Marijuana and Cryptocurrency

Written by: Oliver Hackmann

Cannabis Coins

Blockchain technology and Cryptocurrencies are disrupting various industries, and the marijuana industry is not an exception. Whether you’re a cryptocurrency investor or a lover of marijuana, the following cryptocurrencies will interest you.

Paragon Coin (PRG)

Paragon Coin is backed by some famous people such as The Game. It was founded by Jessica Versteeg, former Miss Iowa and tech entrepreneur. It is the most coin with the largest buzz in 2018. There are over 100 million PRG coins in circulation. At the ICO, all of the 70 million coins that were released were bought immediately.

When Paragon Coin was introduced, it was valued at $0.75. The price increased almost immediately, and the value later rose to about $1.55 per coin now.      

As at early 2018, Paragon Coin was worth $0.778 per coin with a market cap of $50.5 million. This is a reduction in value of the $1.55 it was worth a few months ago.

There are a lot of plans by Paragon Coin for the future, but some experts are skeptical about the potentials of the coin. They say that the coin does not have any blockchain initiative, and there is an unnecessary hype or buzz around the coin. The experts explain that the hype around the coin caused the value to rise sharply and then dip later.

By the end of 2018, Paragon Coin is expected to reach $1.41 in value. Analysts predict that the coin will do well in the long run. The value is expected to reach $4.07 by the end of 2022.

PotCoin (POT)

PotCoin is one of the foremost marijuana cryptocurrencies to be released. It was launched at 4:20 pm, January 2014. Also, there are 420 million PotCoins available now. This is in tribute to 420 which is a special number for marijuana. April 20 also known as 420 is Weed Day all over the world.

In April 2014, PotCoin reached the market cap barrier of $1 million, but it fell to $244,000 in less than a month. The coin was already doomed to fail until former basketball player, Dennis Rodman was pictured wearing a PotCoin t-shirt in an airport in North Korea. This raised the value of PotCoin up by 76% within 24 hours.

As at January 4, 2018, the market cap of PotCoin was over $79.5 million, and each coin was worth $0.362. In comparison, a year before that, a single PotCoin was worth $0.018, and it had a market cap of $4 million.

This growth is accredited to two factors which are the stunt by Dennis Rodman and the recent expansion of the company. As at late 2017, there were over 800 PotCoin ATMs available, and the company promises to establish an additional 500 ATMs in early 2018.

There will also be a PotCoin foundation which will help to address the issue of volatility. Some analysts have predicted that the value of PotCoin will be more than $0.45 by 2018 ending and more than $0.60 by year end 2022. Thanks to the innovation by the company, the increased legality of marijuana and the increased use of cryptocurrency, PotCoin could be the number one marijuana cryptocurrency to watch out for.

CannabisCoin (CANN)

CannabisCoin was launched a few months after PotCoin was launched. It was created to make transactions easier and create alternate payment methods for medical marijuana dispensaries. It works by using a simple exchange ratio for a measure of marijuana to a measure of cryptocurrency. Some strains of marijuana are sold at a rate of 1 coin to 1 gram.

As at January 2018, one CannabisCoin was worth $0.0296, and the market cap of CannabisCoin was $22.8 million. A year before that, one CannabisCoin was $0.002, and its market cap was $22.8 million. Those that invested in CANN as at then have made a lot of money from their investment.

The legalization of marijuana in California and some other states have been beneficial to CannabisCoin. The company has not announced any expansion plans, but there are plans in place to increase the security of the coin. A lot of experts have predicted that CANN could be about $0.3 in value at the end of 2018 and $0.37 in value at the end of 2022.

CannaCoin (CCN)

On March 28, 2013, CannaCoin was launched. It is similar to Bitcoin as it runs on a de-centralized blockchain technology and it utilizes peer-to-peer technology. There are about 4.7 million CannaCoins in circulation.

The company behind the coin has yet to announce any plans for the coin which could lead to a reduction in value of the coin. Some analysts predict that the legalization of medical marijuana in California will boost the value of CannaCoin. This is because a large number of dispensaries are familiar with CannaCoin. A lot of banks do not accept transactions from marijuana stores, and these stores may turn to CannaCoin as a viable alternative. A year ago, the market cap of CannaCoin was $55,000, and one CCN was worth $0.011. In 2018, the market cap of CannaCoin increased to $2.14 million with each CannaCoin worth $0.457. Some analysts don’t expect the coin to rise beyond $0.50. Some others are highly positive and expect the coin to rise as high as $10 per coin.

HempCoin (THC)

Some analysts predict that HempCoin will be the number one marijuana coin of 2018. It is a unique coin because it doesn’t focus on the populace using it to buy marijuana. It was created for the farming industry and recreational/medical dispensaries. This is a new concept that may see THC outgrow other marijuana coins in value.

Medical marijuana dispensaries are on the increase, and more people are cultivating various strains of marijuana. This growing industry will see the value of THC increase. This is why some analysts speculate that THC will be the most valuable marijuana coin in the long run. The coin value has been increasing as more states legalize marijuana. A year ago, the market cap of THC was $81,290 with each coin having an average value of $0.000386. A year later, the market cap of THC is $122.8 million, and each THC is worth $0.53. There are about 230 million THC coins in circulation now.

HempCoin has announced an upcoming partnership with DASH. This will see the value of HempCoin increase to unprecedented levels. Some experts predict that THC will reach a value of $2.73 by 2018 and $11.44 by 2022.

Conclusion

We see a major change here. Cannabis is not just it used to be. It’s not only about enjoying your Khalifa bud. Before you make an investment in any of these marijuana cryptocurrencies, you must research on each of them and make your findings. As here is no strict regulation concerning any cryptocurrency you should be careful when reading hypes around any coin – the speculation is high. Research well and be sure that the coin will play a part in the arising medical marijuana industry. You also need to stand firm with your choice. The marijuana market is a volatile one, so you should be prepared for price fluctuations. You shouldn’t make panic decisions.