Press release — Newport Beach, CA, January 31rd, 2018 at 02:34 UTC
Newport Beach, CA – Budbo, Inc., an enterprise suite of products focused on data analytics in the cannabis sector, has officially sold out its token pre-sale and Tier one in the span of approximately 3 weeks. Tier two of the token crowd sale is now underway, as contributors continue to support Budbo’s mission of transforming the cannabis industry via blockchain technology. A total of 150 million tokens have been issued for the crowd sale.
“Selling out the first two phases of our token sale is exciting, but not surprising,” says Rick Burnett, CEO of Budbo, Inc. “It’s inspiring to see the cannabis network support our vision of driving the industry forward via a global blockchain solution that is distributed and stores data in immutable ledgers. This is game-changing.”
Budbo will be the first-of-its-kind, fully integrated blockchain-based solution for standardized and regulated interaction between cannabis users, dispensaries, and couriers. Government regulators will have a transparent view of transactions and product integrity, potentially speeding up national legalization of cannabis. GPS technology will track all cannabis movements from seed-to-sale. The Budbo Tokens (BUBO tokens) will grant third parties complete access via API to Budbo’s immutable ledger on the blockchain – allowing for a single point, data-driven cannabis environment to quickly flourish.
“We continue to be amazed by the support and contributions coming from the cannabis and crypto communities”, added Luke Patterson, President of Budbo, Inc. “The speed at which the first two phases sold out has allowed us to begin furthering our blockchain development. Having just successfully ported and tested our first shipment based entirely on blockchain technology, we really can’t thank our contributors enough.”
According to research, most blockchain projects fail. But why? According to Blockgeeks.com, the reason most ICOs fail is that the majority of developers/entrepreneurs do not pay any attention to the three pillars that make up a successful ICO:
Budbo approaches all three criteria seriously:
According to Blockgeeks.com, “it is very rare to find a token whose economic skeleton has been properly and thoroughly mapped out.”
Budbo has thought this through and designed its token properties and functions accordingly. The Budbo Token (BUBO) crowd-sale will fund our efforts in a strategic effort to remain as decentralized from traditional forms as possible. Our goal is to be the first cannabis-focused platform that meets the needs of users, suppliers (dispensaries) and couriers built on the blockchain crypto-technology. The Budbo token is not, and should not, be considered a security as defined by the SEC. It is a transaction tool within the Budbo ecosystem.
The combination of decentralized encryption, anonymity, immutability, and scalability transforms Budbo into the ultimate online ecosystem for the facilitation of interactions between users, dispensaries, growers and couriers within the cannabis sector. Utilizing the Budbo Token as the API key for data exchange will increase its utilitarian value. It achieves this by building on the strength of a well-established system to offer applications, create a new cryptocurrency, and display valuable analytics. This allows it to run its functions exactly as programmed without any chance of fraud, censorship or third-party interference. As such, Budbo provides not only a groundbreaking blockchain token-based ecosystem but also a powerful, modular toolset to build interactions between all channels in the cannabis sector.
All Budbo blockchain transactions will be secured with state-of-the-art cryptography, and blockchain integrity will be protected by CPU efficient ASIC resistant proof of work. This unique model allows us to fill numerous operational and process gaps for cannabis businesses. Blockchain technology offers a way to streamline all cannabis pursuits simultaneously and 100% accurately.
The Budbo blockchain holds an immutable ledger that leverages crypto-tokens built on smart contracts. These benefits include:
- Recording and Storing Product Life Cycle Events
- Verifying Patient Identity
- Transaction Assurance
- Equipment Ordering
- Inventory Management
- Seed to Sale Tracking
- Client Management
- Delivery Tracking and Verification
- Platform Analytics
To learn more about our blockchain solution for the Cannabis industry, or to read our white paper, please visit www.budbo.io.
Budbo was founded in November of 2016 to provide the highest quality medicine to cannabis patients by chasing the technological horizon. Every decision we’ve made has been guided by this ethos; from launching a consumer-facing mobile application to providing logistics and tracking to growers, and now the industry-wide blockchain solution. We are grateful to be able to continue to chase the technological horizon on behalf of the cannabis community.