When Colorado and Washington state legalized recreational marijuana in 2014, the industry grew leaps and bounds. There was, and still is, only one problem: banks follow federal laws, meaning dispensaries have had to store massive amounts of cash from cannabis sales.
Cryptocurrency seems like a natural solution, and many companies did start blockchain-based services for cannabis during the 2014 boom. In 2017, these cryptos reached a total market cap of $600 billion. And despite the 2018 slump, many investors expect to see crypto-cannabis grow, with the drug legal now in 29 states.
Cannabis Cryptocurrency — PotCoin (POT)
PotCoin (POT) is the most popular cannabis cryptocurrency and the most valuable. It has a current trade volume of over $15 million. When it launched in 2014 to serve Colorado’s new industry, it failed to make an impact for some time. But then it started climbing in 2016, following legalization in California and several other states.
The following year, former NBA star Dennis Rodman wore a PotCoin t-shirt during his publicized visit to North Korea, spiking the value by 76% in just one day.
Recently, PotCoin (POT) switched to a proof-of-stake protocol, allowing investors to earn 5% on holdings.
Cannabis Cryptocurrency — CannaSOS (PCT)
CannaSOS launched their ICO just last November, meeting their pre-sale goal in just a matter of days. The peer-to-peer exchange is modeled as a social network to connect vendors, customers, and advertisers. CannaSOS has its own native token, PerkCoins (PCT), for transactions.
CannaSOS is still very new, but since recreational pot was just legalized in Canada, this could be one to watch.
Cannabis Cryptocurrency — Tokes (TKS)
It’s true that Tokes (TKS) hasn’t been doing well the last few weeks. The token is down around 4.5% in just the last 24 hours. Its trade volume, however, has remained strong. And this is an important cannabis token because it’s compliant with financial regulations, including Anti-Money Laundering and Know Your Customer.
Not long ago, Tokes (TKS) partnered with the Waves blockchain to release a mobile app. They also joined forces with the Cannabis Hemp Exchange to broaden their user base.
Legally, both crypto and marijuana have uncertain futures. Many investors and companies, however, are behind both, suggesting they’re here to stay. 2019 will be a very significant year for the industries.
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