BOTS, Inc. Announces Blockchain and Robotics Based Initiative to Optimize Supply Chain Management for the Legal Cannabis Industry

Rhea-AI Summary

BOTS, Inc. (BTZI) has announced its initiative to develop a global supply chain platform utilizing blockchain technology, specifically targeting the legal cannabis industry. The platform aims to enhance transparency, compliance, and efficiency in cannabis transactions, addressing issues such as fraud and transaction errors. Current projections estimate that U.S. cannabis sales could reach $37 billion by 2024, signifying a substantial market opportunity. CEO Paul Rosenberg emphasizes the company's commitment to creating innovative technologies to provide a competitive edge within this rapidly growing sector.

Positive

• Initiative to leverage blockchain technology in the $22 billion cannabis industry.
• Addressing transparency and compliance issues, reducing fraud and transaction errors.
• Projected U.S. cannabis sales could rise to $37 billion by 2024, indicating market growth.

Negative

• None.

San Juan, Puerto Rico, Feb. 12, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- BOTS, Inc. (OTC MARKETS: BTZI), an emerging innovator of products, technologies, and services for the rapidly growing cyber-security, digital robotics automation and A.I. for the manufacturing industry, announced today its initiative on building a global supply chain platform based on advanced blockchain technology with a focus on the legal cannabis industry.  Cannabis companies will benefit from blockchain technology for a range of applications, from optimizing efficiency to transparency in business transactions, to securely storing and monitoring inventory, financial and regulatory data on the blockchain involving a concept known as "Seed-to-Sale."

Technology executives in the Cannabis Industry are considering the following key benefits in determining whether and how blockchain technology will serve their Companies:

Transparency and Compliance

Blockchain, by design, enables greater transparency and efficiency. Sharing digital blockchain information in joint-operating agreements reduces, if not eliminates, the need for reconciliations between companies and data hubs controlled by third parties. This completely disrupts the current processes for balloting partners on new projects, performing joint interest billing, and reporting production revenue.

Smart Contracts

The size and volume of contracts and transactions necessary to execute projects in the $22 Billion Cannabis Industry have historically caused significant reconciliation and tracking issues among contractors, subcontractors, suppliers, and regulators. These also pose significant challenges in managing logistics for supplies, tracking costs, and deploying inventory. Companies utilizing our blockchain solutions, however, generate cascading purchase orders, change orders, receipts, and other trade-related documentation and data on inventory by following specific codified rules. Drafting agreements that afford new tracking, bookkeeping, and automation methodologies create a more efficient supply chain, improving capital project spend analytics, and simplifies contractual obligations. Simply put, this game-changing technology provides knowledge of who gets paid and how much, as well as insight into whom along the chain is performing as explicitly and contractually mandated.

Trading and Third-party Impacts 

Blockchain technologies are disrupting many industries including legal cannabis markets. Blockchain-enabled applications can also address issues such as reduced costs, reducing fraud, error, and otherwise compromised transactions, and limiting credit risk and transaction finance requirements. By trading cannabis raw materials and finished products on a blockchain solution, market participants benefit from increased exchange speed, improved availability of data, and enhanced reliability and suitability as transactions are verified in real-time. Ultimately, this could result in minimizing transaction errors and overall costs.

Total USA Cannabis sales could rise as high as $37 billion by 2024 according to exclusive projections from MJBizConNEXT Direct published recently.

According to the Cannabis Industry Overview Statistics published by Atheneum Collective:

• 67% of Americans believe marijuana should be legalized.
• 87% of the total sales revenue came from the black market.
• As of 2020, there are 243,700 legal, full-time cannabis industry jobs.
• U.S. cannabis workers report a 10.7% higher median salary than the national average salary.
• Thirty-four states have approved marijuana for medical uses (while federal legalization seems inevitable).
• Legal marijuana sales are projected to reach $22 billion by 2022 (without federal legalization).
• Cannabis sales are expected to top medical sales within the next two years.
• The cannabis market will be worth $73.6 billion by 2027.

"As a robotics and A.I. company focused on the development and implementation of proprietary technologies for different industries, we understand the importance of developing new technologies, especially blockchain and A.I.-based innovations, to help companies in the legal cannabis industry to get a competitive advantage and cost efficiency," says Paul Rosenberg, CEO of BTZI.

BOTS Inc reached out to its technology and finance partners and cannabis industry executives, including major licensed producers, regulated quality testing labs, retail distributors, dispensaries, and government regulators. This advanced blockchain initiative is a collaboration among the whole verticals in the cannabis industry. It will be designed to meet industry and specific regulatory requirements. Our BTZI Blockchain and Robotics initiative intend to onboard significant industry participants as we launch our cannabis supply chain solution.

ABOUT BOTS, INC.

Headquartered in San Juan, Puerto Rico, BOTS, Inc., a publicly traded OTC Markets innovator trading under the symbol (BTZI) - is a diversified company developing and servicing blockchain and robotics solutions for its clientele. The Company is committed to driving the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology, Cyber Security, and Robotic Process Automation (RPA).

Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our SEC filings, press releases, public conference calls, and webcasts. We also use social media to communicate with our subscribers and the public about our Company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in our Company to review the information we post on the U.S. social media channels listed below. This list may be updated from time to time.

Track BTZI news on Facebook @ https://www.facebook.com/Bots.Bz/

Follow BTZI news on Twitter @Bots_bz http://www.Twitter.com/Bots_bz

Find BTZI news at http://www.bots.bz

Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com.

For more information, visit http://www.bots.bz

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Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in the Company's filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company's website and filings.

Paul Rosenberg

CEO

paul@bots.bz

FAQ

What is BOTS, Inc.'s initiative in the cannabis industry?

BOTS, Inc. is developing a global supply chain platform utilizing blockchain technology to improve efficiency and compliance in the legal cannabis industry.

How much could U.S. cannabis sales reach by 2024 according to BOTS, Inc.?

U.S. cannabis sales could reach as high as $37 billion by 2024.

What benefits does blockchain technology provide for cannabis companies?

Blockchain offers enhanced transparency, compliance, and reduces fraud and transaction errors in cannabis business transactions.

What is the market size of the cannabis industry mentioned in the press release?

The cannabis industry is projected to be worth $73.6 billion by 2027.

Who is the CEO of BOTS, Inc.?

The CEO of BOTS, Inc. is Paul Rosenberg.