Following the effects of the crypto-winter, one Chinese firm has been forced to diversify its business model away from blockchain. It’s chosen industrial hemp as the next addition to its portfolio.
Grandshores Technology has historically invested in blockchain-based infrastructure and hardware but is shaping up to buy a 40-percent stake in Chinese industrial hemp producer Hangzhou Yupu Tading, South China Morning Post (SCMP) reports.
The purchase would give Grandshores Technology access to cultivating over 1,600 kilos of hemp seeds. The firm hopes it would help it to diversify away from a “lethargic Bitcoin $BTC▲0.05% market.”
The firm’s co-chairman Yao Yongjie told SCMP the company will decide next year whether cannabis cultivation will become the business’ primary focus. Yongjie didn’t state if the move would divert funds away from its blockchain