How the Qoomed project introduces blockchain concepts to the CBD industry

by Arthur · December 8, 2022

The CBD sector is one of the fastest growing industries today with a projected CAGR of more than 22% between 2022 and 2028, as well as a revenue increase of nearly 20x over the last 8 years in the US.

Extensive research into CBD and its effects on human health has produced several studies confirming the benefits of the substance. In light of the Federal Drug Administration (FDA) in the US approving CBD-based medicines, as well as positive feedback from the scientific community, the legislation surrounding CBD began to loosen over a decade ago. As a result, many people today use CBD products for a variety of purposes – from recreational use to health benefits related to better sleep, combating anxiety, pain relief, improved appetite, and many others.

However, because the CBD sector is still in its infancy, the industry is not without problems. Lack of widespread adoption due to the still existing pushback from regulators, as well as misinformation about the exact nature of the drug and its effects are some of these. Others lie within the traditional fundamental structures that other industries are also plagued by – most importantly, a lack of information transparency for end consumers and the resulting power imbalances between stakeholders.

Table of Contents

Blockchain – a remedy for the problems of the CBD industry?

Blockchain has already disrupted several industries by introducing revolutionary solutions to some of their most pressing problems. From fintech to even the energy sector, the new technology has enabled the ability to remove the information asymmetries between stakeholders and the unilateral power of intermediary parties that allow them to impose unfair conditions without repercussions. Transactions and even entire supply chains can now become completely transparent to the end user, which was unthinkable without the degree of decentralization offered by blockchain. Stakeholders can interact directly with each other through a predefined set of programmed rules, all of which cannot be changed by any party and are publicly visible. Above all, blockchain has made one key thing possible – verifiable trust.

The CBD sector is no exception when it comes to the still potential benefits it can reap from being integrated with blockchain technology. First, if it is implemented deep into the supply chain of CBD products, consumers will be able to trace the entire path to the product – from the very beginning of the harvesting process until they finally receive it in its final form. This adds a wide range of benefits to the customer, from comprehensive information on the integrity of the production process to transparent pricing and better overall conditions for all stakeholders involved. Blockchain can also help accelerate the adoption of CBD-based products by making the industry more transparent and easy to understand for regulators.

A new blockchain project is on a mission to improve the condition of all stakeholders in the CBD industry and, more importantly – to solve the industry’s problems by introducing innovative solutions that have never been explored before. We are talking about Qoomed.

Qoomed opens a new chapter for the CBD sector

Qoomed is a full-fledged, blockchain-based ecosystem for the CBD industry that consists of three main pillars – a B2B/B2C marketplace for high-quality CBD products, the first NFT platform specifically focused on the cannabis sector, and a Binance Smart Chain token that facilitates transactions.

The Qoomed marketplace connects buyers and sellers directly and provides a variety of tools for business stakeholders to maximize their earnings. The marketplace offers solutions for farmers, brands, distributors and retailers in areas such as order and inventory management, CRM and others that meet the specific needs of each stakeholder group. The marketplace is already live – buyers can access high-quality CBD products in various categories such as oils, food and cosmetics from well-known brands such as Harmony, Osiris, Evielab, Huile, Playboy, Alpaisia and many more.

The 420.work NFT platform recently launched by Qoomed is another good example of the innovation that the project is adding to the blockchain and cryptocurrency space. It is the first NFT marketplace specifically focused on providing exposure to CBD and cannabis artists. Qoomed recognizes the high degree of correlation between the two sectors and creates a seamless way for creators to gain exposure to a wide audience of potential fans. The NFT platform is closely linked to the market as it follows the interests of the pre-existing customer base of buyers of CBD products. The Qoomed project benefits from the synergy effects between the two platforms which essentially reinforce each other.

The QOOMED token underpins the Qoomed ecosystem and is used as payment for products on the marketplace, as well as to pay minting fees on the NFT platform and as a transaction method for buying and selling NFTs. While the Qoomed marketplace allows payments with fiat currencies, using the token is beneficial as it provides additional discounts and benefits to users.

The future of CBD has just begun

Both the CBD and blockchain industries are still in the early stages of expanding to their full potential. The Qoomed project relies on years of experience in the CBD sector, has deep knowledge of the most pressing issues and needs of each stakeholder and has already begun to explore new, innovative ways to address these through the introduction of blockchain-based solutions.

Both Qoomed the marketplace and 420.work The NFT platform is already active. The Qoomed project has several exciting additions in store for cryptocurrency and CBD enthusiasts coming in the coming months. Be sure to sign up for the newsletter to stay up to date with everything surrounding the world’s first blockchain-based CBD ecosystem.