Leafly reports…
Blockchain, the technology that powers digital currencies like Bitcoin, will make a cannabis-sector debut in Australia with the help of Canadian cannabis app developer Global Cannabis. The company has announced that it will launch an Australian subsidiary called Global Cannabis Apps (Australia), and has tasked the new company with the development of blockchain software for use in the medical cannabis industry.
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Blockchain will be put to the test in Australia’s emergent medical cannabis sector. An early project for Global Cannabis’ Australian arm will be a partnership with BuddingTech, a medical cannabis accelerator focused on providing better data for clinical trials in the medical cannabis industry. Collaborating with BuddingTech, Global Cannabis Australia will task a software team with the development of both a blockchain technology and a regulatory artificial intelligence technology for the medical cannabis industry.
As Australia completes legalization of medical cannabis, clinical trial data will become more and more important to Australian companies developing cannabis-based medicines. Clinical trials are not only a prerequisite for registration of a drug with Australia’s Therapeutic Goods Administration, they are also critical for building confidence in a product or company and thus attracting investment.
A distributed ledger of clinical trial data could therefore have huge potential in Australia’s fledgling cannabis industry. The software could also provide the foundation for controling and securing prescriptions of medical cannabis products, which would go a long way to addressing concerns about diversion of medical cannabis into recreational black markets.
