Is there a reason for the rise of the pot coins today?
Yesterday, CannabisCoin(CANN) was part of the FOMO of Today. I made a comment that if there was anything valid about the pump, it would be happening to the other pot coins as well.
You can look at the chart to see how amazing yesterday's pump was of CannabisCoin
Let's take a look at the three top coins a little bit and see if there is anything to this pump.
CannabisCoin(CANN)
The CannabisCoin is a peer-to-peer cryptocurrency for the Cannabis Community. Instant real world payments. Dispensary Tested.
DopeCoin(DOPE)
A digital currency for marijuana enthusiasts.
HempCoin(THC)
HempCoin was among the first 30 currencies developed in 2014 and is a highly focused digital currency for the Agriculture/Farming Industry and Marijuana/Hemp Industry, built on the source of Bitcoin, its use includes the Marijuana dispensaries and the entire Agriculture/Farming trade business.
Of the 3 coins, it would seem that HempCoin would be the one with the most promise, because it has been around the longest and it focuses on the entire industry.
The one driving news event is California legalizing recreational marijuana sales. This comes into effect on January 1, 2018, when The Adult Use of Marijuana Act, or California Proposition 64, an initiative passed in November 2016, takes full effect.
California is not the only state to have some sort of marijuana legalization.
Information is current as of Sept. 14, 2017.
~ source: http://www.governing.com/gov-data/state-marijuana-laws-map-medical-recreational.html
Even Forbes has a recent article about states getting ready to legalize marijuana.
These States Are Likely To Legalize Marijuana In 2018
- Vermont
- New Jersey
- Michigan
- Missouri
- Virginia
Over at SeekingAlpha.com, there is an article about how some of the marijuana stocks, which took a beating after Hillary Clinton lost the election, are up big for December, with increases of 50%, 70%, and 90%.
The article points to cross section purchases and an ETF for marijuana stocks being listed and nothing in the range of changes in legalization as being the catalyst, even thought it points out the USA legalization changes. It also notes that Canada will also be legalizing recreational marijuana in 2018.
So, for marijuana growers and distributors, the futures look high, but I don't see the point of cryptocurrencies for marijuana. If Germany, Australia, Canada, and parts of the USA have made it legal, then why bother using cryptocurrencies to pay for it? Unless you are going to the process of creating the cryptocurrencies for free, then converting it to a pot coin and then going to the store....at that point, why not grow the plant yourself? It is called "weed" for a reason.
Enjoy the pump, if you got in early, make sure you can get back out before the dump.
Let the positive energy sing!
More Power to the Minnows!!
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HODLin’
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