Companies team up to offer blockchain for US hemp industry

In Canada, Global Compliance Applications Corp. announced a strategic partnership with ThingBlu Inc., a Washington state-based business with a SaaS agriculture business intelligence solution and B&M Products and Services LLP, an Indiana state company that has contracts with a network of industrial hemp growers and processors. By partnering with B&M, GCAC and ThingBlu’s current integrated Business Intelligence-blockchain offering is now available to all in the U.S hemp industry in an affordable SaaS offering. 

The recent approval of industrial hemp products, such as hempcrete, showcases the growing value of the hemp plant for things such as animal bedding, insulation, textiles, bioplastics and biofuel. North America’s industrial hemp market is anticipated to reach $87.5 million by 2027. It is expected to grow at a CAGR of 7.5%, per Global Market Insights. In addition, the use of blockchain technology in the global agriculture and food supply chain is growing exponentially yearly. As a result, it will reach $359.08 million by 2027.