ambcrypto.com
The mainstream adoption of cryptocurrencies, especially Bitcoin [BTC], has been the sole purpose of many organizations, with some famous institutions testing the waters too. The latest news from China however, revealed that a blockchain firm would choose cannabis as its core product, over the world’s largest cryptocurrency.
Grandshores Technology, a major Chinese industry player, grabbed headlines after it agreed to buy a 40 percent stake in Hanzhou Yupu Trading, a famous Chinese industrial hemp producer. Yao Yonghie, Co-chairman of Grandshores stated,
“Both blockchain and industrial cannabis are the future, and both are embraced by the younger generation. Grandshores Technology is a company that invests in the future and we are always on the search for new business growth opportunities.”
The company claimed that the diversification towards cannabis was done to expand the organization’s portfolio from just the “lethargic Bitcoin market.” The announcement from Grandshores comes just a week after the release of the company’s stock exchange filing that disclosed its tie-up with a hemp and cannabis research institute. The official filing said,
“Keywa Chemical is the first to launch the B2P (business to platform) business model in China. It is committed to building a global chemical industry chain integration platform, relying on the professional online and offline chemical industry internet model, and tapping the global chemical industry resources. It achieves seamless connection of industrial resources, and achieves transaction integration for chemical knowledge, finance and trade.”
This is not the first time that cannabis and Bitcoin are being linked together as there were earlier reports that speculated that the two could meet the same fate, at least according to market speculators. The statements came in the wake of Tilray INC, a pharmaceutical company and cannabis producer, seeing a $200 increase in their stock prices. This sudden surge in value was what pushed analysts to compare cannabis with the world’s largest cryptocurrency.