Trace Launches Blockchain-Based Hemp Exchange
Tuesday, June 18, 2019
Posted by: Jeff Couture
Trace, a Vermont company utilizing blockchain technology to track and verify cannabis products, announced today the launch of Trace Exchange. Trace Exchange is the nation’s first blockchain-based platform where hemp cultivators and buyers can connect and track their plants through the supply chain and integrate their inventory directly with the market.
“Until now, there has been no industry standard for hemp cultivators or buyers to verify their plants and products as they change hands,” said Josh Decatur, founder and CEO of Trace. “By using Trace hemp growers can easily track their harvest from soil to shelf and be connected with potential buyers, putting control back in the hands of farmers in an exciting but uncertain market.”
“Improving the quality of life for all Vermonters means having the courage to be innovative and solve problems that stand between emerging industries and economic growth,” said Greg Huysman, Director of Business Lending and Services at VSECU. “The hemp industry is widely recognized as a potential economic driver for our state. Tools like Trace are helping entrepreneurs safely enter this new arena without taking on undue risk.”
Recent measures enacted federally have legalized hemp in all 50 states, and the U.S. is seeing an unprecedented level of growth in the hemp industry. But with this massive proliferation there has been a notable absence of any kind of system to ensure both regulatory compliance and quality of product within the industry.
“To have a tracking system from seed to sale is beneficial for all,” said Erin Nohl, co-founder of Vermont Farmacy. “Everything is out in the open; there is nothing to hide. It brings a sense of safety for farmers, buyers, and consumers. Trace Exchange is a platform for transparency and honesty within the cannabis industry.”
The unveiling of Trace’s new platform has been met with excitement throughout the cannabis and hemp industries. “When I talk to small farmers and craft cannabis growers, the same concern comes up constantly: “how can we compete against the national marketing machines and distinguish craft cannabis grown by small family farmers from the anonymous corporate cannabis being promoted to consumers?” The Trace Exchange is a way to directly address this problem for small farmers and allows them to focus on producing quality crops instead of marketing their products,” said Eli Harrington, co-founder and COO of Heady Vermont. “With the Trace Exchange, any small producer or farmer can access markets directly — without paying for a stamp of quality — and receive the full benefit and value of their skills directly.”
Trace plans on extending services to the recreational and medical sectors of the cannabis industry over the coming months. “Trace is a much-welcomed tool for us,” said Chris Walsh, President of the dispensary Grassroots Vermont. “We have always supplied premium quality products and Trace will give our customers unrivaled access to products they can trust.”
Hemp cultivators and brokers can go to TraceVT.com to register for the Trace exchange.