From Snoop Dogg Concerts To Virtual Dispensaries: How Web3 Could Revolutionize The Cannabis Industry – The Drum

It’s high times in the metaverse. Here’s one company’s vision for the virtual future of cannabis.

The US cannabis industry has skyrocketed in recent years; it’s expected to reach a valuation of around $40bn by 2030, per Grand View Research. But the booming business is fraught with complications. Cannabis is still listed as a Schedule 1 substance by the US Drug Enforcement Agency (DEA), meaning that it has no officially recognized medical benefits and a high potential for abuse (despite a growing body of evidence pointing to the contrary on both counts). As a result, cannabis dispensaries in states where the plant has been legalized still face a litany of serious challenges. They’re not allowed to advertise on social media, for example, nor are they able to make deposits with most federally insured banks.

Web3 could potentially resolve many of those issues, thereby ushering in a new era for the US cannabis industry.

Web3 could solve some of the marketing and financial challenges that cannabis dispensaries currently face. (Credit: Adobe Stock)

This, at least, is the theory behind Cannaverse Technologies, a company that describes itself

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