“ToKES Platform leverages blockchain technology to overcome hurdles within the legal cannabis industry. Federal prohibition has resulted in a lack of banking options for licensed cannabis businesses. By leveraging decentralized blockchain technology, Tokes provides financial freedom to these entities and enhances supply chain visibility of cannabis goods for business stakeholders, regulators, and consumers.”– Multichain Ventures
We’ve Got a Big Problem
If you’re not in the Nevada cannabis industry, you probably don’t keep the struggles of the industry in mind. You go into your favorite dispensary, pick out a delightful product, go home, and have some fun. Easy-peasy-lemon-squeezy! However, if you’re involved in any portion of the Nevada cannabis supply chain, you know we’ve got a big problem. Scratch that… a HUGE PROBLEM. However, there’s one company aiming to solve it. Enter Multichain Ventures and their ToKES Platform – a revolutionary new system that may be the solution to the industry’s problem. And a concept that may be able to revolutionize the Nevada Cannabis Industry and beyond!
The Elephant in the Room
When it comes to the Nevada cannabis industry, there’s an elephant in the room. And everyone in the industry knows what we’re talking about… CASH! In fact, this is a big issue for every state in the country that has legalized and regulated cannabis use for adults. You’ve probably noticed that none of the dispensaries accept credit or debit cards. Maybe you think it’s to cut down on costs. Or maybe it never even crossed your mind. Well, trust us… it crosses ours. All the time.
Again, you may not think about the fact that when you go into a dispensary to purchase your products, you always have to use cash to do it. It could just be a passing thought that floats in and out of your consciousness for the brief moment you need to score some flower or tasty treats. However, for everyone in the industry (and we mean EVERYONE), this is a big problem.
What you may not know is that despite the fact that cannabis has been legalized in Nevada and other states, it still remains a schedule 1 substance at the Federal level. As a result, banking institutions are essentially too scared to store or transfer funds from the legal cannabis industry. Hence why you have to use cash when you buy edibles, tinctures, and flower at the dispensaries around Reno, Sparks, Carson City, and Las Vegas. As for now, that’s the only choice we have. And to be honest, it sucks.
It’s Been a Pain
What may shock you is that this technicality is preventing the ENTIRE legal cannabis industry from using banking of any kind. From the plant growers to the transportation drivers to the extraction facilities to the product producers to the testing facilities to the dispensaries and all the way to the budtenders. Seems like such an afterthought right? However, nobody has the common “luxury” of using the banking system in our industry.
Consequently, the whole industry is forced to operate entirely on cash. If we want to pay our employees, we have to use cash. When we want to pick up payments for our products, they have to hand over stacks of cash. When delivery companies need to get paid, they’re dealing with wads of cash… and the dispensaries… piles of cash. Even our taxes have to be paid in cash. It’s a huge pain and frankly, it’s extremely dangerous. And it’s all unnecessary. Obviously, we need some big changes in the industry – a savior to solve our problems. The ToKES Platform might just be the answer to our prayers!
What is the ToKES Platform?
So how do we solve this huge pain in the butt? We can’t use banks and we’re stuck with dangerous amounts of money that we have to use for everything. The whole industry has basically been stumped on this one. Until now! The answer? Cryptocurrency of course!
Yes, cryptocurrency. You’ve probably heard a lot about it lately, and for good reason. Simply put, it’s a newly emerging digital currency system that avoids the banking system altogether and gives financial power back to the people. Additionally, it’s a value storage unit that allows people (and companies) to transfer assets between one another without the involvement of federally regulated institutions.
The ToKES Platform is a revolutionary new cryptocurrency product developed by Multichain Ventures. According to their whitepaper, ToKES Platform is “a blockchain-focused company building software solutions for merchant adoption of cryptocurrency and data provenance of supply chains within the legal cannabis industry.” They go on to note that their suite includes, but is not limited to, “point-of-sale processing software, e-commerce storefronts, mobile applications, and supply chain visibility tools.”
Basically, the platform was developed for the legal cannabis industry as a solution to the cash-only problem caused by federal prohibition resulting in banking restrictions. According to their whitepaper, ToKES created “a suite of software for tokenized transactions encompassing consumer to business, business to business, and business to state transactions (i.e., taxes). Within the cannabis industry, however, blockchain provides utility for more than payments, as ensuring the provenance and transparency of cannabis supply chain data from seed-to-sale is not only a preferred scenario for consumers but regulated by state agencies.”
In other words, this innovative company “produces supply chain visibility solutions on blockchain for integration with seed-to-sale software to ensure the accuracy and availability of cannabis data for regulators and business stakeholders.” And that’s not the only application. It will allow funds to be managed digitally, without the need for federal banks to approve monetary transactions. The industry can begin to fully regulate itself within the bounds of state law instead of draconian Federal regulations.
If this thing takes off, and it very well could, this could be the game-changer the Nevada cannabis industry has been waiting for. For now, the project has been approved for beta testing by the State of Nevada (yes, seriously), and we, along with many others in the industry are quite hopeful this will bloom into something beautiful.
About OMG THC
We’re homegrown in Las Vegas, Nevada. We embrace niches others in the Cannabis market ignore or reject. Vegan? Diabetic? Gourmet cook? Old-school hash connoisseur? Looking for a specific ratio of CBD and THC in your products? You got it! We’ve got you covered!
Additionally, we care about quality and the effects our products have on people’s lives & health. OMG THC use only CO2 and ethanol extraction methods. We NEVER use butane or other petrochemicals to extract our oils. We want our products to be easy on the body and safe for our team to make.
Our products are simple and they are great. From the cannabis oils, we use to the packaging and the varieties of our products. Finally, and best of all, our edibles are damn delicious! In other words, if we wouldn’t want to eat them, we aren’t going to sell them to anyone else. We NEVER cut our concentrates with anything – period! EVER! We use top-of-the-line C-Cell hardware – always. We ensure quality and purity.
For Adult Use Only
For adults 21 and over. Keep our products out of reach of children and pets. Be smart. Be Vigilant. Finally, enjoy our products responsibly and keep everyone safe.
As always, feel free to Contact OMG THC with any questions or comments you might have. We’re here for you and we’re responsive to your needs. If you’d like to locate OMG THC products, check out our dispensaries list. You can also find out more about OMG THC on Leafly.