Blockchain
NxGen Brands, Inc. Announces Partnership with Digital Supply Chain and Blockchain Developer to create a Proprietary Cloud-based Framework for Delivery Services and Licensing to MJ Dispensaries Nationwide
NxGen Brands Inc. (OTC: NXGB) (“NXGB” or the “Company”), is pleased to announce that it has partnered with a digital supply chain & blockchain developer to allow the Company to enter into the rapidly growing U.S. cannabis dispensary delivery services market. The partner, Bengala Technologies LLC, is a nationally recognized developer in this field located in West Palm Beach, Florida.
The partnership with Bengala Technologies LLC (https://bengalatech.io), will allow the company to deliver its own proprietary brands of flower and Leafywell™ products, and will allow it to create a national network to provide delivery services for dispensaries across the country. The sale and delivery for recreational and medicinal cannabis is projected to see explosive growth through 2027 reaching $73.6B, and this transaction allows the Company to be at the forefront of the projected wave.
A cannabis dispensary delivery provider must adhere to multiple local, state and national regulations, including licensees, transportation and delivery requirements. The blockchain digital supply chain technology apps to be developed for the Company will address these issues and allow the Company to be compliant and adhere to the regulations across all national markets.
“Angel Burgos, the Company CEO said: “Cannabis companies that provide delivery services – including delivery operators and retailers – are seeing a deluge of orders as customers stock up on marijuana products in the wake of current pandemic concerns. Our hope is that, after opening projected operations in California, Michigan and we will then do the same in Florida. Initially for medicinal delivery services while awaiting pending recreational approval. Internal research has demonstrated that faster delivery can spur increased sales and help to increase revenues.”
Bengala Technologies LLC, achieved excellence in the field of blockchain consulting and development by creating and deploying custom decentralized blockchain and supply apps including Supply Chain, Blockchain and Smart Contract Development applications.
Mr. Arnaldo Detres, the Managing Director of Bengala Technologies LLC, said: “There are so many variants of regulations in the cannabis delivery services and blockchain can meet these regulatory and supply side needs from available inventory and supply to delivery for the proposes of local authentication and validation rules. Blockchain can enable more transparent and accurate end-to-end tracking in the supply chain organizations can digitize physical assets and create a decentralized immutable record of all transactions, making it possible to track assets from production to delivery to end user.”
According to a recent report by ArcView Market Research and BDS Analytics, the global licensed dispensary sales of cannabis will reach $40.6 billion by 2024, registering a CAGR of 24.5%. The US will account for about $30 billion or 73% of the global cannabis dispensing market in 2024. It is projected that by 2024, the retail dispensing sales of legal recreational cannabis will cross $26.7 billion, whereas the revenue generated from the sales of medical cannabis will reach $13.9 billion. The retail sales of THC containing products from licensed dispensaries across the US will feature growth of nearly 300%, i.e., from $8.4 billion in 2018 to more than $24.7 billion in 2024.
The partnership will allow NxGen Brands to produce and ship via its proprietary direct delivery network with the software and technical technologies created by Bengala Technologies LLC, both existing CBD based SKU’s and cannabis-based products. This will allow the Company to market throughout the states which have recreational and/or medical and continue to establish and grow the Leafywell™ branded products. The transaction also aims at interacting with other companies and expanding the licensing deal possible focusing on combining its brands with medical licensed producers, to shape how future cannabis brands operate in the United States.
Blockchain
LAUD Announces Data-Driven Marketing Solutions to Empower Fintech Companies
Blockchain
DZ Alliance: Damon Quisenberry Launches AI FinFlare to Revolutionize Market Strategies
Blockchain
ByVotes on Bybit: Uplifting the Power of Community for Emerging Blockchain Projects
-
Blockchain Press Releases7 days ago
HTX Ventures: Fueling Exchanges’ Transformation into Hubs for DeFi-related Services through Education and Diversification, Empowering investors to Manage Risks and Liquidity in a Volatile Market
-
Blockchain Press Releases6 days ago
Modern Lion and Hyundai Card Partner with NEAR Protocol to Revolutionize Concert Culture with Web3 Integration
-
Blockchain Press Releases5 days ago
Bybit and Block Scholes Uncover Post-Election Bullish Sentiment: Traders Lean Into Leveraged Longs Amid Stabilized Market
-
Blockchain6 days ago
Eric Trump to Speak at Bitcoin’s largest conference in Abu Dhabi this December
-
Blockchain Press Releases5 days ago
Canaan Upgraded Avalon Miner A15 Series with Superior Performance
-
Blockchain Press Releases7 days ago
KuCoin’s GemPool Welcomes PiggyPiggyCoin – Stake, Play and Earn
-
Blockchain5 days ago
CertiK Co-Founder, Ronghui Gu, Delivers Keynote Speech at 2024 Singapore FinTech Festival
-
Blockchain6 days ago
PropW Announces Gold Sponsorship at WOW Summit Thailand