The Ledger: Crypto vs. Cannabis, Blockchain and Jamie Dimon in Davos, Facebook Coin

We’re back in your inbox after taking last Monday off to honor MLK.

If you follow me on Twitter, you may have noticed that lately I’ve written less about crypto and more about cannabis. I spent much of the last two months working on my new cover story for February issue, “The Marijuana Billionaire Who Doesn’t Smoke Weed.”

No, the words “Bitcoin” or “cryptocurrency” do not appear anywhere in the story. Still, throughout my reporting, I was constantly struck by how alike the crypto and cannabis communities seemed—both were caught up in market bubbles that recently popped; both know the pain of constant regulatory headaches—even as they operated on seemingly parallel planes. If one were to draw a Venn diagram, the circles would overlap only slightly.

That got me thinking: Perhaps cryptocurrency and cannabis could learn a little something from each other. After all, with cryptocurrency we spend a lot of time talking about cross-border transactions; for my cannabis story, I spent some time actually crossing borders. For instance, here’s what happened when I returned from Canada with Brendan Kennedy, the American CEO of British Columbia-based cannabis producer Tilray:

“I would not mention what we just did,” the CEO quietly advises as we sit on the tarmac in Seattle again, awaiting a customs officer to clear us to come home. While Kennedy has never been questioned, he has reason to be nervous: A few Canadian cannabis executives and investors have been detained at the border and even barred entry to the U.S. for life; a senior official at the U.S. Customs and Border Protection agency confirms that even American executives operating legally in Canada can face additional inspections upon their return. Adds Kennedy: “We generally don’t talk about what we do when we go back in the U.S.”

As far as I know, blockchain has not yet made it easier for people to traverse borders, but the experience does underscore just how powerful it is to have a currency that circumvents central authorities who could otherwise stop money from leaving or entering. In fact, many cannabis businesses that operate in the U.S. struggle to get financial services; plenty of banks, citing the enduring federal ban on marijuana, refuse to work with companies that grow or sell the drug even in states that have legalized weed. That means unbanked cannabis businesses are forced to pay their taxes in cash—dropping it off in suitcases or garbage bags—and also invest in security to guard the heaps of it sitting at dispensaries.

It also makes cryptocurrency a natural fit for the legal cannabis industry, providing it with banking services that need not navigate discrepancies between state and federal law (the way Bitcoin has also facilitated the illegal drug trade). And yet the cryptocurrency industry has not quite reached a standard of security and stability that would make it a suitable business currency even for cannabis businesses walking that gray line of legality.

A couple of months ago, I spoke with Jon Brandon, the CEO of Foria Wellness, a company that sells cannabis-infused massage oils and “aphrodisiacs” in states where it’s legally allowed. He described the difficulty of finding banks that would do business with the company, and said he’d considered cryptocurrency as an alternative option, but ultimately decided against it. His thought process: “Then I gotta take the crypto risk on top of a sex and drug business?”

One thing that seems to be working in the cannabis industry’s favor: As it has grown up, it has also become more centralized, moving from street dealers and backyard growers to multibillion dollar international corporations with industrial farming operations. That mainstreaming has opened the market to investors, with Tilray last summer becoming the first cannabis producer to go public on the Nasdaq, and also helped sway public opinion, with laws steadily changing to reflect greater acceptance.

Even as Bitcoin diehards and cryptocurrency traditionalists insist that decentralization is core to the technology’s success, they may eventually have to confront a trade-off: mainstream acceptance may depend on the emergence of more polished—and yes, centralized—institutions who play by the rules. Indeed, that seems to be exactly what the SEC wants from a Bitcoin ETF it would be willing to approve—a “centralized, regulatory data source” and “a surveillance-sharing agreement with a regulated, bitcoin-related market of significant size. Wall Street and other investors likely feel the same way.

For now, cryptocurrency seems to be struggling to corner even the obvious marijuana market: PotCoin, which bills itself as a “digital currency for the cannabis industry,” fluctuates between one and two cents.


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Author: ROBERT HACKETT, JEFF JOHN ROBERTS, and JEN WIECZNER
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Canada Encourages Cannabis Sector to Transact Discreetly

The Office of the Privacy Commissioner of Canada has published a document advising Canadian citizens to use cash to conduct transactions pertaining to cannabis in order to protect personal information. In response to the guidance, Etoro market analyst Mati Greenspan has predicted the liberalization of Canada’s cannabis sector will bolster local privacy coin adoption.

