- May 11, 2021
- Posted by: Shane Dwyer
- Category: Industry News
Grow, a Blockchain-based medicinal marijuana startup, is joining forces with crowdgrowing platform JuicyFields to support the fast-growing medical pot industry.
Even in countries where cannabis is legal, marijuana businesses are still barred from using banks for their transactions. This means that most traditional lenders are unwilling to risk working with those selling or distributing recreational and medical marijuana, effectively forcing them to run a cash business.
As such, the collaboration between GROW and JuicyFields steps in to fill the hole in this market. Grow is taking that a step further as it aims to merge medical cannabis and crypto technology, as well as connecting tokenized marijuana to the Defi space.
The premise of its partnership with JuicyFields is to integrate $GROW token into the platform’s global grower network and web platform. The regulated crowdgrowing network will also introduce Grow to several social clubs scheduled to launch in the near future.
Under this model, Grow is expanding its Cannaverse ecosystem by offering JuicyFields’ 10,000 active users the ability to access its native token.
Germany-based Juicyfields connects people with medical cannabis companies looking for funding. With that said, the Grow integration allows its subscribers to trade in a slew of cannabis products, which are currently one of the hottest vehicles to venture in.
More specifically, Juicyfields users will be able buy and sell medical cannabis plants remotely without the need to intervene in the cultivation process. Therefore, they can make money in a simple and legal way through an automated platform that streamlines the whole investment cycle. That can be done without having to go through all the trouble of obtaining growing licenses or finding wholesalers, distributors, and pharmaceutical companies.
GROW merges cannabis and crypto
Commenting on the partnership, JuicyFields CEO Alan Glanse said: “I’m so pleased and thrilled for our new partnership with GROW. My vision for JuicyFields has always been to make a change in the cannabis industry, and I’m pleased that the team from Grow share the same vision as me, looking forward to our future work together”.
Branden Hampton, Chief Cannabis Officer at Grow, also notes: “I’m beyond excited about this partnership. The vision behind GROW is to connect the physical cannabis world to the digital ecosystem, which is what a true utility token allows for. Integrations that solve payment issues that have hurt the cannabis industry forever are on their way to being solved and this is one of the first steps to fixing an otherwise broken system. Growers, distributors, dispensaries, and consumers alike will benefit from this new cannaverse”.
Grow-JuicyFields alliance presents crypto and non-crypto investors with countless options to make money in cannabis. It also provides a variety of investment options to Defi users through a tangible use case for both ERC-20 assets and NFTs, which are now accepted across cannabis shops affiliated with JuicyFields and Grow.
As more countries legalize cannabis for medical use, the marijuana-inspired products are now one of the most valuable business you could invest in and make a tidy profit. That, alongside the high-flying demand for CBD oil products, increases bets on the legal cannabis industry, which is expected to hit the $70 billion mark in less than 4 years.
GROW was created to remove the boundaries between people and the cannabis business. Through combining gamification and tokenization, the blockchain platform brings marijuana to yield farming in decentralized finance (DeFi), whose global community has significant overlap with its medicinal use proponents.