The hype around blockchain technology is often louder than the actual results it delivers. The cannabis industry, which is no stranger to overblown promises, jumped on the bandwagon and turned to blockchain as a solution to its supply chain management, transparency, and regulatory compliance issues. But as it turns out, most of these blockchain-based projects have failed to deliver any tangible results. Yet, some Chads are still building during uncertainty, in countries where weed is still illegal but CBD has stormed the market. Meet The Waldos Legend, the degens who are building a new kind of CBD franchise based on NFTs.
To begin with, the cannabis industry is a rapidly growing sector, with a projected value of $73.6 billion by 2027. However, the legal status of cannabis varies from a country to another, making it challenging for businesses to navigate the complex regulatory landscape.
This is where blockchain technology can play a crucial role in streamlining operations and offering transparency to the industry. One area where blockchain can be implemented is in the management of the supply chain. By using blockchain, businesses can effectively track the movement of cannabis products from seed to sale, ensuring transparency and accountability throughout the entire process.
Another area where blockchain can be implemented is in the payment system. Many banks are hesitant to work with cannabis companies due to the legal uncertainties surrounding the industry. Blockchain-based payment systems can provide a secure and transparent alternative to traditional banking, allowing businesses to securely transact with their customers and suppliers.
What changed? To learn more, COMMIT spoke with Gaël, also known as ‘Avida’, one of The Waldos Legend co-founders and designer of the NFT collection related to their CBD business. He spoke about the challenges entrepreneurs face in launching a weed business and why NFTs could be a game-changer in the use of cannabis-related products.
COMMIT: Did you face any legal issues with your products as you chose to sell CBD instead of weed due to local legislation?
Avida: No, maybe once when it was shipped to Canada. But otherwise, generally no, because we still provide customs documents that justify the contents of the product inside.
COMMIT: You are based in France, the country is one of the biggest hemp producer in the world, I guess most of your weed grew in France?
Avida: So mainly in Switzerland, which has been the main exporting country for a few years, although now it tends to diversify elsewhere, particularly in Eastern countries. We don’t work too much with Italy. Sourcing from France is also tending to develop, but fairly slowly. It should be noted that French legislation has slowed down significantly compared to other neighboring countries, such as Switzerland, for example. Switzerland quickly took advantage of the situation. The CBD lobby is starting to push in this direction. However, I am not a legal expert, so I cannot tell you which article, at what level. But that’s why the French are currently not leaders in this field. Because we have been slowed down by the government.
COMMIT: How did you end up designing NFTs for a CBD company?
Avida: For example, I am an artist, so you see, I entered the web3 through crypto art. Laurent, on the other hand, is a NFT crypto enthusiast, someone who has been involved in this industry since 2017. For me, it’s fairly recent, since 2021. And we have a third partner named Bastien, who has been in the hemp culture business for thirteen years. I wanted to create an NFT project with real utility. So the idea was to create an NFT that provides discounts on a product, simply put. We pooled our skills, built it for a year, during the bear market that came in 2022, and launched it in October. Then we opened the structure, an online shop, and just recently, a month and a half ago, a first physical shop. We created the project without an existing Web2 structure or commerce, thinking that we would transition to NFTs just to reach a new audience via a new network. We considered ourselves passionate about the web3 and NFT world because we enjoy this universe, including its degen aspect. We decided to create a project, much like Bill Gates did in his garage, without prior calculation before its launch. We didn’t have any problem presenting ourselves transparently with our true names and legal documents. We took the project seriously and tried to approach it as ethically as possible.
COMMIT: How much did you raise so far with your NFTs?
Avida: 20 ETH. Some of the funds were used to reimburse development costs, such as the shop, website, smart contract development, NFT generation, contract deployment, hiring a lawyer to set up the legal structure and statutes.
COMMIT: What are you building on top of this NFT collection?
Avida: We are people who don’t necessarily have contacts or networks with investors, incubators, business angels, or other such things. In other words, we launched Waldos all by ourselves, like grown-ups. We raised funds, we attracted a community through our hard work. We were present every day on Discord throughout the year 2022, responding to people, welcoming them, explaining the concept, defending the project in AMAs, conferences, Twitter, sometimes discussing for 2 hours with only 4 listeners, etc. We have a lot of Holders who are with us, who are people who also like to undertake, who like the community, who like the products we provide, who like the brand image, and who are ready to invest personally and financially in a Waldos Legend franchise, so to finally be their own boss while benefiting from the strength of the community.
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