Both the cannabis and cryptocurrency industries are enjoying surges, and their individual growth could be bolstered by combining their markets.
Indeed, it’s no secret that the marijuana industry has been hampered over the years by the relative unwillingness of financial institutions to deal with weed merchants. That being said, new cryptocurrencies could potentially be the revelation which finally allows the cannabis industry to reach the financial level that it’s capable of. And of course, cryptocurrency would benefit massively from a ‘collaboration’ as well, seeing that the cannabis market would provide an incredibly reliable and steady stream of customers.
However, savvy companies have seen this coming from a mile away and have been creating digital currencies specifically for the weed market. Read on to learn more about the best crypto cannabis coins.
1 – PotCoin (POT)
Having been launched way back in January of 2014, this is one of the longest running cannabis coins. It was launched at 4:20 pm, and there are 420 million PotCoins currently in circulation (for the uninitiated, ‘420’ of course is the “magic number” of the weed world).
The currency started relatively slowly, however; after initially reaching the $1 million market cap barrier in April 2014, it fell to $244,000 within a month. PotCoin seemed set to be yet another one of the countless failed currencies, until the ‘eccentric’ Dennis Rodman was pictured wearing a PotCoin.com t-shirt in a North Korean airport. His stunt resulted in a 76% increase in PotCoin in a day!
Today, the company continues to enjoy a surge. As at January 4, 2018, PotCoin’s market cap was over $79.5 million, with each coin worth $0.362. (Exactly one year ago, one PotCoin was worth $0.018, and its market cap was just under $4 million).
While Rodman unquestionably helped the coin’s cause, the company’s recent expansion must be credited as the reason for the sudden growth. By October 2017 there were over 800 special ATMs for PotCoin created by the company, and by the early stages of this year (2018), it promises to have over 1,300.
The company has also announced plans to leverage its recent success by establishing the PotCoin Foundation to address the issue of volatility. While most experts don’t see PotCoin exceeding $0.45 by the end of 2018 (and $0.60 by the end of 2022), legal reforms in the cannabis industry – combined with the company’s innovations – could see PotCoin establish itself as the #1 crypto cannabis coin.
2 – CannabisCoin (CANN)
CannabisCoin was created just a few months after PotCoin, and it had a similar goal: to make transactions easier for medical marijuana dispensaries. Its proposition was to provide a super simple exchange ratio from cryptocurrency into actual marijuana – for specific strains of marijuana and cannabis medicines, for example, you can exchange CANN at a rate of 1 coin to 1 gram.
As at January 4, 2018, CANN’s market cap was $22.8 million, and one CannabisCoin was worth $0.296. Exactly one year ago, its market cap was just over $175,000, and one CANN was worth $0.002! If you had the vision to invest in CANN back then, you would have enjoyed a Gordon Gekko-esque ROI.
Like other notable crypto cannabis coins, CANN is benefiting from California’s marijuana legalization. While there are no specific expansion plans on the company’s website, however, it did announce an improvement to its security a few months ago. That being said, most experts don’t see it going far beyond $0.30 by the end of the year, and they project a 2022 value of around $0.37.
3 – Paragon Coin (PRG)
Paragon Coin is arguably the most exciting crypto cannabis coin of 2018, as it’s backed by some serious star power. The company was founded by tech entrepreneur and former Miss Iowa, Jessica Versteeg, and she’s since enlisted the help of rapper The Game. There are currently 100 million PRG coins in circulation, and every one of the 70 million that was available initially at the ICO were snapped up immediately.
The introductory price of PRG was initially set at $0.75, but the currency saw an almost immediate spike and latecomers had to shell out $1.55 for a single coin. Versteeg expected the ICO to bring well over $50 million.
Still, though, unlike the first two coins on the list, PRG hasn’t exploded just yet – it has a market cap of $50.5 million as of January 4, 2018, with each PRG coin worth $0.778. (When it was launched back in early November 2017, it was worth $0.30 and had a market cap of over $19 million — those who paid $1.55 for the coin won’t be too pleased!)
While Paragon does have big plans for 2018, some experts are still wary. Their biggest point of contention is the currency’s lack of blockchain initiative, though the excess hype surrounding the coin is also a cause for concern, as it seems to be inflating the value quite heavily. The end of 2018 forecast for PRG is $1.41, but experts have projected it to do well over the long-term, placing a potential value of $4.07 by the end of 2022.
4 – HempCoin (THC)
Those on the inside track believe that HempCoin will actually be the #1 crypto cannabis coin in 2018. It provide’s an intriguing new concept to the traditional canna coin system because rather than focusing on the general population using it to buy marijuana, it’s side aside strictly for the farming industry and medical/recreational dispensaries.
As such, given the projected explosion of these markets in an effort to keep up with increased demand, HempCoin arguably has the greatest long-term potential of all crypto coins.
Naturally, this has been one of the coins to have benefited the most from the legalization of marijuana in certain states. As of January 4, 2018, HempCoin’s market cap was $122.8 million, and each THC was worth $0.53. A year ago to the day, its market cap was $81,290 and one coin was worth $0.000386. Currently, it has a circulating supply of just over 230 million coins.
Also, HempCoin recently announced its intention to enter into a partnership with DASH sometime in January 2018. This bold move could legitimately take the coin to the next level, with some experts projecting it to reach $2.73 by the end of 2018 and $11.44 by the end of 2022.
5 – CannaCoin (CCN)
CannaCoin was launched on March 28, 2014, and similar to Bitcoin, uses peer-to-peer technology and runs on a de-centralized blockchain platform. At present, there is a circulating supply of 4.7 million coins, but the company has yet to announce any innovative ideas for 2018; according to some experts, this lack of action could hamper its short and long-term growth.
However, there is a suggestion that California’s legalization of marijuana will help CCN more than any other coin on this list. Why? Because a large number of dispensaries in the state already accept and are familiar with CannaCoin. If this is the case, the lack of fiat banking systems in place for these stores means the sky could potentially be the limit for this coin.
As of January 4, 2018, CCN’s market cap was just $2.14 million, with each coin worth $0.457. A year ago, the market cap was roughly $55,000 and one CCN was worth $0.011. While many experts don’t see it rising beyond $0.50, others have taken a far more bullish view and project it to easily top $10 in a couple of years.
Final Thoughts on Crypto Cannabis Coins
First and foremost, it is your job as an investor to perform due diligence on each investment you make. This is especially the case with the crypto market, which often resembles the Wild West in terms of regulation. Our advice? Don’t fall for the hype and plow money into a useless crypto cannabis coin. Do your research, and ensure the coin(s) you choose are capable of playing a viable role in the marijuana revolution that is already visible on the horizon. Then, once you invest, hold your nerve! Crypto markets are notoriously volatile, so don’t let a spike in either direction spook you into impulsive decisions and/or unnecessary action.