How cannabis companies are making a social impact on communities

By @chelean on
A gardener checks marijuana plants in an indoor plantation of a marijuana's smokers club on the outskirts of Montevideo, Uruguay July 16, 2017. Picture taken July 16, 2017.
A gardener checks marijuana plants in an indoor plantation of a marijuana's smokers club on the outskirts of Montevideo, Uruguay July 16, 2017. Picture taken July 16, 2017. Reuters/Andres Stapff

As cannabis and CBD related products continue to take the industry by storm, many organisations have positioned themselves in or near the front of the pack as industry leaders. One of the organisations charging forward has met resounding success and is primed for a major breakout.

PotNetwork Holdings, Inc. (OTCMKTS:POTN) has been getting involved in many industries including cannabis, cryptocurrency, as well as impact investing. POTN accumulated US$1.79 million (AU$2.40 million) in 2017 and have more than tripled that total in just the first quarter of 2018 with US$6.3 million (AU$8.43 million). Monthly comparisons show similar surges in numbers, with a revenue of 893,000 in March 2017 and 2.2 million in March 2018. They also recorded a total of US$14.5 million (AU$19.41 million) in 2017 and gross profits of US$5,180,865 (AU$6.93 million).

Its subsidiary Diamond CBD is rapidly becoming an industry leader due to its dedication to researching and production of high-quality CBD products, ranging from edibles to vapes as well as oils. It has also been continuously expanding into other ventures, including wellbeing products as well as CBD edibles for pets.

Getting involved

On April 19, Diamond CBD participated in a tree-planting initiative for children in the Kajiado area in Kenya. This reforestation project was held at Ngong Hills, a popular site for hikes as it features beautiful views of the country. With ecosystem rehabilitation as the focus, Diamond CBD showed its commitment to the restoration of Ngong Hills, which was previously a thriving ground for farming and agriculture.

Event planning was done by Exponential, Inc. (XPO2) and led by its CEO and founder, Dom Einhorn. XPO2 is a marketing platform dedicated to procuring funds for NGOs and organisations worldwide that promoted social causes such as social welfare and education. Twenty-five environmental groups also attended the event such as Kenya Wildlife Service and Kenya Forest Service, both dedicated to restoring the natural beauty of Kenya’s nature.

Fundraising will continue to support the local Kenyan conservation groups as they work together to promote a healthy and sustainable ecosystem. The event also served as the formal announcement of Ngong Forest Conservation Trust, which will coordinate efforts to restore the Ngong Hills and Forests.

This initiative was part of a 10-day campaign in Kenya from April 17 to 27, as Diamond CBD and XPO2 continue to promote social impact and work towards enhancing the living standards in the country. With the assistance of local environmental groups, they are also planning to reach out and provide important resources to additional organisations in the Mt Kenya area and other regions during their charity drive.

Their charity drive has also reached Asia. On March 6th, Diamond CBD helped provide food and vital supplies to underprivileged children in Manila, Philippines. They have also hosted charitable events in Vietnam as well, as part of their overall focus to extend social benefits to challenged areas in Southeast Asia.

Boosting job markets

According to Marketwatch, “The legalisation of adult-use sales in California will lead to the creation of nearly 99,000 cannabis industry jobs in the state by 2021, about a third of all cannabis jobs nationwide, and 146,000 jobs overall when indirect and induced effects are considered.”

As the cannabis market continues to expand both in terms of demand and innovation, this also stimulates the job market — increasing the need for cultivators’ expertise. As seasoned cultivators provide the market with high-quality products honed through years of expertise, they are now able to secure a source of income to sustain their livelihoods.

Troy Dayton, CEO of The ArcView Group, explained, "The economic excitement around the legal cannabis industry is no longer just theory. Due to the giant impact adult-use legalisation is already having in the United States, it's vital for key stakeholders to understand the full impact of legalisation, beyond just retail sales numbers."

This impact goes beyond just the cannabis industry. Designated as the first true cannabis cryptocurrency, Cannabium is in the process of private and public sales of their token. Cannabium is backed by an actual commodity — in this case, CBD. When Cannabium is purchased, cultivators in Colombia will harvest the CBD associated with that unique token, and upon processing sales, buyers will receive the amount that the CBD is sold for — typically around double the going rate for wholesale.

Most importantly, Cannabium provides over 200 farmers in the Cauca Valley, cultivating grounds with access to a stable job, as well as assisting in providing health care and access to basic education to better the lives of the rural communities.

With an array of social projects and several more in store, entities such as PotNetwork Holdings, Inc. and Cannabium are making social and environmental impacts on the communities that they are involved with. Organisations who target overall impact alongside financial returns are quickly setting a standard of social impact in the cannabis industry, and one that others should strive to follow.

Taken from press release sent to IBT AU for consideration.