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The ‘Rise’ and ‘Burn’ varieties are never reproduced by the Gage Green Group.

Author of the article:

Emma spears

Publication date:

June 10, 20212 hours agoRead for 2 minutes “South Africa will produce an absolutely unique strain of cannabis that only we can produce,” said Benas. Photo from Matt Benas Instagram

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South African director and entrepreneur Matt Benas raised R 224,000 (approximately Canadian dollars 19,875) for two packs of cannabis seeds in what is known as the “World’s First NFT Authenticated Cannabis Strain” transaction.

Benas outbid a number of interested parties to evaluate a total of 20 seeds (of two different varieties) from the US breeder Gage Green Group (GGG) along with the associated original works of art by GGG founder Jeff Selsor in an NFT (non-fungible token) auction At the end of last month. The entrepreneur paid 5.5 Ethereum (ETH, a crypto currency) or 1.82 ETH for each variety.

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The varieties ‘Rise’ and ‘Burn’ are never reproduced by GGG. On this occasion, GGG released seeds for a single, exclusive owner for the first time.

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“This is the future, and we are positioning ourselves to fully exploit the unique value of the variety and the work of art,” GGG partner Michael Fong it says in a press release.

Benas has previously launched efforts in areas such as vehicle customization, home renovation and web development, but the purchase marks a new venture into Bud’s business. He believes the seeds’ exclusivity justifies their considerable price.

“I’ve been interested in cannabis for about 20 years,” Benas told Business Insider South Africa earlier this week. “There is a global perception of what elitist gage is and I have known it for a long time. I am [also] very interested in cryptocurrencies and blockchain technology and [thought] these [NFT auction] was made for me. “

Founded in 2008, Gage Green Group is known for breeding a variety of prominent varieties, including Grape masher, Mendo breath,Mango Puff and High School Sweetheart. The company recently made a foray into the Canadian market and announced a partnership with Canadian cannabis company Klonetics Plant Science in late May.

Benas, who posted his very expensive “Rise” GIF on Instagram, believes his acquisition will help his homeland establish itself as a leader in the cannabis industry.

“I really want South Africa to have something unique and special around the world … and now South Africa is going to produce an absolutely unique strain of cannabis that only we can produce,” he told Merry Jane. “You will only get once in the world.”

South Africa currently produces around 2,300 tons of cannabis annually, making it one of the largest producers on the continent.

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