By
Kofi Ansah
September 20th, 2022
It’s interesting to observe how cryptocurrences are penetrating into all the spheres of our life. Now it’s turn of the cannabis market to be changed.
There is no necessity to explain what Bitcoin is. But the cryptocurrency list does not end with it. Virtual currencies are bringing changes to all the spheres of our life. And though it may seem surprising but even cannabis has found its place in the cryptocurrency world. Last year cannabis tokens performance caused a sensation. And this year a lot of experts believe that these tokens will show even better results.
Though being illegal, cannabis market has always been functioning in North America. But now the situation is not the same. Almost a dozen of US states have changed their mind in respect of production and use of cannabis. Now it’s legal. Moreover, in some states it is allowed to consume cannabis for medical purposes. More than 60% of Canadian population has consumed this plant.
It is predicted that until 2025 the growth of the cannabis industry will be 16% per year and its market cap will reach $24 billion. Dispensaries’ monthly average revenue grew from $10 million to above $70 million in 2014–2016. In the same period the price per gram decreased from $45 to $12.77 in Washington.
As we can understand from an economic point of view, decreasing prices and growing revenues lead to one thing – increasing demand. There is little surprise that nowadays there are more and more cannabis-related projects. All of them can be divided into three categories:
- Production
- Infrastructure
- Payment Solutions
Production
AgroTechFarm‘s product is an aeroponic smart appliance. Using it people will have an opportunity to plant their own organic cannabis, tomatoes, peppers and other crops at their homes. Consumers are able to become self-sufficient and receive even more plants and vegetables than from their outdoor gardens. All procedures and processes are automated, which is especially convenient for consumers who have little skills or time.
This project is also quite friendly for our environment. As users will grow crops at their homes, the transportation process that is one of the biggest contributors to global warming is omitted. The company’s project can be useful even for those who don’t have any desire to grow cannabis. At the moment their token pre-sale is on track, offering Agro Tech Farm Token (ATF) for purchasing.
Infrastructure
Budbo’s platform is a global cannabis blockchain. Аny auxilliary service or cannabis related business can join it and use the potential of it’s immutable ledger. It was established in 2015, and already can boast a mobile application, dispensary analytics dashboard, and a range of products. More than 75,000 active users enjoy this app with a convenient user-friendly interface that helps to find all the available strains and products without any difficulties. Over 2,000 dispensaries are among the users of its application. Saling its tokens the company aims to tokenize its blockchain and become the single point data aggregate for the cannabis industry
In late 2017 Paragon successfully launched its initial platform and functionality and promises to release the full version in mid 2018. One of the goals of its functioning is to solve the issue of cash using that exists in the cannabis industry. But it’s not the end of the aims that it has. The company is working on developing a seed-to-sale tracking solution for cannabis products. All the users will have an opportunity to check the entire life cycle of a product without any fees and be sure that no information was changed or deleted. This will be possible thanks to smart-contracts and supported by PRG coins. The company is also going to present co-working Paragon Spaces for the cannabis industry with flex desks and office space.
HempCoin is a hybrid project that combines a payment platform with a mission to rebrand the industry. Unfortunately, there is still very little information what exactly the company means by this notion. But the experts suppose, that the company is going to create a community that will actively prepare and distribute pro-cannabis informational materials that will contribute to the improvement of the image of the industry.
Payments Solutions
Cannabis Coin and Canna Coin are the projects aimed at facilitation of the payments to cannabis-related businesses in a secure way. Up till now, there is no information available about these projects, as they even don’t have their whitepapers.
Pot Coin tokenizes seeds and strains with the help of their reward program. People have an opportunity to convert PotCoins into real cannabis seeds. And growers who develop a new strain will be able to sell it on their platform and get tokens.
Dope Coin provides a payment solution for the legal cannabis market as well as for the illicit one.
Just recently, a new project called Smoke Exchange has been launched by the team. It’s mission is to be a marketing and advertising platform for cannabis businesses. Dope coin and Bitcoin will be used for payments on this platform. It is expected that a working demo will start functioning quite soon.
Summary
To sum it up, we should say that Cannabis tokens are predicted to enjoy popularity in 2018. But it is still recommended for traders and investors to be extremely cautious while investing into new projects.
