Cannabis product tracking is a reality for any legal cannabis system to work efficiently. Track and trace ensures cannabis products end up in the right hands, suppress black market influences and allow for international and financial compliance.
The problem is that most state-required track-and-trace solutions for the cannabis industry are a burden for businesses. They are unreliable, inaccurate, confusing and vulnerable to human-error and malicious actors.
They cost cannabis businesses time and money to run and are proving to be a major barrier to allowing legal cannabis industries to truly thrive.
When Parsl was first conceived it was a solution to this problem.
Automate compliance, increase inventory visibility and let cannabis businesses get on with running their businesses.
But the further we dove the more potential we realised the technology had. We saw a track-and-trace platform that had the potential to provide genuine value to everyone involved in the cannabis supply-chain, from grower to consumer.
In short we saw a tracking system that would do more than let cannabis businesses operate - it would make cannabis businesses better.
Parsl technology delivers world-first standards of accuracy, transparency and security to supply-chain tracking through three pillars of cutting edge technology.
Blockchain is about more than just digital currency, it is a revolutionary technology that allows the de-centralised recording of data. Parsl uses blockchain technology to ensure the supply-chain record our platform creates is secure, transparent, verifiable and immutable.
By integrating technology into your packaging , Parsl is able to track the precise real-world movement of cannabis inventory on an item by item basis. When a product is scanned, no data has to be entered, it is all covered by our back-end software, eliminating the need for training to allow the system to work.
Parsl uses tracking technology which can communicate with most modern smartphones, making implementation of our platform simple for producers, retailers and consumers alike.
The thing that makes Parsl different to every other track-and-trace technology in the cannabis industry is we go beyond just compliance obligations.
Our transparent, secure and verifiable tracking provides a range of powerful benefits to everyone involved in the cannabis supply-chain.
A big problem in the industry is there is little to no awareness in the wider community of what ‘quality’ means when it applies to ‘cannabis’.
Parsl tracks information about the cannabis growing stage creating a throughline all the way to the consumer and back up again, allowing growers to better able to communicate what they do and customers better educate themselves before purchase.
Currently dispensaries shoulder operational costs for everything from compliance reporting to banking and payment processing fees on every transaction. Parsl reduces those costs in a single swoop.
It also gives them powerful and precise inventory control as well as a marketing analytics platform to look at customer behaviour and demographics and make smarter business decisions.
Currently financial institutions are wary of handling money that has any relation to cannabis. Laws concerning the regulation of cannabis are complex and tend to be fragmented and contradictory on different levels of jurisdiction (international, federal and state). This makes compliance possible but fraught with risk and uncertainty.
Parsl automates global compliance for financial institutions providing greater security and opening up international markets and trade.
Currently legal cannabis regulation is a mess. Hundreds of thousands of dollars in tax is missed, products are sold to people who shouldn’t be able to buy them and there is rarely any real transparency on product movement making it difficult to detect and prevent leakage.
Parsl automates taxation and provides an ecosystem where customers can’t make purchases that they aren’t authorised to make. Any potentially fraudulent activity is automatically flagged and while this doesn’t mean the wrong thing will never happen, it does mean breaches will be recorded and verified making them much easier and faster for regulators to pin-point and act on.
Law enforcement across the globe has been long conditioned to think of cannabis as an illegal substance. Now that the laws have changed, not only do they have to recalibrate their thinking the parallel black market means they also have to distinguish between legal cannabis and illegal cannabis (when the products look exactly the same).
Parsl develops a better environment for relationships between law enforcement and cannabis consumers with the ability to track legal products with a simple scan and as well as giving them powerful tools to detect and investigate suspicious behavior.
The transparency of Parsl technology gives customers confidence in the cannabis products they are buying. By scanning the packaging of their product they can trace back verified information on the entire lifecycle of the product.
This allows them to understand where, when and how a product was grown, what it’s test results were, how it was processed and any other information relevant to their purchase decision and all the data will be secure and verifiable.
For medicinal cannabis patients there are a lot of different considerations that need to be made when purchasing cannabis products compared to customers purchasing for recreational purchases. They want to make sure they are using the right cannabis products to treat their specific condition.
The consistency Parsl provides in maintaining data from creation to consumption gives patients previously unrealised insight into their choice of product and will begin to create a meaningful definition and data on strains of cannabis and their potency.
Similar to growers, the processing side of the cannabis industry suffers from a general lack of understanding as to what they offer the industry in terms of adding quality to the product.
Parsl will be able to add verified information about how a business is processing cannabis to create their products, again providing more accountability for the work they do, incentivising quality operations and providing better information to customers on what the products are and how they are made.
Nowhere is supply-chain management more crucial than at the distribution stage and this is especially true of distribution in the cannabis industry, as along with the traditional challenges, they also face complications with compliance and tax regulations.
Parsl is able to offer powerful control and automation of inventory tracking and control, fair distributions
The Parsl platform unlocks a marketing opportunity that delivers an entirely new channel to talk to customers - when they have the product in their hand.
Marketing in the cannabis industry is generally quite restrictive due to regulations that restrict where advertising can be displayed (eg: nowhere where people under the age of 18 could see it). Parsl’s platform not only allows the delivery of targeted messages to consumers that qualify, it can deliver user-specific messages based on previous behaviour.
Parsl technology delivers more accountability to the lab testing process. Many of the current state mandated cannabis lab testing regulations have been plagued with falsified results, poor processes and faulty equipment.
Parsl can ensure that problems with lab testing can be detected sooner and traced precisely to the source. Additionally, the labs that are doing high-standard testing will benefit from the transparency of data as consumers will have more direct and transparent access to their results and products tested by them will be more sought after.
The benefits of cannabis have been touted for a long time but after over a century of being listed as an illicit substance, proper studies and research has been limited and our understanding of cannabis as a drug isn’t where it should be.
Parsl’s ecosystem gives academics a powerful tool for utilising verifiable data to measure the use of cannabis and study the impact of its use.
Getting Parsl working for your business all you need to do is add our smart tags to your packaging and then you’re good to go.
Because the tags operate using technology found in most modern smartphones, once the tags are on the packaging the full power of Parsl is available to your business.
This means that Parsl can be used as a part of a government required tracking system to utilise the marketing and inventory management powers, as well as a holistic replacement to the system as a whole.
No matter where you sit in the legal cannabis industry, you can benefit from Parsl today.