The shares of Leafbuyer Technologies exploded by 40 percent after the company revealed its association with blockchain-the future technology. The company announced recently that it is now entering the final development phases of its first large-scale industrial blockchain-enabled platform. As per reports, Leafbuyer will complete the final development by next month and will launch it in December 2018.
Leafbuyer is an online marijuana deals database that is sort of a cross-platform for cannabis users, growers as well as sellers providing services in between Yelp and Groupon. However, the company failed to get the right momentum similar to other pot stocks at the start of the year. But the moment, the company came out with the news that it is rolling out blockchain technology soon, the shares exploded.
Incidentally, the Greenwood Village, the Colorado-based company did not enter the explosive frenzy related to pot during the summer. During the frenzy, the wild trading helped Tilray Inc to make billions for the investors which eventually it lost. Just a week ago Tilray’s shares were up by 624 percent whereas those of Alternative Harvest, the leading marijuana ETF were ahead by 26 percent. However, the shares of Leafbuyer went 63 percent down.
But when the company declared its association with the technology of future, blockchain the shares rose by 40 percent, said, Bloomberg. More business houses and industries are slowly recognizing the potential of blockchain technology and with the help of this anti-fraud and innovative technology Leafbuyer will be able to provide transparency in its every dealing with the customers.
Blockchain provides a decentralized, digitalized and secure environment for conducting transactions in which information can be stored and verified in a permanent way, said Business Wire.
The CEO and Chairman of Leafbuyer, Kurt Rossner is positive about this future technology’s contribution to his company. According to Rossner, “This first-of-its-kind blockchain solution offers complete transparency between cannabis businesses and the end consumer, which, we expect, will add significant value to Leafbuyer’s platform. This, in turn, should open more revenue possibilities as we broaden the platform. The possible applications with blockchain technology are extraordinary, and we look forward to implementing this initiative to drive the growth of our company.”
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