Budbo Launches Token Sale to Propel Cannabis Industry via Blockchain Innovation
Budbo's Immutable Distributed Ledger Built on Smart Contracts Poised to Transform Industry
NEWPORT BEACH, Calif., Dec. 13, 2017 /PRNewswire/ -- Budbo, an enterprise suite of products focused on data analytics in the cannabis sector, has officially announced its sale of tokens for its platform to be built on blockchain technology. The blockchain will help Budbo achieve its goal of becoming the data backbone for the cannabis ecosystem. The Budbo industry-wide solution, built on the Ethereum platform, will deliver security, transparency and convenience for an industry desperately in need of all three. The Budbo Token pre-sale began on November 27, 2017, and the public sale of the tokens will begin on January 15, 2018. More information about Budbo's Token Sale and how to contribute is available at www.Budbo.io.
Budbo will be the first-of-its-kind, fully integrated blockchain-based solution for standardized and regulated interaction between cannabis users, dispensaries, and couriers. GPS technology will also track all cannabis movements from seed-to-sale. The Budbo Tokens sold (BUBO tokens) will enable integration of the Budbo solution to all third parties via API, allowing for a single point, data-driven cannabis environment to quickly flourish.
Blockchain technology offers a way to streamline all cannabis pursuits simultaneously as it holds an immutable ledger that leverages crypto-tokens built on smart contracts. These benefits include:
| • Recording and Storing |
• Seed to Sale Tracking |
| Product Life Cycle Events |
• Client Management |
| • Verifying Patient Identity |
• Delivery Tracking and |
| • Transaction Assurance |
Verification |
| • Equipment Ordering |
• Platform Analytics |
| • Inventory Management |
"Imagine, if you will, the entire cannabis industry as a decentralized autonomous organization," says Luke Patterson, President and Co-Founder of Budbo. "A patient's identification and medication regimen will be encrypted and safely stored within the ledger of a blockchain. The smart contract enables the safe transfer of goods through verifiable proof of pick up, bill of lading, and proof of delivery. Medical testing of cannabis potency is verified and immutable as the product is moved from lab to dispensary."
Mr. Patterson continued, "The cannabis community at large is a self-governing group of activists, patients, physicians, developers, artists, and enthusiasts. All these groups are working towards the common goal of improving the cannabis industry through contributing votes, engineering and technology. We believe that Budbo's knowledge of decentralized applications and Budbo's network will help achieve that goal."
Budbo's public-facing platform is a best-in-class mobile app already actively used by nearly 100,000 mobile users and over 2000 suppliers (dispensaries). Its "Tinder" like functionality, singular in the cannabis industry, is designed to match cannabis users' with top picks or close matches of cannabis strains and products based on their preferences, and direct them to nearby dispensaries selling those strains and products. Budbo's backend business intelligence dashboard empowers growers, manufacturers and dispensaries to know precisely which products to grow, market and stock. The platform also provides a delivery tracking service aimed at ensuring full visibility and legal compliance of the cannabis delivery process. Budbo has over 150 vehicles currently being tracked every day.
"It's just like the transition from old flip phones to modern smartphones," says Rick Burnett, CEO of Budbo, of the switch to blockchain technology. "Blockchain represents the natural evolution of data security and business management. This is the future, and we are making it a reality."
Several influential and innovative leaders in the cannabis and blockchain fields have joined Budbo as advisors, including Randal Crowder, Co-Founder of TEXO Ventures, an investment firm that focuses on tech-enabled companies leveraging blockchain technology, Michael Hodges, Co-Founder of Online Blockchain PLC and a software developer with over 30 years experience, and John David Carrasco, CEO of Cannliv, a producer of Hemp Derived Isolate products and a driver of progressive compliance and blockchain solutions, among others.
Budbo's Token pre-sale is now underway. The public token offering will begin on January 15, 2018 and will last eight weeks through March 15, 2018 (subject to hard cap).
About Budbo
Budbo was founded in November of 2016 with one dream - to provide the highest quality medicine to cannabis patients by chasing the technological horizon. Every decision that we've made as a company was guided by this ethos; from launching a consumer facing mobile application, to providing logistics and tracking to growers, and now the industry-wide blockchain solution. We are grateful to be able to continue to chase the technological horizon on behalf of the cannabis community.
SOURCE Budbo
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