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CryptoCann™ Report: IBM brings blockchain to European supermarket chain; Detroit donut shop owner accused of illegal marijuana sales

IBM is partnering with European supermarket Carrefour to launch the IBM Food Trust, a blockchain-based food tracker
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The owner of Holy Moly Donuts is facing drug conspiracy and money laundering charges

The Crypto Report

IBM Corp (NYSE:IBM) is bringing blockchain to the grocery aisles, partnering with European supermarket Carrefour to launch the IBM Food Trust, as per a CoinDesk report.

The blockchain-based food tracker follows items throughout their journey along the supply chain, giving suppliers the ability to backtrack to the source more easily if a problem should arise.

READ: CryptoCann™ Report: Coinbase to reach $8B valuation; TD Ameritrade warns investors about the risk of cannabis investments

"For us, it's a matter of sense for the consumer," said Emmanuel Delerm, Carrefour’s blockchain program director, in an interview with CoinDesk. "It's really this that will push us to say to our producers or partners or suppliers, will they come on the platform? It's really consumer-orientated; it's really for them that we are doing this."

Other companies to partner with IBM Food Trust include retail giant Walmart Inc (NYSE:WMT), Nestlé, Dole Food Company, Tyson Foods Inc (NYSE:TSN) , The Kroger Co (NYSE:KR) and Unilever plc (NYSE:UL).

Blockchain technology is popping up everywhere with companies from nearly every industry looking to carve out a piece of the market.

Venture capitalist Nic Carter, co-founder of blockchain start-up fund Castle Island Ventures, took a stance against the ubiquitous use of the word “blockchain”.

In a Medium article, Carter called it an “empty semantic husk, kept alive by a thousand press releases, conveying as little meaning as possible.”

Carter urged the crypto community to be straightforward about the technology being built and perhaps craft a new term.

The Cann Report

As the legal cannabis market expands, it begs the question where legalization will land next.

The answer may be hundreds of miles above Earth at NASA’s International Space Station.

READ: Short-seller Andrew Left’s Citron Research doubles down on Namaste Technologies, calls it a 'fraud'

Bioengineering company Space Tango, which specializes in microgravity environments, is interested in how cannabis plants would respond to space, as per a Forbes report.

“Understanding how plants react in an environment where the traditional stress of gravity is removed can provide new insights into how adaptations come about and how researchers might take advantage of such changes for the discovery of new characteristics, traits, biomedical applications and efficacy,” said Joe Chappell, a member of the Space Tango science advisory team, to Forbes.

The company hopes the study data will provide greater insight into the pharmaceutical potential of cannabis.

While top-notch scientists and pharmaceutical companies are taking a serious look at cannabis, the plant still finds itself tangled up in shady dealings.

The owner of The Holy Moly Donut Shop and two others have been accused of using the donut shop as a front for an illegal marijuana operation, as per a report by The Detroit News.

The drug ring is said to include Holy Moly Donut Shop, the Unified Collective dispensary next door and an ATM company.

Prosecutors claims that the dispensary and the donut shop hid the proceeds from illegal marijuana sales.  An employee from an ATM company would fill different ATM machines with the cash.

From April 2016 to September 2017, around  $2.3 million was deposited into the ATM company's bank account with nearly the same amount withdrawn.

The men were indicted in federal court on drug conspiracy, money laundering and other charges.

Michigan voters will decide whether to legalize recreational marijuana in November.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here

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