The Best Crypto Cannabis Coins of 2022
The cannabis and cryptocurrency arenas have both seen their fair share of ups and downs. The marijuana industry, in particular, has been hindered by a lack of financial institutions willing to work with cannabis merchants. However, this may be changing soon thanks to the growing popularity of cryptocurrency.
Cryptocurrency offers a number of advantages for the cannabis industry. For one, it’s a much more efficient way to handle transactions.
Cannabis businesses have long been dealing in cash only, which is not only inconvenient but also dangerous. With cryptocurrency, transactions can be conducted quickly and securely, without the need for large amounts of cash on hand.
In addition, cryptocurrency is also much less likely to be subject to government regulation than traditional banking. This is a huge selling point for the cannabis industry, which has long been hampered by federal restrictions.
With cryptocurrency, businesses can conduct transactions without fear of reprisal from the government.
Finally, cryptocurrency also offers an alternative to traditional investment opportunities. The cannabis industry is still largely considered “risky” by investors, which makes it difficult to raise capital.
However, with cryptocurrency, businesses can solicit investment from a wider variety of sources.
All of these factors make cryptocurrency an attractive option for the cannabis industry. However, it’s important to remember that there are still some risks associated with investing in cryptocurrency.
For one, the value of cryptocurrency can be volatile, and investors could lose money if they don’t carefully monitor the market. In addition, cryptocurrency is still a relatively new technology, and there’s always the potential for fraud or security breaches.
1 – CannabisCoin (CANN)
CannabisCoin was created in 2014 with the goal of making transactions easier for medical marijuana dispensaries. It proposed to provide a simple exchange ratio from cryptocurrency into actual marijuana. For specific strains of marijuana and cannabis medicines, for example, you could exchange CANN at a rate of 1 coin to 1 gram.
Unfortunately, due to a variety of factors, the project failed to meet its goals. The main problem was that there was no easy way to actually exchange CannabisCoin for marijuana. Dispensaries weren’t interested in using it, and so the value of CANN plummeted.
Despite this, CannabisCoin still exists and is currently traded on a few small exchanges. It’s worth less than a penny and doesn’t appear to have much of a future. If you’re interested in investing in cannabis-related cryptocurrency, there are much better options out there.
CannabisCoin (CANN) was created in 2014 with the goal of making transactions easier for medical marijuana dispensaries. It proposed to provide a simple exchange ratio from cryptocurrency into actual marijuana.
For specific strains of marijuana and cannabis medicines, for example, you could exchange CANN at a rate of 1 coin to 1 gram.
Unfortunately, due to a variety of factors, the project failed to meet its goals. The main problem was that there was no easy way to actually exchange CannabisCoin for marijuana.
Dispensaries weren’t interested in using it, and so the value of CANN plummeted.
Despite this, CannabisCoin still exists and is currently traded on a few small exchanges. It’s worth less than a penny and doesn’t appear to have much of a future.
2 – PotCoin (POT)
PotCoin is one of the longest-running cannabis coins, launched in January 2014. There are currently 420 million PotCoins in circulation, starting relatively slowly but reaching the $1 million market cap barrier in April 2014.
It then fell to $244,000 within a month. However, the currency has since rebounded and is currently trading at $3.6 million.
The original intention behind PotCoin was to create a cryptocurrency that could be used by the cannabis industry for transactions, given that traditional banking channels are not always available to them.
The idea is that businesses and individuals in the cannabis industry could use PotCoin for buying and selling goods and services, as well as for paying employees.
PotCoin has had some high-profile endorsements over the years. In early 2018, former NBA star Dennis Rodman visited North Korea while wearing a PotCoin shirt, and in 2017,
the company signed a deal with rapper The Game to accept PotCoin as payment for his tour merchandise.
The company has also tried to position itself as a leader in cannabis industry-specific blockchain applications and has developed a number of products, including a point-of-sale system and a digital wallet.
Despite its ambition, PotCoin has struggled to gain traction and is currently ranked 177th on CoinMarketCap with a market cap of $3.6 million.
It remains well behind other cannabis coins such as HempCoin (THC) and CannabisCoin (CANN), which are both in the top 100.
One reason for this may be that PotCoin has not been able to develop a strong US presence, with most of its trading volume coming from South Korea.
This is in contrast to HempCoin and CannabisCoin, which both have a significant US presence.
3 – Paragon Coin (PRG)
Paragon Coin was one of the most exciting crypto cannabis coins of 2018, with serious star power behind it. Tech entrepreneur and former Miss Iowa, Jessica Versteeg, founded the currency.
She then enlisted the help of rapper The Game. There were 100 million PRG coins in circulation at that time. Also, every one of the Paragon spaces would be fitted with a ParagonCoin ATM. So, users could pay for their cannabis using the cryptocurrency.
Cannabis is still illegal in many US states. However, there are now 33 states where it has been legalized in some form. The legal US cannabis industry was worth $10 billion in 2018 and is predicted to grow to $22 billion by 2022 .
So, there was a lot of potential for Paragon Coin. The company even had ambitious plans to create a “cannabis blockchain ecosystem.”This all sounds great so far, right? Well, it turns out that the Paragon team didn’t quite have the same level of expertise in cryptocurrency as they did in the cannabis industry.
In September 2018, the SEC issued a cease-and-desist order to Paragon and Versteeg. The order stated that the team had failed to register their tokens as securities.
As a result, they were ordered to pay $250,000 in fines and return the money that they had raised from investors.The Paragon Coin website is still up and running.
However, the team seems to have abandoned the project. The last post on the blog was in March 2019, and there has been no activity on social media since April 2019.
So, it looks like this coin is dead in the water. If you invested in Paragon Coin, it’s time to cut your losses and move on.