In 1996, cannabis was legalized for the first time for medical use in California. Before 2012, no state in the US had legalized marijuana for recreational use, until Washington and Colorado did it. Many states have legalized cannabis for medical use and are now on the race to legalizing it for recreational use.
On the other hand, Bitcoin was founded in 2008 as the first cryptocurrency. Soon after, other cryptocurrencies like Ethereum, Litecoin, and XRP were developed. These digital currencies have seen wide reception by consumers since they are free from cost of transaction and government regulations, among other benefits.
A combination of these two industries has resulted in the development of various cryptocurrencies meant to serve the cannabis industry. Considering the contention that the government has with these industries, they suit each other perfectly. Here are six marijuana cryptocurrencies.
HempCoin was created in 2014. The cryptocurrency has been developed on Bitcoin’s source and is not just for cannabis. It is a niche digital currency that is meant to be used by growers of marijuana, medical-recreational dispensaries, and harvesters of hemp, cannabis, and tobacco.
It stands as the first cannabis digital currency not designed for consumers but for farmers. The coin has always served to assist farmers in purchasing bulk supplies for farming. Many cultivators are already receiving HempCoin as payment for their produce. This year, the cryptocurrency is aiming to introduce HempPay, a payment platform that will assist consumers in purchasing cannabis from dispensaries. Customers will use the platform as a cryptocurrency credit card, an app, and a website.
If you trade in cryptocurrencies, you should consider trading HempCoin on these exchanges: qTrade, Nova Exchange, and Bittrex. It has a market capitalization of $3,024,814 with a supply of 300M.
CannaCoin is another cannabis cryptocurrency developed in 2014. The digital currency’s founders refer to it as a community of cannabis enthusiasts who collaborate towards the design of cryptocurrency applications associated with cannabis production, extract production, dab station and vape facilities, seed production, and more.
It was designed to assist with ease of transactions between cannabis businesses and customers. Hence, cannabis users can easily pay for their products from medical cannabis dispensaries. The current price of CannaCoin is 0.015528. It also has a market capitalization of $73,019 with a supply of $.7M. An ideal exchange for trading CannaCoin is IDEX.
KushCoin is a cryptocurrency that is used in the whole supply chain of the medical marijuana industry. It is used in land acquisition, transportation, product delivery, and any other process involved in the growth and sale of marijuana.
The digital coin complies with all laws from the federal level to the state level. This makes it easy for both businesses and consumers in the industry to carry out transactions. Like the other cannabis cryptocurrencies, this one was developed in 2014 as well.
The aim of KushCoin is to assist customers in avoiding all kinds of fees while carrying out transactions. If you are a miner, you can use also mine this currency. The company has designed a KushCoin Wallet, a crypto credit card, and a seed back exclusive to KushCoin users. The currency’s maximum supply is 9.35 million and the market capitalization is $150, 506.
PotCoin is one of the first cryptocurrencies to have been designed for the Cannabis industry. At first, the founders launched it as a Canadian Coin for consumers to use while paying for services and goods related to marijuana. The coin assisted with solving complex and inconvenient banking procedures that harmed the legal cannabis sector.
The founders were also looking to leverage the cannabis legalization movement in Colorado. PotCoin is also one of the most innovative cryptocurrencies. The company was able to set up a PotCoin ATM at a dispensary in Colorado.
In their efforts to market themselves, PotCoin’s team has used various celebrity influencers such as Dennis Rodman. Rodman has been active in the promotion of the coin. Through Charlie Sheen, the company designed a full line of cannabis goods and vaporizers called Sheenius.
If you are looking to sell, buy, and trade PitCoin, be sure to use PotWallet and exchanges such as PotcoinTrade, CoinExchange, Bittrex, and Changelly. With a maximum supply of 420 million, Potcoin also has a market capitalization of $4,177, 067.
While most cannabis cryptocurrencies are used for purchasing medical marijuana products, Paragon is aimed at boosting marijuana businesses. The team behind the digital currency first started ParagonSpace, which is a co-working space for cannabis entrepreneurs in Los Angeles. The company then developed Paragon to be used by all the cannabis firms in payment of rent and purchase of products and services in the premises.
The cryptocurrency is based on Ethereum and is expected to serve customers as well in the near future. The ParagonChain looks forward to offering customers smart contracts for serving the requirements of cannabis businesses. These smart contracts can feature marijuana prescriptions issued by medical professionals or cannabis lab testing results.
If you want to trade Paragon, seek Tidex exchange. But keep in mind that it cannot be mined. However, you can find Paragon’s detailed transactions on block explorers like enjinx.io, ethplorer.io, and etherscan.io. Paragon has a maximum supply of 165 million and a market capitalization of $11.3 million.
The founder of DopeCoin is Adam Howell. He states that the mission of the cryptocurrency is to offer marijuana enthusiasts with a contemporary and safe means of carrying out business. The company aims to work with any cannabis business, whether legal or not.
The coin underwent rebranding and the name was changed to DopeCoin Gold. But it did not change its goal, which is to offer cannabis users with an anonymous and free means of transacting with cannabis businesses. Additionally, the cryptocurrency gives users access to quality promotional means that meet the requirements of the market.
DopeCoin is used by cannabis distributors in both Europe and the US. Also, Bittrex exchange allows you to change from any cryptocurrency to DopeCoin. However, the currency has its cryptocurrency wallet. It is worthwhile to note that it has a maximum supply of 116.8 million coins and a market capitalization of $643, 521.