SQrBlock Solutions, LLC Offers Blockchain-Based Supply Chain Management and Digital Certification for the Cannabis Industry

Cannabis Law   |   Blockchain and Digital Currency   |   Fintech and P&C Insurance Regulatory and Transactional   |   July 17, 2020
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Blockchain Consultancy Provides Tax, Regulatory, Compliance, and Insurance Services for Regulators and Companies in Rapidly Expanding Industry

SQrBlock Solutions, LLC, a wholly-owned subsidiary of Carlton Fields, P.A. focused on enterprise blockchain deployment, has expanded its offerings to provide a range of business services to the cannabis industry and state regulators. SQrBlock offers unique supply chain management and digital certification capabilities for cannabis products at a time when the industry is rapidly expanding.

Much of the U.S. cannabis sector and state regulators have struggled to find a foolproof and sustainable methodology to track products from seed to sale and ensure that federal compliance concerns are adequately addressed. These issues persist as adult recreational sales are increasing 159% year over year in California, 100% in Washington, and 46% in Colorado. While many states have enacted laws permitting use of cannabis for recreational and medical use, supply chain management and digital certification of fully compliant, legally grown and sold products continues to be a challenge. 

SQrBlock Solutions and its exclusive technology partner B-square Lab, a leading Korean blockchain company, combine tested and already deployed enterprise blockchain platforms for supply chain management and digital certification for use by regulators of cannabis in the U.S. and abroad. In the U.S., this solution will enable states to collect all taxes due on intra-state cannabis transactions, more effectively prohibit inter-state transport and sales, and create more insurance capacity providing coverage for legal cannabis transactions as requested by many insurance regulators.

“A blockchain-based solution that will allow states to collect 100% of cannabis-related tax revenues will be a boon to state regulators, who in some cases are seeing cannabis tax revenues come in less than 50% of their projections,” said SQrBlock Solutions CEO Huhnsik Chung, also a shareholder at Carlton Fields.

About SQrBlock Solutions: SQrBlock identifies and coordinates the development of blockchain-powered applications for every industry sector. The consultancy delivers comprehensive solutions from concept to implementation. SQrBlock’s one-stop approach includes blockchain platform selection, application design and product development, and a full range of legal services. SQrBlock enables clients to confidently navigate the legal, regulatory, and compliance minefields associated with blockchain deployment. SQrBlock Solutions, LLC is a wholly-owned subsidiary of Carlton Fields, P.A.

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