Canadian Government Advises Consumers to Consider Privacy When Purchasing Cannabis

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe office of the Canadian Privacy Commissioner has published a “guidance document” seeking to warn cannabis users of privacy concerns pertaining to transactions related to marijuana.

The document, titled “Protecting personal information: Cannabis transactions,” emphasizes that “Cannabis is illegal in most jurisdictions outside of Canada,” and as such, the personal information of cannabis users should be treated as “very sensitive.”

For example, the privacy commissioner highlights concerns that “some countries may deny entry to individuals if they know they have purchased cannabis, even lawfully.”

Cannabis Retailers Urged to Recognize Sensitivity of Customers’ Data

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe commissioner pressures cannabis retailers to ensure that “adequate physical, technological, and organizational security measures are in place to safeguard personal information,” emphasizing that security processes “must recognize and respond to the sensitivity of this information.”

Where possible, the commissioner asks that retailers collect “the least amount of personal information” and “refrain from recording personal information” in order to minimize the impact from potential data breaches.

The document also recommends that retailers collect email addresses rather than names and addresses for mailing lists or memberships, and “only use video surveillance as a last resort.”

Privacy Commissioner Encourages Cannabis Consumers to Purchase With Cash

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionThe commissioner emphasizes that cannabis purchasers take care not to provide more personal information that is necessary to retailers, noting that consumers may be required to show identification in order to verify age.

The guidelines also recommend that consumers ask retailers whether personal information is stored on servers located in Canada or overseas, encouraging consumers to only trade with retailers that host information in Canada.

The privacy commissioner also advises that consumers avoid conducting transactions using credit cards as such involve the collection of the credit card number and cardholder’s name. Instead, the commissioner encourages Canadians to consider using cash to conduct cannabis-related purchases.

Etoro Analyst Predicts Boost to Privacy Coin Adoption

Canada Encourages Cannabis Sector to Use Cash, Analyst Predicts Privacy Coin AdoptionMati Greenspan, a market analyst for Etoro, took to Twitter to react to the privacy commissioner’s document, predicting that the government’s criticisms of the mainstream electronic payment infrastructure will likely boost the adoption of privacy coins among Canadian citizens.

“This will almost certainly increase the usage of privacy coins…in Canada,” Greenspan tweeted.


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Author: Samuel Haig 
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Weed’s Biggest Wedding Announcement Just Happened And Cryptocurrency Is The Bride

Their unlikeliness makes them likely companions because both cannabis and blockchain have the strongest industry force fueling them: Passion. Most notably, both cannabis and cryptocurrency aim to make life just a little bit easier for those who chose to use them.

LIONBIT

In 1974, the first edition of monthly magazine High Times featured an article headlined “Marijuana: Wonder Drug.” Forty-two years later, an article in cannabis publication Herb asked, “Is Cannabis The New Wonder Drug?”

High Times is forward-looking once again by announcing the first-ever initial public offering that can be funded by cryptocurrency in addition to fiat currency. The authoritative publication is using a handy law called Regulation A+ crowdfunding, designed to allow small companies like the media brand to crowdsource $50 million in a public offering from everyone including non-accredited, everyday investors. If you’ve got $11 or some Bitcoin, you’re in.

The bold move may be a lasting one, as this veteran cannabis icon is reaching out to embrace the latest in technology and finance in a way that may reverberate across both industries. The decision to accept cryptocurrency was a strategic one intended to demonstrate inclusiveness. Adam Levin, Chief Executive Officer of High Times, said the brand is on an organizational mission to be “at the forefront of popular culture… 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.”

This new brand mission involves a whole lot of outreach as High Times sets itself to transform into a video and media powerhouse, diversified events host, and more driven merchandising company.

For nearly a half-century, the progressive magazine has ushered readers to and through a better understanding of cannabis, its culture, opportunities, restrictions, and evolution. High Times has attracted audiences eager to learn everything weed.

High Times is credited by a Florida lawyer for being the educational foundation to later help him convince a jury of his client’s need for cannabis. “Growing up I read High Times and they exposed a lot of the hypocrisy of the government and the lies about cannabis,” Michael Minardi explained to Vice about his historical court win for his client’s permission to grow his own medicine.

Samir Husni, director of the Magazine Innovation Institute at the University of Mississippi, said of High Times, “They have top brand power. When you think marijuana, you think High Times.” Adding, “If they can use it effectively, they will be a powerful company.”

If High Times goes the direction of marketing its IPO directly to cryptocurrency holders, a powerful bridge can be built between two social outliers. High Times has the industry force cannabis and cryptocurrency can use in truly forming a relationship. Something the two arguably haven’t had success doing to date.

