How high will it go? The newest cannabis-oriented cryptocurrency goes on pre-sale

Posh Markets Inc. announced the launch of a presale cannabis-related PoshCoin token. The event is intended to educate potential users about the new digital asset before fully rolling it out to the market. 

What we know 

The internet says that the presale of the token will take place on PinkSale, a platform for launching new digital assets, and the value per coin at the time of the presale will be approximately $0.0087. 

According to the chairman of Posh Markets Inc., Vic Devlaeminck, the project’s goal is to help marijuana enthusiasts get a closer look at the new token and all of its features before it officially hits the market. This will help understand the business potential of the new digital asset for the entire ecosystem. 

It has also been revealed that PoshCoin is headquartered in New York City. There, the product team will be busy helping customers buy cannabis and other industry products through a dedicated e-commerce platform. 

Cannabis and cryptocurrencies 

Medical marijuana is legal in 36 states in the U.S., and experts believe legalization across the country will continue. However, because of federal law, companies that distribute cannabis are still prohibited from using financial institutions for product transactions. At this point, digital assets come to the rescue, which can help industry people and companies make necessary transactions. 

Despite the popularity of bitcoin and several other cryptocurrencies, each with their characteristics and uses, several altcoins have been created specifically for transactions in the buying and selling of medical marijuana.

Famous cannabis-oriented tokens 

There are few cannabis-oriented tokens compared to the total number of all cryptocurrencies. Most of them were created in 2014. Here are the most famous ones. 

PotCoin (POT) 

One of the first tokens related to marijuana and created to solve transaction problems for those who trade cannabis. The coin allows the exchange of funds directly without the involvement of financial institutions or a clearing house. The initial goal of the token’s creators was to capitalize when marijuana was legalized in Colorado. They even set up an ATM with PotCoin acceptance at a cannabis dispensary. 

According to CoinMarketCap, at the time of writing, PotCoin has a market capitalization of $824,899, and one POT is worth $0.003622.

CannabisCoin (CANN) 

An open-source, peer-to-peer coin was released almost immediately after PotCoin to simplify transactions for cannabis dispensaries. Only the token didn’t appeal to investors, despite promises to convert digital assets directly into a saleable commodity, i.e., marijuana. 

According to CoinMarketCap, at the time of writing, CannabisCoin has a market capitalization of $427,141, and one POT is worth $0.005531.

DopeCoin (DOPE) 

Not much is known about the token, but according to its creators, its goal is to provide marijuana enthusiasts with a modern and secure way to do business in the cannabis industry. The token’s website says that DopeCoin can be used to make transactions in less than a minute. Users are also exempt from commissions and transaction costs. However, the coin has also not received enough demand. 

According to CoinMarketCap, at the time of writing, CannabisCoin has a market capitalization of $133,703, and one POT is worth $0.001144.

HempCoin (THC) 

The only token on the list that is not only related to the marijuana trade. In addition to cannabis transactions, HempCoin was designed for agricultural, recreational, and medical use. The website says the project’s mission is to provide secure transfers between farmers, distributors, and consumers. 

According to CoinMarketCap, at the time of writing, CannabisCoin has a market capitalization of $931,153, and one POT is worth $0.003488.

As we wrote above, marijuana-oriented tokens have not received proper attention, and as a result, most of the projects are still in a half-dead state. Our editorial staff tried contacting the tokens’ creators, but there seems just no way to do that, which cannot be said about the new cryptocurrency. PoshCoin is gaining momentum and, given the lack of viable competitors, which appeared back in 2014, may now find followers. There is a possibility that eight years ago, the audience was not ready for such tokens. 

You can find more information about PoshCoin here. 

We sent a request to Posh Markets Inc. to clarify information about the token. The article will be updated.