020, there are 243,700 legal, full-time cannabis industry jobs.
- U.S. cannabis workers report a 10.7% higher median salary than the national average salary.
- Thirty-four states have approved marijuana for medical uses (while federal legalization seems inevitable).
- Legal marijuana sales are projected to reach $22 billion by 2022 (without federal legalization).
- Cannabis sales are expected to top medical sales within the next two years.
- The cannabis market will be worth $73.6 billion by 2027.
“As a robotics and A.I. company focused on the development and implementation of proprietary technologies for different industries, we understand the importance of developing new technologies, especially blockchain and A.I.-based innovations, to help companies in the legal cannabis industry to get a competitive advantage and cost efficiency,” says Paul Rosenberg, CEO of BTZI.
BOTS Inc reached out to its technology and finance partners and cannabis industry executives, including major licensed producers, regulated quality testing labs, retail distributors, dispensaries, and government regulators. This advanced blockchain initiative is a collaboration among the whole verticals in the cannabis industry. It will be designed to meet industry and specific regulatory requirements. Our BTZI Blockchain and Robotics initiative intend to onboard significant industry participants as we launch our cannabis supply chain solution.
ABOUT BOTS, INC.
Headquartered in San Juan, Puerto Rico, BOTS, Inc., a publicly traded OTC Markets innovator trading under the symbol (BTZI) – is a diversified company developing and servicing blockchain and robotics solutions for its clientele. The Company is committed to driving the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology, Cyber Security, and Robotic Process Automation (RPA).
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