In this interview clip from Backstage Pass, recorded on March 11, Motley Fool contributor Rachel Warren and Cameron Forni, president of Select at Curaleaf Holdings (CURLF -5.94%), discuss the intersection of cannabis and blockchain technology, what investors in the space should look for, and how to distinguish the best long-term bets from the short-term fads.

 

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Rachel Warren: What is the current state of the relationship between cannabis and crypto? In what ways is use of the blockchain already being implemented in the world of cannabis or is it still very early stages?

Cameron Forni: It's very early stages still. I believe that there's a tremendous amount of solutions that will be implemented from blockchain and Web3 into the cannabis space. There are some being implemented now. But my true vision for it is again transparency along the supply chain, security, certificate of variation and validation, as well as a potential payment processing and potential payment solutions. I think that there's going to be a tremendous shift in this space, that will be going toward cryptocurrency and blockchain primarily, and that's what I'm interested in now and really focusing on embedding companies and founders and technologies.

You've got to be careful with cryptocurrency because again, it reminds me a little bit about Cannabis 1.0 where everyone and their friend and cousin and uncle have started a currency or a Shiba Inu or a Dogecoin, or an NFT at some point. Now, you really have to be careful. You have to really focus on the true operators that have been in the space that they've done some unique technology prior. They're bringing technology and background from another space into their cryptocurrency blockchain space to create real technological solutions and Web3 solutions for businesses and for enterprise value solutions as well. That's really what I'm focused on now. Who are those entrepreneurs? What is that technology, and not just going and investing in a bunch of different coins and hoping I hit the lottery and ride the wave and get out before it crashes, which we see a lot of different cryptocurrencies doing out there. I always want to inform users, be very careful about the cryptocurrency market. But when you're investing in true blockchain technologies, you're going to be safe for a long-term play, but just be wary out there, investors.