Several people have linked cannabis (marijuana) with medical uses, while some remain skeptical about such facts. Legends tell that ancient physicians prescribed it for stress relief meanwhile many preferred the substance for spirituality. Now, as the world is on the verge of a massive digital shift, companies like BudBlockz are becoming pioneers in the digital economy and hold massive potential to grow in the market.
BudBlockz are a decentralized online platform backed by BLUNT, their native token. Due to heavy restrictions around the globe, cannabis enthusiasts face challenges in accessing the product in the traditional market. People in medical need may not be able to get their hands on the product. The company is working on BudBlockz farms and dispensaries in cannabis-friendly locations.
Moreover, they are working to join hands with cannabis friendly companies to gain accessibility to a larger user base. Their NFT project, Ganja Guruz, will provide users around the globe access to their farms and dispensaries. This would automatically eliminate the ones trying to gain illicit access to their network. The token holders will be eligible for perks like discounts on in-store purchases.
Users on the network can use BLUNT to make transactions, even though they may choose to pay differently for the product, payment through BLUNT will allow them to access bundle deals, delivery services and more. The initiative by BudBlockz holds potential to a larger extent considering the growth of the cannabis market in upcoming years.
Research shows that the global cannabis market was valued at $16.7 Billion in 2022. Experts believe the industry may grow at a Compound Annual Growth Rate (CAGR) of over 25% between 2023 to 2030. Governing bodies like the Food and Drug Administration (FDA) have also started allowing cannabis for medicinal purposes. Moreover, it is increasingly becoming legal in several countries, attracting more users across different regions.
Covid-19 had a negative influence over the logistic industry as governments emphasized over countrywide restrictions. Experts have developed the post pandemic outlook and believe that it will recover at a slightly slower rate than it fell during the disease which hit the nations globally.
In context to Web3, research shows that the current global blockchain market has a valuation at $2.86 Billion. Meanwhile experts believe that it may reach over $100 Billion by 2033. The outlook comes considering the mass adoption of the technology by users. Additionally, the Asia-Pacific region may become the fastest growing areas due to technological advancements like machine learning, AI and more.
Growth prospects in both the markets makes BudBlockz potentially the most established company in the field. Considering that several nations are working on the legalization of the product and increasing the user base in the web3 market, the project may become one of the biggest names in the field. BudBlockz are the early pioneers in this market, giving them an upper hand over other entities persisting in these sectors.