Today let’s catch up on all the Marijuana industry specific related cryptocurrencies. The early days of Bitcoin wen along with the legalization of recreational marijuana in Colorado in 2012. Since this change, the marijuana industry in the United States has had a difficult relationship with banking.

Although marijuana has been legalized in many states and territories, it still carries a federal ban. As such, it remains in a legal grey area causing banks to largely deny services and loans to the industry.

As a result many creative methods have been used by growers along with dispensaries to raise investments. Many rely on cash and storing their earnings in safes. But some have chosen cryptocurrencies as an alternative method. Throughout the recent years several marijuana-specific cryptocurrencies have surfaced.

Canabis Specific Cryptocurrencies

Potcoin

Potcoin is probably the most well known marijuana-specific cryptocurrency. First launching back in 2014, Potcoin mirrors Litecoin from a technical perspective. It is a mineable cryptocurrency which has a max supply of 420 million Potcoins. At present, the cryptocurrency is traded at $0.005 USD per coin. With a total marketcap of $1.1 Million, giving it a rank of #821 on Coinmarketcap. Potcoin is only available at Bittrex as part of a POT/BTC trading pair and has a daily volume of $216.

Potcoin might be best known for sponsoring Dennis Rodman’s trips to North Korea in 2018. The former Basketball superstar was seen sporting Potcoin merchandise on his trip to meet Kim Jong-un.

ParagonCoin

ParagonCoin was a high profile ICO in 2017. ParagonCoin was planned to be built on Ethereum’s blockchain. The token began facing legal issues in the United States from the SEC. With the SEC declaring that the Paragon ICO was essentially the sale of securities.

Paragon is still traded on Yobit & Tidex for different pairings. It is listed as #1094 on Coinmarketcap.

CannabisCoin

CannabisCoin is very similar to Potcoin in many ways. This coin in also mineable and launched in 2014. It currently ranks at #1124 on Coinmarketcap and is only tradable on Yobit at the moment.

Tokes

Tokes was launched during the early days of the ICO trend. Tokes was developed on the Waves blockchain in January 2017. It is currently only tradable on Waves Exchange at the moment. It is listed #1468 on Coinmarketcap.

HempCoin

Launched in 2014 with the most interesting ticker name of the marijuana coins (THC). HempCoin is a mineable cryptocurrency running on its its own blockchain. HempCoin is still traded on a few different exchanges with low trading volume.

Dopecoin

Probably the most successful coin on this list. Dopecoin was also launched back in 2014. While it currently listed at #1364 on Coinmarketcap, it seems to have the highest trading volume. It has the easily memorable ticker DOPE, and is currently only traded on Mercatox.

Cannation

Cannation launched in 2017, but unlike many of the other coins listed, it was not part of the ICO craze. Cannation had its own blockchain which allowed the coin to be mined. It is currently available only on YoBit at the price of $0.001.

What’s In The Future For Industry Specific Cryptocurrencies?

Short after Bitcoin was introduced to the world, cryptocurrencies for specific industries has been a thing. The main industries with associated coins until present are the marijuana and adult industries. This is due mainly to the regulatory difficulties that these industries face with banking.

Many of these marijuana specific coins & tokens also proudly claim that they are somehow aiding to furthering legalization worldwide. Although most have failed at this mission, other than PotCoin which have donated to multiple charities in the past.

The marijuana industry could benefit from the use of better known cryptocurrencies rather than industry specific. Allowing adoption to become more mainstream.

