Blockchain ESG Truths Benefit Cannabis and Hemp Industries

The cannabis and hemp industries are building strong Environmental, Social, and Governance (ESG) policies. A recent article noted that the developing sectors have the opportunity to create policies without having to atone for old, ineffective programs.

Photo by Appolinary Kalashnikova cover by Karsten Würth

According to Jesse McConnell, CEO of Vancouver-based cannabis company Rubicon Organics, “we’re in the process of establishing these best practices, not having to go back and look at legacy infrastructure and re-engineer things at tremendous economic costs.” [1]
There are many ways to advance sustainability, including renewable energy sources, carbon offsets, and carbon removal investments. According to the European Industrial Hemp Association, hemp “reportedly gobbles carbon at a rate of 6 tons per acre, and it can play a key role in regenerative farming and soil remediation.”

Hemp farmers could possibly receive payment for carbon sequestration from a federally funded carbon bank in the US. It could open revenue streams for the sector, encourage farmers to include hemp in crop rotations, and include “varieties better suited for industrial purposes that sequester carbon over many years, rather than flower varieties that
currently command higher wholesale prices but don’t have the same long-lasting climate potential.”

“Our new clearESG platform supports the United Nations Sustainable Development Goals (SDGs) to record, measure, verify and share ESG documentation using the Efixii blockchain. Transparently and seamlessly sharing data for more than 50 metrics shows a company’s commitment to sustainability and benefits the bottom line. We have formed partnerships with leading ESG and workflow management experts to build a greener industry for a more sustainable future.”

GCAC CEO, Brad Moore

GCAC CEO Brad Moore says, “our new clearESG platform supports the United Nations Sustainable Development Goals (SDGs) to record, measure, verify and share ESG documentation using the Efixii blockchain. Transparently and seamlessly sharing data for more than 50 metrics shows a company’s commitment to sustainability and benefits the bottom line. We have formed partnerships with leading ESG and workflow management experts to build a greener industry for a more sustainable future.”

Facility audit partner Net Zero Analysis Design (NZA) provides data to support growers with verifiable corporate disclosures, compliance and ESG reporting, carbon-footprint reduction goals, climate-risk assessment, and carbon offset opportunities. The Chicago-based firm assesses for greenhouse gas accounting, risk assessment, and identifying energy efficiency opportunities and new potential income streams.

“The partnership also offers third-party auditing for the U.N.-supported Principles for Responsible Investment (PRI), Global Reporting Initiative (GRI), Task Force on Climate-Related Financial Disclosures (TCFD), Climate Neutral Now initiative of the UNFCCC Secretariat, U.N.-supported Sustainable Development Goals (SDGs) and other widely-recognized reporting frameworks.” [2]

A partnership with Washington-based to ThingBlu offers cannabis and hemp growers the ability to add grower business intelligence data to the blockchain. “Harvesting Insights” workflow and data management tools provide operational visibility of all employee tasks, associated data generated, and the ability to communicate and share this data with other systems, improving control. Growers can share data like “nutrients used, average temp and humidity, and plant inspections tasks to add in the transparency.” [3]

“Sustainable business benefits everyone. The cannabis and hemp industries have a unique opportunity to establish best practices that support UN SDGs. We know consumers shift purchase preferences based on a brand’s ESG impact. And Millennials place three times more importance on ESG when making purchasing decisions.”

GCAC NA President, Steve Peterson

Equity Guru recently published a report focused on ESG, calling GCAC “one of the few companies in the space right now using blockchain for its potential.” [4] It highlighted GCAC’s partnership with ThingBlu as further evidence of how blockchain solutions and verifiable data offer the cannabis and hemp industries advantages.

GCAC NA President Peterson says, “sustainable business benefits everyone. The cannabis and hemp industries have a unique opportunity to establish best practices that support UN SDGs. We know consumers shift purchase preferences based on a brand’s ESG impact. And Millennials place three times more importance on ESG when making purchasing decisions. clearESG lets growers demonstrate their commitment to building a greener industry for a more sustainable future. It creates stronger brand value and strengthens customer loyalty.”

An ESG-centric company has more success attracting and retaining top employee talent. Employees care more than ever about the environmental impact of their workplaces. They are willing to stay longer in jobs where they feel they’re part of making a positive difference.

In a complicated carbon market, verification from accredited companies like NZA and ThingBlu could help farmers get paid for carbon sequestration, and identify tax credits and natural resource conservation programs. clearESG “Merit Badges” will share a company’s ESG achievements. Whether a product is organic, uses recycled packaging, is female or minority-owned, or conserves water, the platform celebrates that story.

Photo by Adele Payman

ESG also helps companies reduce the risk for insurance providers by providing critical information to the underwriters. Companies benefit financially from a sustainable strategy that solves social and environmental issues.

clearESG uses the Efixii patent application-approved blockchain to communicate those benefits to consumers, the community, and investors. It lets companies convert positive ESG standards into brand value and reduce the risk potential of a company for investors.

Everyone can view the complete product story, including reviews, by simply scanning a secure Efixii QR code. See how a brand works to improve sustainability and inclusion and choose to support brands that match your values.

Efixii and clearESG grow safe, certified, and consistent cannabis products, building a greener industry for a more sustainable future.

Do you know how your cannabis business stacks up?

Learn more about clearESG and opportunities to become a partner or consultant by visiting our website at www.clearesg.app

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[1] https://mjbizdaily.com/cannabis-companies-are-committing-to-environmental-practices/
[2] https://newsroom.cannappscorp.com/213717-gcac-and-esg-consulting-firm-to-offer-compliance-sustainability-to-leading-us-based-cannabis-hemp-brands
[3] https://newsroom.cannappscorp.com/214186-gcac-and-thingblu-to-offer-cannabis-hemp-hemp-growers-ability-to-add-grower-business-intelligence-data-to-the-blockchain
[4] https://equity.guru/2022/05/13/this-week-in-tech-profit-and-esg-edition/

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