Thank you Very much for your thoughtful feedback. Much appreciated! Please see our responses in-line.
My take, is to do a bit of a better market research, because this sector is probably a lot more crowded than you might realise. First question comes to mind is, do you really need another marijuana-related token/blockchain platform?
YES and here is why. Our market research showed that the other 4 dominant tokens in the space, have missed the mark.
There are many already. I can think of 2 but I know there are SO many more and they've all been around 3 maybe 4 years? Some focused on just being currency, others, like your project, aimed at the industry - farming techniques, what not.
It's a few more than 5, 1of 5 - Paragon is focused on supply chain (also just settled with SEC), - we see their problem being the farming/processing community not willing to switch for their existing solutions, not just for blockchain. 2&3/5 - are focused on consumer payment for cannabis - have been around for a while 3 maybe 4 years. However the market is trending toward federal legalization and once this happens Banking is no longer a challenge. the remainder are focused on hemp, which is a completely separate market.
Do you really need blockchain to catalogue all that information? I don't think you do. I think a lot of projects fail to justify the case for use of blockchain. - Yes, If implemented correctly in partnerships with the existing POS, & Seed to Sale software, the DLT will enable a handshake between the different software vendors.
The only reason I could think of that people might need an immutable form of storing data is for verification of supply chain, Prescription Information, Consumer/Patient Sales, Consumer/Patient Reviews.
but as has been pointed out recently, DLT may not actually be the best way for supply chain. We've got wine blockchains, food blockchains and it all seems fancy and dandy but think about practical implementations. Based on our market research and current trends, we are hoping to eventually provide reputation managment to supply and distribution. Something cannabis as an industry does not have, but exists in food and wine, e.g. Organic
For example, you need many actors along supply chain, and how do you as the final actor know that what was placed or scanned as information was in the first place legitimate? Yeah, going legal is HARD.
THANKS AGAIN!