Marijuana policy expert Matt Simon joins JJ to talk crypto and cannabis. Will crypto play a major role in emerging legal cannabis markets? If so, will cannabis-themed currencies light the markets on fire? PotCoin sponsors Dennis Rodman’s trip to North Korea and jumps in value. Tokes lays out ambitious plan blending crypto, cannabis, and public advocacy.

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Legal U.S. cannabis markets hit 6.7 billion in 2016, but many businesses are still cash-only

Legal marijuana has quickly grown to become a more than $6 billion dollar industry in the U.S., but since the product remains illegal under federal law, a significant portion of the industry struggles to obtain and maintain banking services.

Illegal marijuana in the United States is at least a $50 billion industry. As legal retail stores begin to come online in newly-legal states such as California and Massachusetts, more and more cash will be flowing into state-legal marijuana markets.

In all likelihood, most of that cash will be in the form of U.S. dollars. However, the emerging legal cannabis industry may present some important — and potentially lucrative — opportunities for cryptocurrencies.

Will America’s crypto-cannabis-consumers choose to shop with BitCoin, Ethereum, or other alt currencies? Or will a cannabis-themed currency capture their hearts and earn a place in their wallets? A web search reveals several canna-crypto options, including DopeCoin (DOPE), CannabisCoin (CANN), HempCoin (THC), KushCoin (KUSH), SativaCoin (STV), and GanjaCoin (420G). Two that appear to be particularly worthy of at least a closer look are PotCoin (POT) and Tokes (TKS).

PotCoin (POT) sends Dennis Rodman to North Korea, jumps in value

PotCoin has been around for a few years. It was originally a fork of LiteCoin-QT, but it moved to a POSV in August 2015.

According to the website, PotCoin “provides the underserved legal marijuana industry with a decentralized banking infrastructure and payment solution. Using PotCoins, industry members will realize significant cost savings, scalability, and unparalleled enterprise security.”

In April, PotCoin launched its “PotWallet” app for Android.

In June, PotCoin earned international media coverage by sponsoring Dennis Rodman’s trip to North Korea. The currency’s value jumped from ~$0.10 to ~$0.17. It is currently trading at ~$0.14.

Tokes (TKS) lays out plan to blend crypto, cannabis, and advocacy

The Tokes Platform has laid out an ambitious plan combining cryptocurrency, cannabis, and public advocacy. The plan is set to be tested at marijuana dispensaries in Las Vegas later this year. Tokes then hopes to expand the use of its currency to marijuana stores nationwide in the second half of 2018.

Tokes also envisions having tangible products and services in the cannabis space (growing and selling cannabis in the newly-legal state of Nevada), as well as an advocacy plan involving both crypto advocacy and cannabis advocacy.

Tokes runs on the Waves, a smart contract proof-of-stake blockchain and trades on Bittrex exchange, currently trading at ~$1.80.

Did you miss it?

The War on Drugs has been called a trillion dollar failure, and beyond its economic failings, more and more people are waking up to the horrors this modern-day Prohibition is creating in our society, and asking more about who actually benefits from these antiquated authoritarian controls.

In this special bonus episode of Neocash Radio—“The Painful Economics of the War on Drugs”—Darren and Randy interview Matt Simon, New England Political Director and Legislative Analyst for the Marijuana Policy Project.

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