Top 8 Cryptocurrencies Dealing With... Legal Marijuana

4 min reading

When banks refused to cooperate with marijuana clinics, stakeholders were forced to look for a new solution. As a consequence of this, the market was flooded with a great number of cryptocurrency projects related to the industry.

The main purpose of cryptocurrencies and tokens that have been issued for the needs of the cannabis industry is to ensure easy and secure transactions. In this case, the main goal of the coins of this type is not speculation, but making simple payments at as low costs as possible.

The regulations approved by the federal government have affected the marijuana industry. This fact, in turn, has been taken advantage of by crypto companies. Countless projects of this kind appeared on the market in 2014 and the goals of all of them are similar. The projects strive for users to be able to make legal transactions without the intermediary of banks as there is possibility that they could refuse to cooperate.

Cryptocurrencies created for the needs of the hemp industry differ from a number of altcoins that you have probably heard about. The difference lies in the fact that their application focuses on just one industry in most cases Stakeholders of this industry can easily and securely establish relationships with each other through special platforms and make transactions with the use of tokens or cryptocurrencies. In this case, however, they are not worried about banking restrictions. The idea of this type of currency is focused on protecting all stakeholders.

Even though every cryptocurrency or token of this type differs from each other in several aspects, the majority of them has a platform or an application designed for making virtual purchases. A lot of pharmacies dealing with legal marijuana cooperate with this type of companies because of the fact that   customers are able to make quick and easy purchases.

TOP 8 coins related to marijuana:

  • PotCoin (POT)
  • CannabisCoin (CANN)
  • Receipt (PRG)
  • HempCoin (THC)
  • Tokes (TKS)
  • DopeCoin (DOPE)
  • Cannation (CNNC)
  • BlazerCoin (BLAZR)

PotCoin (POT)

Market capitalization: USD 2 317 319

Place in the CoinMarketCap ranking: 676

This cryptocurrency was introduced to the market in January 2014. As it turns out, POT was the first virtual coin of this type aimed at the cannabis industry. Its creators wanted to use marijuana legalization in Colorado. What is interesting is the fact that they even installed a special ATM for this cryptocurrency there. PotCoin's aim was to enable users a legal, direct cannabis trade without using banks.

Surprisingly, though, this cryptocurrency didn't make a huge sensation as it remained in the shade until June 2017. What happened then? Well, the logo appeared on the MBA T-shirts during the North Korean games. A restored marketing gave PotCoin a second life. This cryptocurrency reached its ATH, i.e. the highest price level, on the 31st of December, 2017. It was USD 0.508288.

CannabisCoin (CANN)

Market capitalization: USD 902 277

Place in the CoinMarketCap ranking: 932

CanabisCoin cryptocurrency was created in 2014 as well, a few months after PotCoin. Just like in the case of the POT, it was supposed to facilitate transactions for cannabis clinics.

Interestingly, Cannabis offers the exchage of cryptocurrency to cannabis. What is more, even a drug line called CANN-dy was released. One CANN coin was to be 1 gram of medicine worth.

Receipt (PRG)

Market capitalization: USD 541,668

Place in the CoinMarketCap ranking: 0.024327 USD

PRG is not a cryptocurrency, but a token issued on the Ethereum platform. As the description on the project's homepage informs, Paragon's goal is to fill the gaps in the cannabis community, which is currently facing numerous business complications.

Cannabis owners can benefit from both the Paragon software and the financial model because PRG tokens are used in this system.

HempCoin (THC)

Market capitalization: USD 453 746

Place in the CoinMarketCap ranking: 1131

Another cryptocurrency that entered the market in 2014. It was built on the Komodo sourcecode (KMD) and its use is closely related to the cannabis industry.

The main purpose of this project is to facilitate secure transactions between farmers, distributors and consumers.

Tokes (TKS)

Market capitalization: USD 368 798

Place in the CoinMarketCap ranking: 1169

Tokes is the native coin of the Multichain Ventures ecosystem. It should be added here, that TKS is not a cryptocurrency but a token based on the Waves blockchainThe Tokens platform allows tracking the supply chains and integration with the "seed to sale" software.

Even though TKS ranks 5th in terms of market capitalization among virtual currencies related to cannabis, it outperforms its competition in terms of visualization of the main page. The reason may be because of the name which has nothing to do with the marijuana industry, it was not, however, such a sensation. The whole concept, though, is much better and more easily described than in the case of other coins. 

DopeCoin (DOPE)

Market capitalization: USD 183 337

Place in the CoinMarketCap ranking: 1336

DopeCoin, just like its competitors, aims to revolutionize the legal marijuana industry. This cryptocurrency is connected to the Smoke Exchange platform, which acts as a market and communication channel for cannabis advertisers. DOPE is an alternative form of payment for them. DopeCoin was created in 2014.

Smoke Exchange has several important functions. From the advertisers' point of view, it removes the mediation of external companies that usually charge high fees for advertising. The platform allows you to create and control marketing campaigns at low prices. 

Cannation (CNNC)

Market capitalization: USD 4,013.49

Place in the CoinMarketCap ranking: 1951

The project description shows that CNNC is a digital currency enabling peer-to-peer transactions. It allows instant payments to anyone in the world, except for the interference from third parties such as banks or other financial institutions.

BlazerCoin (BLAZR)

Market capitalization: unknown

Place in the CoinMarketCap ranking: 2322

Currently, the official website of the project displays information saying that an update is currently ongoing. The website is supposed to be available in 12 days. 

BlazerCoin was created in April 2017 and is directed to the recreational marijuana industry.