Cannabis IPO Brings New Opportunities For Crypto Investors

When the New York-based pro-cannabis magazine High Times now moves to become a publicly traded company, it aims to make history as the first company to accept cryptocurrencies as payment from new investors.

LIONBIT

According to an article published in the same magazine on Thursday, High Times CEO Adam Levin said they hope the addition of cryptocurrencies will “enable a much broader group of investors worldwide” to participate in the initial public offering (IPO), which is planned for the Nasdaq Stock Exchange. Ahead of the IPO, the company is already selling its shares in equity-crowdfunding process at a price of USD 11 per share, while minimum investment is USD 99.

The report did not provide any other details about the upcoming IPO.
“High Times has been at the forefront of popular culture for more than four decades,” Levin was quoted as saying in the article, adding that “now we’re taking another step into the future, not only as one of the first cannabis-related brands to go public on the Nasdaq but also as the first to allow Bitcoin and Ethereum as part of our public capital raise.”

The magazine went on to explain that although they had ruled out doing an initial coin offering (ICO) as a way to raise money, “it would be foolish to leave this emerging investor base out […]”

High Times, which has been a mouthpiece for the pro-cannabis community since 1974, further claimed that “with a magazine and online presence still going strong, many are eager to grab some shares.”

The revenue of the company stood at USD 14.6 million in 2016, while its EBITDA (earnings before interest, taxes, depreciation, and amortization) was USD 600,000, according to the company.

Also, if High Times succeeds with its IPO, this could help crypto adoption, as the IPO market is measured in billions of dollars. For example, the US IPO market rebounded in 2017 as 133 domestic companies went public raising USD 30.4 billion, 33 more IPOs and 79% greater value than the previous year, according to Mergermarket, M&A intelligence, data and research company.


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Author: Fredrik Vold
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Top 5 Marijuana Cryptocurrencies

Cryptocurrencies are making it easy for people in the marijuana business–or simply those who are looking to buy some weed–to carry out transactions. Remember, marijuana is still illegal at the federal level, which poses a variety of challenges for anyone attempting to conduct financial transactions even in states that have legalized pot. While Bitcoin has become widely popular, there a few alternative cryptocurrencies just for the pot sector.

PotCoin (POT)

Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana industry. It was designed to solve banking problems for people looking to transact in legal marijuana. The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado.

However, the currency failed to make a huge mark and remained in the shadows till June 12, 2017. A press release and a video of NBA star Dennis Rodman sporting a potcoin.com shirt in North Korea gave PotCoin a shot in the arm. By funding Rodman’s trip, not only did PotCoin re-enter the media spotlight it was also up 76% in just one day, according to Coinmarketcap.com. Its current market cap is close to $66.7 million, a huge increase from $81,547 in February 2014. It currently sits at #200 in market cap ranking for crypto. As for price, in February 2014, 1 PotCoin was worth $0.004625, which has now increased to $0.379644.

PotCoin is in limited supply of, you guessed it, 420 million coins, with close to 217 million in circulation. With its recent transition to Proof-of-stake, investors can earn 5% annual returns on their PotCoins. One point to note is that PotCoin claims transaction speeds of 40 seconds, which are pretty impressive compared to those for Bitcoin.

CannabisCoin (CANN)

Another currency that came into being in 2014, but just a few months after PotCoin was CannabisCoin. It is a proof-of-work, peer-to-peer open source currency and like Potcoin was aimed at easing transactions for medical marijuana dispensaries. While it initially gained popularity, it has generally failed to deliver much for investors.

Focusing on its market, CannabisCoin has proposition to convert cryptocurrency directly into marijuana. Under the name ‘CANNdy’ there is a line of medicines and marijuana strains grown of the specific purpose of exchange at the rate of 1 CannabisCoin to 1 gram of medication.

There are 91.8 million CannabisCoins with over 77 million in circulation. Currently, the currency has a market cap of $25.8 million, according to coinmarketcap.com.

 

chart courtesy -worldcoinindex.com

DopeCoin (DOPE)

In February 2014, DopeCoin was founded by Adam Howell or ‘Dopey’, according to its website. Little is known about the specific markets that the currency serves except that its “mission is to provide marijuana enthusiasts with a modern and secure way of doing business for the 21’st century,” the website notes.

Started with a vision of creating a ‘Silk Road’ for transactions in marijuana across the world, DopeCoin supply is limited to 200 million DopeCoins with about 117 million currently in circulation. It is also a Proof-of-Stake currency, where a 5% annual interest can be earned. The currency currently has a market cap of close to $23 million, according to coinmarketcap.com.

 

chart courtesy -worldcoinindex.com

HempCoin (THC)

HempCoin also came into existence in 2014, although its focus is less on individuals using it to buy weed, and is instead designed to be used by the farming industry and medical/recreational dispensaries. HempCoin’s website claims that the currency can be used to “facilitate transactions between marijuana farmers and the local dispensary shops” as well as purchasing gear and tools used for farming marijuana.

It’s interesting to note that HempCoin is used in all areas of agriculture, not limited to ones involving weed. As of January, 2018, HempCoin has a price of 0.55USD, a market cap of more than $127 million, making it the largest market cap on this list and the 148th largest off all cryptocurrrencies.

chart courtesy -worldcoinindex.com

 

CannaCoin (CCN)

CannaCoin runs on a decentralized blockchain using Peer2Peer tech. The currency was developed in 2014 but transitioned to Proof-Of-Stake at block 370,000. Cannacoin, as described by its founders is “A group of cannabis enthusiasts working towards the future development of cryptocurrency applications related to cannabis production, seed production, extract production, glass blowing facilities, vape and dab station manufacturing, crypto development, and more”

As of January 2018, CannaCoin has a price of $0.45 and a market cap of $2 million. There’s a circulating supply of 4.7 million CannaCoins,

 


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Mrinalini Krishna
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