Recent reports have revealed that blockchain investor, Grandshores Tech will be searching for business opportunities in a new business, medical marijuana. The firm, which is based out of Hong Kong, and has funding from the Hangzhou Municipality, explained that the reason for this dramatic turn in ventures was due to the weak crypto market that 2018 witnessed.
At press time, the country intends to wait until next year to confirm whether the business will move its intention entirely towards this new direction. However, plans are already in motion for involvement in the trade via a newly set-up unit, known as Hangzhou Yupu Trading, where Granshores is currently attempting to garner a 40% stake investment.
They have succeeded in striking a deal to acquire the right to use 1,600kg of seeds from a research institute in Heilongjiang, one of only two places where hemp cultivation is permitted. Hangzhou Yupu and the research institute plan to five varieties of hemp germplasm, at least two of which will be developed as medicinal cannabis product.
It is hoped that by 2020 cannabis cultivation will contribute at least partially to Grandshores Tech’s profitability. Speaking about the latest deal, Co-chairman of the company Yao Yongjie,
“Through our partnership with Heilongjiang hemp research institute, we have gained an advantage in accessing high-quality cannabis seeds, with high levels of CBD. We want to be a key supplier of industrial and medicinal cannabis and control that supply from the source”
This is not zàijiàn to blockchain from the company just yet though, as they remain an investor in Canaan, the world’s second-largest maker of bitcoin mining rigs among other such ventures. For now, it seems, this is just a way to hedge their bets in future industries.
Yao remarked that
“Both blockchain and industrial cannabis are the future, and both are embraced by the younger generation. Grandshores Technology is a company that invest in the future and we are always on the search for new business growth opportunities.”