Strict regulations have pushed the legal market of cannabis to embrace cryptocurrency. For Cannabis, the incredible healing benefits that have helped many people suffering from chronic pain, insomnia, and other serious problems like PTSD led to increasing calls for its widespread availability and use.
The biggest challenge of the cannabis industry is the cash problem and restrictions imposed by the federal government. Banks are unlikely to offer their services to any vendor dealing with cannabis as long as the plant is Federally considered a drug. For the most part, the cannabis market is one of the biggest and fastest-growing markets in the US but still the market stays in a grey area.
That is the reason there are several altcoins related to Cannabis industry that try to offer solutions to the industry.
Here’s the most important ones.
First in the list is CannabisCoin. This cryptocurrency was created in 2014 and its purpose is to simplify payment transfer between business and consumers. In other words, CannabisCoin aims to make transactions smoother and easier for medical cannabis dispensaries. This coin looks to provide a straightforward exchange ratio from cryptocurrency to actual cannabis medicines. For example, one can easily exchange Cann at a rate of 1 coin to 1 gram. CannabisCoin is benefiting from California’s marijuana legalization and as at the beginning of the year, its market cap was $22.8 million. And interestingly, one CannabisCoin was worth $0.296.
Established in 2014, PotCoin is a Canadian coin used to pay for goods and services. It is the first cryptocurrency designed to facilitate the underserved legal marijuana industry with a decentralized banking infrastructure and payment solution. PotCoin is a banking solution for the $100 billion global legal marijuana industry. PotCoins allows cannabis enthusiasts to interact, transact, communicate, and grow. According to their: “Using PotCoins, industry members will realize significant cost savings, scalability, and unparalleled enterprise security”.
THC is a cryptocurrency that runs on a blockchain, similar to Bitcoin. THC was created in 2014 to serve as a payment solution for businesses in the agriculture, hemp, legal cannabis, and tobacco industries. This Crypto currency had a 170-million-dollar market cap in January 2018, THC traded over 20 Million dollars per day, and it reached the top 100 on CoinMarketCap. THC is fully vetted by Bittrex for the SEC as a non premined fair coin, was among the first 30 coins ever created in 2014, is a vetted fair community coin. HempCoin is currently traded on one of the largest digital currency exchanges in the world, Bittrex.a decentralized way for consumers, businesses, & growers to transact.
DopeCoin is a cryptocurrency that’s aimed at helping cannabis merchants and consumers enjoy easier transactions.DopeCoin wants to increase security and transparency for store owners. Yes, as a dispensary owner, chances are you’re dealing with hundreds of thousands of dollars in cash every month. And of course, with today’s federal laws and regulations, you might find it hard to simply transfer the entire lot to the bank. Of course, after splitting the cash, buying supplies and paying employees; you’ll need to figure out how to take the leftover money to the bank. The good news is, it’ll be way easier to transfer cash straight to your bank. And perhaps the best thing about DopeCoin is that users will be able to perform fast and secure transactions at no cost.
It seems that the future is bright for the legal cannabis market. There are already many dispensaries and it is very easy for us to shop many related products by visiting an online headshop but there’s a lot of growth expected. Based on the market valuation of public marijuana companies, investors seem to think the market size is going to be $20 billion. We would expect marijuana stocks to go up soon.