Benchmark Botanics has announced its intention to cooperate with Vission Technology to develop Smart Farm Total Solution for optimizing production efficiency.
Benchmark Botanics and Vission Technology have signed a non-binding letter of intent to jointly develop a "Smart Farming System Platform" for the cannabis industry, working in collaboration to create a comprehensive farm-based solution from cultivation to sales.
"Since inception, Benchmark has been growing its experience in the cannabis industry while actively seeking technological support in all areas of operations including farm modification and expansion, cultivation, production, processing, and sales. We will be directly involved in our project with Vission Technology, working together to develop a comprehensive solution suited for the cannabis industry supply chain, contributing to the growth of the industry," says Mr. Haifeng (Leo) Liu, President of Benchmark. "I am excited by this cross-sector cooperation and its growth potential."
According to the LOI, the two parties will cooperate in four areas:
- Market research: Through a pilot farm project, comprehensively track all aspects of the industry chain, accurately locate the needs and weaknesses of the cannabis industry.
- Technology R&D: Study the advanced facilities and technologies used in the industry and develop software products that meet the industry's needs.
- Platform integration: Develop a "Smart Farming System Platform" to fully achieve the integration, automation, digitization and environmental protection of cannabis production from seed to sale.
- Social responsibility: Comply with regulations and assist with the establishment and improvement of the social responsibility system.
"Following completion, the platform will be applied to solve problems of information asymmetry in the modern cannabis industry caused by factors such as environment, circulation and government policies, which can result in economic loss," they further explain. "Through technological means, the solution enables cannabis businesses to achieve production efficiency and transparency using system-wide tracking and real-time data monitoring."