Cannabis to the Rescue as Grandshores Tech Turns from Blockchain investment to Cannabis
Cannabis is becoming the new green as more and more investors pour into the market. Grand shores technology, a blockchain investment company is the newest investor in the cannabis market.
The company had announced its plans to cultivate cannabis in conjunction with a local partner in Heilongjiang earlier in March. It may seem that the company is changing its investment focus to safeguard itself from the impact of the slow crypto market.
Granshores Tech reportedly has at least 3,000 acres of land and has acquired permission to plant industrial Cannabis. Daxinganling Baicheng Hemplanting Farmers Professional Cooperative is Grandshores’ local partner and they possess the ability to tend more than 1,000 acres of industrial cannabis.
The company's co-chairman Yao Yongjie revealed that the company's new business focus would be on industrial cannabis cultivation. He also added that the company would, however, be utilising previous resources from their global blockchain investment reserve.
Grandshores Technology Group initially started as a Hong Kong-listed contractor before becoming a blockchain investor. In 2018, the company planned to raise HK$100 million (US$12.7 million) to finance a yen-backed cryptocurrency project. Grandshores Tech’s movement into blockchain investment came as a result of a the company's procurement of SHIS by a company controlled by Co-chairman Yongjie Yao in May.
Yao, who is also a founding partner of the 10 billion yuan Hangzhou Grandshores Fund backed by the Hangzhou government believes that industrial cannabis and blockchain are great business opportunities.
Grand shores Tech has already filled a stock exchange filing with the Hong Kong Stock Exchange. Yao revealed to South China Post that Grandshores Tech had signed a cooperation agreement with the Daxinganling Baicheng Hemplanting Farmers Professional Cooperative in the province of Heilongjiang.
According to the agreement, both parties will create at least five varieties of hemp germplasm. As it is, the institute has already created two medical cannabis product.
Most cannabis producing companies are going the blockchain and bitcoin way as many banks has refused to be associated with Hemp producers. While many consider this to be a warning signal, others such as Yao think its an amazing business opportunity. More cannabis producing companies are considering blockchain as well.
Last year, Leafbuyer Technologies, a tech company focused on cannabis announced that it will integrate the blockchain technology to its platform. The company has also revealed that they had launched Phase One of its multiphase blockchain initiative.
Do you think that Grandshores Technologies will make headway with its Cannabis business by integrating the blockchain? Kindly share your thoughts with us in the comment section below.