Budbo ICO [Review]
Budbo (Symbol: BUBO) is an established marketplace for the North American cannabis industry. The current platform consists of a mobile app and a cloud-based business intelligence suite, and connects over 75’000 users and patients to a network of 2’000+ dispensaries, 500+ product manufacturers and 50+ growing operations.
The Budbo ICO is intended to take this operation to the next level, by re-developing the existing services on the Ethereum blockchain. Budbo has seen tremendous success with their current technology stack, and believes that by harnessing an immutable ledger and smart contracts, they can build a globally-useful platform for the cannabis trade.
The North American cannabis trade
Cannabis is something of a controversial industry, with medical and recreational legalization slowly gaining traction around the world. For the markets in which the production and sale of cannabis is legal, however, it’s proving to be an enormously successful industry. In 2016, sales of cannabis generated $6.7 billion in revenue across the United States and Canada.
The cannabis industry is expected to expand over the coming decades, as more countries begin to legalize it for recreational use. Forbes predicts the North American industry could be worth as much as $20.2 billion by 2021, based on current growth rates.
The cannabis supply chain is no less complicated than any other commodity – involving a network of growers, manufacturers and distributors, all of which benefit greatly from having access to reliable information about the demands from end-users.
And like any other supply chain, the agreements and information flowing between participants needs to be efficient and accurate. The cannabis industry itself is an informal market that’s rapidly gaining traction in the formal economy, and in the absence of decades of regulation, is an ideal candidate for a set of blockchain-based governance solutions.
Why Budbo needs blockchain technology
Budbo sees themselves becoming a global platform for cannabis production and trade, with blockchain technology as the next logical step in their evolution. The ambition is to create a decentralized, autonomous organization to enable the production, purchase, and distribution of cannabis in a truly collaborative way.
The envisioned end result is a platform that adds value to all participants in the cannabis market. Patients will be able to securely store and manage their medical data on the blockchain. Manufacturers and distributors will be able to transparently manage the logistics of pick-up and delivery, and the provenance of any given strain can be tied directly back to the grower, along with an immutable record of the lab test results that verify the grower’s claims.
Budbo’s position is rare in the ICO space – given that they have an established and functional product, and present a clear vision for how blockchain technology will add value for everyone involved.
The successful establishment of a decentralized organization for the cannabis industry will serve as a very useful model for doing similar organizations in other industries – and the cannabis industry itself is a ripe target for exactly this sort of innovation.
The Budbo ICO
BUBO tokens are implemented on the Ethereum blockchain, and will be required to access and use the services that Budbo intends to build. In addition, the BUBO tokens themselves will act as a medium of exchange within the ecosystem.
The Budbo ICO is planned to run until 5 March 2018, and will issue a maximum of 150 million BUBO tokens (75% of total supply). ICO discounts are incorporated into the USD-denominated sale price of the tokens, established as follows:
- $0.25 (Tier 1) (Jan, 29 – Feb, 05 UTC)
- $0.28 (Tier 2) (Feb, 05 – Feb, 12 UTC)
- $0.30 (Tier 3) (Feb, 12 – Feb, 19 UTC)
- $0.33 (Tier 4) (Feb, 19 – Feb, 26 UTC)
- $0.35 (Tier 5) (Feb, 26 – Mar, 05 UTC)
This ICO is open to investors in all markets, and only requires a basic registration process to participate.