The cannabis industry has had its share of celebrity-endorsed and unimaginatively named cannabis coins. Many of which fail to gain the critical mass to elicit sizable industry adoption. The industry’s most illustrious, Paragon Coin (traded as PRG), while advancing cannabis-friendly working environments, is mired in a lawsuit and suffers from historically low coin value leading some to accuse it of being a pump and dump.

The potential for deep cross-industry collaboration hasn’t yet been realized, and it shouldn’t be that hard to bring these two disparate cultures together. In many ways, cannabis and cryptocurrency are a lot alike.

TIP

They’re both misunderstood.

Popular investment speculators are standoffish to both cannabis and cryptocurrency. In part because of volatility, but because both markets wade in the secluded part of a gymnasium pool that’s a little murky and hard to gauge the depth of.

They’re both discriminated against.

Twitter tolerates them both. One is Instagram-famous. One of them can’t assuredly publish an event notification on Evite without it suddenly disappearing, and one was just recently welcomed back to advertise on Facebook. One’s never been able to advertise on Google’s network and the other just got banned on June 1st, 2018.

They hang out at different tables in the school cafeteria.

While the cannabis clique swats nearest to the rear exit, the crypto crew sits within an ear’s shout from the Wall Street jocks who’ve taken over the middle of the dining hall. Neither is cool enough to be invited to the mainstream banquet, but both are edging closer and closer.

Their unlikeliness makes them likely companions because both cannabis and blockchain have the strongest industry force fueling them: Passion.

Blockchain and cryptocurrency advocates are pushing for mainstream acceptance with the same fervor as cannabis advocates. One wants to be taken seriously by legacy institutions and investors, while the other wants the government to treat it with softer restrictions the same way it treats a killer elixir.

Most notably, both cannabis and cryptocurrency aim to make life just a little bit easier for those who chose to use them.

High Times is one of few household names in the cannabis industry and it’s also uniquely positioning itself to become somewhat of a cannabis industry blockchain authority as well. It’s one thing to study blockchain and cryptocurrency and an entirely different thing to work with them in terms of a project.

Given the company’s recent $7 million acquisition of Green Rush Daily (GRD), a publication of 9.5 million monthly views, and another pickup of cannabis lifestyle magazine, Culture, High Times is looking to spread its reach. GRD “guides” section would be a great place to publish a “What you need to know about cannabis cryptocurrency” series.

With a facelift and the addition of a “crypto corner” to join the ranks of “legal corner” in the “features” subcategory, Culture Magazine might be just the right place to invite casual lifestyle readers a place to grow their blockchain and cryptocurrency knowledge under a familiar context.

If High Times gets a high grasp of this, lush fields of cross-pollinating interests can be forged together.

So, while it’s a union that doesn’t quite match up to Royal Family status, the marriage of High Times to cryptocurrency is very much America’s established culture embracing the new. A global, powerhouse cannabis brand welcoming cryptocurrency with the potential to drive growth expansion and acceptance of both into everyday, mainstream conversation.

Indeed, a wedding worth watching.


Here at Dollar Destruction, we endeavor 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: Andre Bourque
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Europe’s Cannabis Company, Royal Queen, Adopts Verge (XVG)

The rate at which Verge (XVG) is winning this time when other cryptocurrencies are staggering precariously is surprising. The Verge team seems not to be relenting at all especially this period that the crypto space has witnessed massive downturn.

One may think it is over, but in its latest partnership, the Verge team proves the pessimists wrong. Today, the Verge community woke up to another euphoric move by the team, when it announced a world renowned cannabis company, Royal Queen, is now accepting Verge.



Verge tweeted: “A world known cannabis seeds producer @royalqueenseeds is now accepting @vergecurrency payments via @CoinPaymentsNET. $XVG is the future and we are happy to have you by our side. Thank you for the support and welcome to #VergeFam! https://www.royalqueenseeds.com #XVG #Verge”

The company, which is situated in Europe is amongst the fastest growing cannabis seed companies in Europe, it has built years of experience growing cannabis seeds in the Netherlands. Royal Queen recently decided to launch its own line of cannabis seeds with quality feminized, autoflowering and medical seeds at a very cheap price.

Not long, Verge partnered with Panchanko, a company that designs and produces high-end audio cables. The company is known in the music industry for its efforts in producing well-refined audio cables.

In the same line, Bamb-U has indicated that it is now accepting Verge, favouring TokenPay as well. To add to the news, the company made known that it has put a 50% discount on every transaction made with Verge and TokenPay.

