BioTrack THC – Think Private Blockchain

BioTrack THC – Think Private Blockchain

BioTrack THC – Think Private Blockchain – Patrick Vo – CEO either doesn’t understand how blockchain works, or worse yet deliberately offered misinformation in an article published by Benzinga Pro that you can find here.

 

Our view of the situation is that assuming that the long-term scenario is that cannabis is going to come off of Schedule I and that there will ultimately be inter-state transactions involving marijuana. If the individual states were to maintain vastly different laws governing cannabis within their borders, the issuance of BNDD licenses is going to have to come from a single source. Two examples of this would be the IRS’s issuance of Taxpayer Identification Numbers are centrally issued but used by the entire United States or a specialized issuer such as the current Drug Enforcement Administration [“DEA”]. The DEA’s functions in addition to the commonly perceived law enforcement role include the functionality of its predecessor referred to as the Bureau of Narcotics and Dangerous Drugs “BNDD”.

The functionality of the BNDD currently resides within the DEA’s Diversion Control Division [“DCD”]. The DCD coordinates the gathering of documents an matching of state licenses for practitioners [including MD, DO, DDS, DMD, DVM, DPM], mid-level practitioners [including NP, PA, OD, etc.], pharmacists and all allied business entities as a single “choke point”. DCD is the sole logical issuer of choice to take over Cannabis licensing and it is responsible for every single other controlled substance in the United States.

Either DEA is going to have to remove cannabis from Schedule I, or Congress is going to have to take the step before that kind of a change takes place. There is no practical state level option to accomplish the same task. The choice of DCD would also address the single issuer concerns with private blockchain.  Everyone is going to have to play adult for this to work.

BioTrack THC - Think Private Blockchain
BioTrack CEO Botches Blockchain Discussion

We wish that BioTrack THC would get its act together.

 

Let’s talk…we can help.

Author: abizcannabis

Managing Director & CEO of integrated transactional financial advisory, tax, and technology consulting firm - aBIZinaBOX Inc New York, Chicago, and OaklandCPA.CITP.CISM.CGEIT.CGMAExpertise with: Alt. Investments/Private Equity, Real Estate, Professional Services, CA Cannabis, Tech Start-Ups and Distressed Assets/DebtTechnology Certifications including:Advanced & High Complexity Cloud Integrator AICPA PCPS, CAQ,, IMTA, CITP ISACA CGEIT, CISMState CPA Societies in California, Florida, Illinois, New York and TexasExpertise with Regulatory Compliance - US - HIPAA, FINRA, SEC Rule 17(a)(3)/(4), eDiscovery, FINCEN - EU- EBA, ESMA, EIOPA UK - BoE, PRA, FCA