Cryptocurrencies are making it easy for people in the marijuana business or simply those who are looking to buy some weed to carry out transactions. Remember, marijuana is still illegal at the federal level, which poses a variety of challenges for anyone attempting to conduct financial transactions even in states that have legalized pot. While Bitcoin has become widely popular, there a few alternative cryptocurrencies just for the pot sector.
CannaCoin (CCN)
CannaCoin runs on a decentralized blockchain using Peer2Peer tech. The currency was developed in 2014 but transitioned to Proof-Of-Stake at block 370,000. Cannacoin, as described by its founders is "A group of cannabis enthusiasts working towards the future development of cryptocurrency applications related to cannabis production, seed production, extract production, glass blowing facilities, vape and dab station manufacturing, crypto development, and more"
As of January 2018, CannaCoin has a price of $0.45 and a market cap of $2 million. There's a circulating supply of 4.7 million CannaCoins,
HempCoin (THC)
HempCoin also came into existence in 2014, although its focus is less on individuals using it to buy weed, and is instead designed to be used by the farming industry and medical/recreational dispensaries. HempCoin's website claims that the currency can be used to "facilitate transactions between marijuana farmers and the local dispensary shops" as well as purchasing gear and tools used for farming marijuana.
It's interesting to note that HempCoin is used in all areas of agriculture, not limited to ones involving weed. As of January, 2018, HempCoin has a price of 0.55USD, a market cap of more than $127 million, making it the largest market cap on this list and the 148th largest off all cryptocurrrencies.
DopeCoin (DOPE)
In February 2014, DopeCoin was founded by Adam Howell or ‘Dopey’, according to its website. Little is known about the specific markets that the currency serves except that its "mission is to provide marijuana enthusiasts with a modern and secure way of doing business for the 21’st century,” the website notes.
Started with a vision of creating a ‘Silk Road’ for transactions in marijuana across the world, DopeCoin supply is limited to 200 million DopeCoins with about 117 million currently in circulation. It is also a Proof-of-Stake currency, where a 5% annual interest can be earned. The currency currently has a market cap of close to $23 million, according to coinmarketcap.com.
PotCoin (POT)
Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana industry. It was designed to solve banking problems for people looking to transact in legal marijuana. The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado.
However, the currency failed to make a huge mark and remained in the shadows till June 12, 2017. A press release and a video of NBA star Dennis Rodman sporting a potcoin.com shirt in North Korea gave PotCoin a shot in the arm. By funding Rodman’s trip, not only did PotCoin re-enter the media spotlight it was also up 76% in just one day, according to Coinmarketcap.com.
Its current market cap is close to $66.7 million, a huge increase from $81,547 in February 2014. It currently sits at #200 in market cap ranking for crypto. As for price, in February 2014, 1 PotCoin was worth $0.004625, which has now increased to $0.379644.
CannabisCoin (CANN)
Another currency that came into being in 2014, but just a few months after PotCoin was CannabisCoin. It is a proof-of-work, peer-to-peer open source currency and like Potcoin was aimed at easing transactions for medical marijuana dispensaries. While it initially gained popularity, it has generally failed to deliver much for investors.
Focusing on its market, CannabisCoin has proposition to convert cryptocurrency directly into marijuana. Under the name ‘CANNdy’ there is a line of medicines and marijuana strains grown of the specific purpose of exchange at the rate of 1 CannabisCoin to 1 gram of medication.
There are 91.8 million CannabisCoins with over 77 million in circulation. Currently, the currency has a market cap of $25.8 million, according to coinmarketcap.com.