On the side of Verge, even though it is faced with different attacks, at the same time it is trying to proffer lasting solution to it. The Cryptocurrency sees partnership as one major way to shred off the bad talks it has been labelled with. If noticed, after every hack, the altcoin comes up with a partnership, appealing to its lovers and users in the crypto sphere and surely, the partnership may likely spring it up in the community.

Even though this huge development is not coming after an attack, there has been cases where Verge’s collaboration is succeeded with a spell.

After hackers took over the secured Cryptocurrency twitter account asking for fund, Verge requested for crowd fund worth 75,000,000 XVG from lovers to initiate a mystery partnership with traffic giant website, Pornhub.

Not the end, after Pornhub-Verge partnership, collaboration with other companies like Brazzers, TrafficJunky and a listing from Abra exchange surfaced.

Up till this end, Verge has been able to coast several sector of the world industries with its real world use cases. Verge is seen as a viable tool for payment in areas like health and construction sector as the altcoin partnered with DIOXYME and Heightcare.


Here at Dollar Destruction, we endeavor 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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3 Top Marijuana Stocks to Buy After Canada’s Legalization of Recreational Marijuana

Canada now stands as the first major economic power to legalize the use of recreational marijuana. On Tuesday, the Canadian Senate overwhelmingly passed bill C-45, also known as the Cannabis Act. Although it will take provinces and territories another eight to 12 weeks to prepare, a sizable new cannabis market will soon open in the country.



Most Canadian marijuana stocks moved higher after the legislative milestone, but which stocks are the best picks for investors looking to profit from the anticipated marijuana market boom? Here’s why Canopy Growth Corporation (NYSE: CGC) , Aphria (NASDAQOTH: APHQF) , and Aurora Cannabis (NASDAQOTH: ACBFF) look like top marijuana stocks to buy after Canada’s historic vote.

Canopy Growth Corporation

Capitalizing on the coming recreational marijuana market requires two key ingredients: plenty of production capacity and a strong retail presence. Canopy Growth has both.

Canopy currently operates facilities with over 2.4 million square feet of growing space. However, the company is expanding its operations to include more than 5 million square feet of growing space by next year. Based on some back-of-the-envelope calculations, Canopy Growth should be able to produce more than 780,000 kilograms of cannabis each year at its projected full capacity.

There are 10 provinces in Canada and three territories. Canopy Growth already has supply agreements for recreational marijuana with three of them and has announced retail sites in Saskatchewan and Newfoundland and Labrador.

Although Canopy Growth claims the highest market cap of any marijuana stock, it actually ranks as one of the best bargains in terms of cost per kilogram of production capacity. In addition, the company’s partnership with large alcoholic-beverage maker Constellation Brands  gives it access to resources that other marijuana companies don’t have.

Aphria

Aphria appears to be in good shape to compete in the recreational market, as well. Although the company currently can grow only around 35,000 kilograms of cannabis per year, Aphria is on target to have an annual production capacity of 255,000 kilograms by early 2019.

The company also has solidified its retail strategy by forging a key distribution partnership. In May, Aphria selected Southern Glazer as its exclusive distribution partner for recreational marijuana. Southern Glazer is the largest wine and spirits distributor in North America and has operations in all of Canada’s provinces.

Another plus for Aphria is its low cost structure. The company already is able to produce cannabis at less than 1 Canadian dollar per gram. Aphria CEO Vic Neufield has predicted that the ability to operate at low costs could be tremendously important by late 2019 as supply catches up with demand in the Canadian recreational marijuana market.

 

Aurora Cannabis

Aurora Cannabis has been more aggressive than any other marijuana grower in Canada at rapidly expanding capacity through acquisitions. The company has bought CanniMed Therapeutics and MedReleaf  — the third-largest Canadian marijuana grower — over the last few months.

Although some have criticized Aurora’s acquisition strategy, the company’s Chief Corporate Officer Cam Battley recently defended the approach of rapidly scooping up other players. Battley stated that Aurora was in the middle of a “land grab” to establish integrated operations as quickly as it could to compete more effectively.

Thanks in large part to the MedReleaf deal, Aurora will be on course to fund annual production capacity of more than 570,000 kilograms. The company also has secured agreements with smaller marijuana growers to lock in additional capacity.

Aurora’s efforts to prepare for the retail marijuana market include partnering with and buying a stake in Alcanna , which operates 229 liquor stores in Alberta. The company also has signed distribution agreements with leading Canadian pharmacy chains Pharmasave and Shoppers Drug Mart.

