ABOUT
With the international market for legal cannabisrapidly expanding, businesses and organizationsare continuously workingto keep up with consumer demand. Growth in the legal cannabismarket isn't expected to slow down anytime soon and it'simportant to focuson how distributorscan improve their speed to market rather than simply growing more cannabis. From growth to final sale and everythingin between, businesseswill require a platform that'sable to streamline a large number of time-consumingprocessesin order to meet the needsof consumersquickly.
Conventment isbeingbuilt with scalability and productivity in mind. Utilizing advanced technologiessuch asEthereum, Python, and IoT middleware, Conventment aimsto become the 'Internet of CannabisLogistics' by connecting businessesin the legal cannabisindustry. Businessesusing Conventment become a member of the Conventment Distributed Ledger Alliance (DLA) Center which enablesinventory detailsand live B2Bcommunications. Businessesand organization can connect with one another, request products, form contracts, share ideas, discussservicesand more. With productsbeingconnected to low-cost RFID or NFCtags, inventory can be continuously updated in real-time. Aside from general inventory, shipmentsare also tracked in the DLACenter which can be used to resolve supply and lossprevention issues.
The Cannabis Market
The legal cannabis industry is currently projected to hit $57 billion worldwide and $25 billion in the USA alone by 2027. Reports and studies are being steadily released which support the positive effects of cannabis such as the effectiveness of being a form of medication for a surprisingly large number of illnesses. With the widespread awareness in the media about the potential benefits of cannabis, the demand has grown dramatically over the last few years and investors are paying close attention.
According to the fifth edition of the Marijuana Business Factbook from Marijuana Business Daily, demand for legal cannabis in the USA alone surpassed actual sales of ice cream and movie tickets in 2016. It's important to remember that this is just cannabis demand, not actual money taken in. With such a large market waiting to be fully tapped into, investors are seizing the opportunity by funding grow operations and dispensaries. Although the market is looking fantastic in some ways, many investors are hesitant due to complex legal and regulatory risks. In such a young industry, investors are usually needed for financing due to an extremely large number of banks and insurance companies refusing to take part in any cannabis-related businesses. Of course, this will most likely change over time as more states and districts legalize the usage of cannabis.
Many product manufacturers are eagerly waiting for certain laws to be passed in order to market their cannabis-infused products to the masses. Some of these products include facial creams, bath bombs, drinks, snacks and more. Many of these products are on the market right now in locations where the laws concerning cannabis are clear, but these products are currently limited to a small number of dispensaries. Even though smoking cannabis is the most popular form of consumption, consumers are constantly looking for new and less harmful ways of doing so. Although the legal cannabis market is ripe for investment, we strongly encourage potential investors to do proper & thorough research beforehand.
Problem & Solution
While the legal cannabis industry is currently thriving, many of the processes behind making cannabis readily available for consumers can be extremely time-consuming. Aside from the unavoidable long length of time that it takes to grow cannabis, the time it takes for a batch to be approved for consumption can also vary. Communication between businesses is extremely slow which is a large reason for such delays.
Right now, most businesses in the cannabis industry go through completely separate channels in order to obtain or sell cannabis. Aside from shipment tracking and updates, businesses don't have any kind of B2B platform that's truly connected. By connecting grow centers, product manufacturers and shops through a universal platform that eliminates multiple time-wasting processes, businesses and organizations in the cannabis industry will be able to thrive without barriers.
This is where Conventment comes into play. By allowing businesses to connect with one another through a B2B platform that allows for instant approval on a large number of batches at once, the growth-to-market process can be partially or fully streamlined. Through the DLA, Conventment plans on enabling real-time communication between businesses which will essentially lead to faster shipments and an increased amount of productivity. Statistics connected by sensors are recorded live and are able to be viewed at any given time.
Increasing the speed it takes to get a product to the market is essential when it comes to competition and consumer satisfaction. The Conventment team strongly believes that businesses in the cannabis industry utilizing innovative solutions such as Conventment for managing logistics will ultimately be seen as industry leaders. With speed and efficiency in mind, Conventment aims to connect an unprecedented number of businesses in the legal cannabis industry together through the DLA Center.
How does Conventment Work?
Conventment works by connecting distributors, manufacturers and dispensaries to a network that enables businesses and organizations in the legal cannabis industry to have complete control of inventory and tracking while also allowing real-time B2B communications. Businesses connect through the Conventment Distributed Ledger Alliance (DLA) Center. With the DLA Center, businesses can request new shipments faster, view inventory of specific supplies and have access to testing details among all general batch info.
Conventment takes advantage of the Ethereum blockchain network which has proven to be extremely efficient when it comes to protecting secure and sensitive data. Conventment also takes advantage of Zerynth IoT middleware in order to have an interconnected network of all inventory and batch statistics.
CNVT Token
CNVT is a decentralized ERC20 token on the Ethereum network which is backwards compatible with all wallets and hardware that support the ERC20 token standard. CNVT is completely separate from all main Conventment smart contracts and statistic networks. Aside for funding through the TGE, CNVT tokens are solely used for B2B contract bidding by grow centers and manufacturers. These tokens aren't initially utilized in dispensaries or shops but will become a viable form of payment in the future as the DLA Center is improved upon.
The total supply of CNVT tokens is limited to 100,000,000.
B2B Contract Bidding with CNVT
Within the DLA Center, manufacturers and grow centers are able to bid on contracts with one another. While manufacturers bid on B2B contracts to obtain cannabis, grow centers bid on B2B contracts to distribute cannabis. In a B2B contract auction, bidding is done with the CNVT token which can be obtained from an exchange or the DLA Center itself. Once a bid is successful and a contract is agreed upon, a small percentage of the CNVT transaction is followed by a burn function which results in a complete removal from the total token supply, increasing the utility value of each CNVT token.
B2B contract bidding is exclusive to members of the CDWSN1/CDWSN2 networks only. During the B2B contract auctions, businesses and organizations have the ability to hide their name from competitors or remain public for all to see. Privacy within the DLA Center is a key importance when it comes to running a contract auction.Dispensaries and shops don't take part in the bidding process and don't have access to any sensitive contract or bidding details unless otherwise specified. If a shop or dispensary decides to accept CNVT tokens as a form of payment, a small percentage of the transaction will also be followed by a burn function and be removed from the total supply.
CNVT Token Generation Event (TGE)
In August of 2018, Conventment will officially launch the CNVT token in a Token Generation Event (TGE). Investors and potential business partners are able to obtain these tokens during a private and public sale which will be open to participants for a limited time. In the week of the private sale, participants can obtain each CNVT token at 0.001 ETH with 5,000,000 tokens available. During the period of the public sale starting in September, participants can obtain tokens at a starting rate of 0.0025 ETH where the price will increase by 0.0001 ETH as each day passes. The TGE will end immediately once 45% of the Hard Cap is obtained.
CNVT tokens will be distributed as follows:
- 75,000,000 available for public sale (75%)
- 5,000,000 available for the private sale (5%)
- 5,000,000 for Development & Outreach Expenses (5%)
- 7,000,000 for the Conventment Reserve (Locked for 24 months) (7%)
- 5,000,000 for Bounties (5%)
- 3,000,000 for Team & Advisors (3%)
Soft Cap: 9200 ETH
Hard Cap: 47000 ETH
Unsold tokens from the private sale will be transferred to the public sale. Unsold tokens from the public sale will be split with 60% of tokens going to future bounties and the remaining 40% into reserve for future expenses. Tokens that are put into the Conventment reserve are locked for 24 months from the date that the TGE comes to an end. Bounty tokens will be distributed over time as they are completed by participants.
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Author: Nyx Ulric
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