But aren’t these stocks too expensive?

Canopy Growth’s market cap stands at nearly $7 billion. Aphria and Aurora Cannabis claim market caps of around $2 billion and $4.3 billion, respectively. Are these marijuana stocks simply too expensive to buy? Not necessarily.

The Canadian annual recreational marijuana market is likely to be in the ballpark of CA$7 billion. Adding the potential for the medical marijuana market in the country brings the total market size to more than CA$8 billion. That’s not enough to justify the market caps of these top marijuana stocks — but the global opportunity is.

Currently, 22 countries other than Canada have active medical marijuana laws. Global demand for medical marijuana could create a market as much as eight times greater than the Canadian cannabis market. And that’s not including the possibility that other countries legalize medical marijuana or that the U.S. could change federal laws to allow states to legalize medical or recreational marijuana without fear of interference.

Granted, it could take longer than expected for these global markets to develop. Even top marijuana stocks could suffer if the delays are too long. Over the long run, though, I think that Canopy Growth, Aphria, and Aurora Cannabis should prosper from the loosening of restrictions on marijuana use.


Here at Dollar Destruction, we endeavor 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: Keith Speights
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Discussing Cannabis And Cryptocurrency With Dübercoin CEO Glenn Ballman

Cannabis and cryptocurrencies are two of the hottest topics in the investing world, and a Seattle-based company called düber is looking to bridge the gap between them. The company is planning a new cryptocurrency called dübercoin (DBR) that will be used to reward cannabis consumers, solve payment problems and alleviate some of the safety hazards that come with a business that deals mostly in cash.

I talked with düber CEO Glenn Ballman about dübercoin and the challenging regulatory environments in both the cannabis and cryptocurrency spaces.

Karl Kaufman: What was the inspiration for dübercoin?

Glenn Ballman: Cannabis companies have a very difficult time getting bank accounts.

Getting a bank account from a federally chartered bank is impossible because federally, cannabis is still illegal. Getting a bank account at a local credit union is doable but the cost of managing this for the credit unions has gotten quite high, so many of them have discontinued their programs as well. 

 That’s the backdrop for discussions we started having last year with regulators in California and Oregon around a potential solution — using cryptocurrency to reduce the amount of capital flowing through the system in cash. If you can’t do banking, the only way to really do business is cash. You can’t use credit cards or debit cards because those transactions need to clear into a business banking account. If you don’t have a business bank account, Visa and MasterCard can’t help you.

So everyone operates with cash. When you look at the volumes of cash moving through these dispensaries, they deal with $50-$75,000 per day on pure cash transactions. This makes it difficult to create a safe environment for your employees. It makes it difficult to make payments to the government for taxes.

So you end up doing a lot of things — we see store owners using duffel bags, burying seed containers to store the cash and then using vehicles to move the cash around. Of course, that’s not safe — it’s very easy for someone to steal a very large amount of cash. 

Cryptocurrency can reduce the amount of cash moving through the system. You’re never going to eliminate cash completely from any economy. Roughly 30% of all transactions done at retail are still cash.

The goal is not to eliminate cash, because that’s an unlikely outcome, but you can reduce the cash moving through the system and you can enable participants in the industry to pay their taxes using an alternate method. You can increase the safety and increase the velocity and predictability of payments for tax revenue to the state. That’s where it started.

Karl Kaufman: Besides filling a need to increase security and make it possible for cannabis businesses to pay their taxes, how else can your coin be used?

Glenn Ballman: As we started to look into applying the value of cryptocurrency towards cannabis, we found additional benefits. One surrounds the ability for a registered retailer to deliver to a consumer’s home. If the consumer doesn’t have cash on them, you need to provide an alternate method for that consumer to complete that purchase. Of course, Visa and MasterCard are not going to work.

 Crypto plays an interesting role here. The consumer can quickly buy the crypto and direct transfer from their bank account to the consumer’s digital wallet and then to the retailer’s digital wallet. Now you have a retailer with a wallet, and that money can be transferred from that wallet to the government to pay your taxes. Or to pay suppliers that may be across the state.

Another use we thought of was for rewarding people for adding to the network, be that through consumer reviews or loyalty programs like buying on düber-enabled retailers on our network. Those add value — look at the market cap of HomeAdvisor, Yelp or the value of Google Reviews for businesses. This body of information that consumers contribute is incredibly valuable, even to standalone companies. So if the consumer is contributing, why shouldn’t they receive some of that benefit?


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: Karl Kaufman
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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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