Takeaway: CBD and Cryptocurrency, two well-known and popular industries on the globe, are joining forces and shaping the health and wellness industry. Cryptocurrencies are making their way in payment modes of marijuana industry. Here is a piece to unfold the collaboration of these two vastly different industries and find if this new currency is the ideal payment method for marijuana.
CBD sector, now a well-known and most popular industry, is attracting new crypto entrepreneurs. Is this collaboration shaping the CBD sector to achieve the coveted figures?
Almost everyone is witness to the growing popularity of Marijuana and the CBD Industry. Nearly 7 percent of Americans are already using CBD, according to a new analysis by Cowen & Co, making the hemp-extracted product drive up to $16 billion by 2025.
The CBD industry with rolling to the mainstream has enrolled a variety of businesses to begin online or offline CBD company. Indeed, several active companies have introduced products ranging from gummies to soap and CBD oil to balm. There have also been announcements like “The Hemp University” from Hemp Inc. to MBA in Cannabis Industry introducing CBD in the education sector as well. These new involvements are structuring the cannabis industry and booming the CBD companies.
CBD attracts the attention and interest of major customers, more customers mean more distributors, and more distributors mean more companies. This cycle does not end with businesses, medical marijuana, pure CBD, and hemp oil also has attracted entertainers like Snoop Dogg to Post Malone to join the marijuana race. And now the Crypto Entrepreneurs are also trying to fit in.
With several businesses trying to digitalize the cannabis payment gateway, the similarities of two vastly distinct sectors are uncovering. So, let’s find out about CBD & Cryptocurrency collaborations, is this the ideal payment trend?
CBD: The Health And Wellness Supplement
Starting with CBD, the well-known plant-based health and wellness supplement. You may even have seen Cannabidiol(CBD) as an add-in booster to your post-workout smoothie or morning coffee. It is the second most common active ingredient of hemp(marijuana). Medical Marijuana has been with humans from ages as a therapeutic practice.
Since the advent of CBD products, carving has ever evolved and defined its room in the health and wellness sector. The wide acceptance is all credit for the lack of THC that generates the impact of feeling high.
There have been many interesting innovations and fresh thinking that have enabled the CBD sector to achieve the height it is now. The cryptocurrency is the new factor that strengthens the CBD industry. So, let’s get introduced to the cryptocurrencies and look for cannabis and cryptocurrency collaboration.
Cryptocurrency: A Strong Digital Asset
Cryptocurrency, a robust digital asset that operates to securely exchange economic transactions, monitor the development of extra units, and preserve transaction integrity. Also referred to as a decentralized cryptocurrency, it typically operates through distributed ledger technology, such as Blockchain.
Reason To Forge Cannabis Bitcoin:
11 States, Washington D.C. Legalized recreational use of marijuana, while 33 countries legalized medical pots. The status remains illegal at the federal level, making it hard for transactions even in countries where pot is legal.
This makes the transaction more complex for companies and distributors. Here drives the cryptocurrencies in the marijuana sector, to make transactions possible for individuals in marijuana industry, and for those who want to purchase some weed. So, let look at the collaboration between these two industries.
CBD & Cryptocurrency Collaboration:
Silicon Valley is certainly the core of the Blockchain and Cryptocurrency globe. But a conundrum has been in the connections between the health & wellness sector and cryptocurrency. Silicon Valley, renowned for start-ups is also described as a “pressure cooker.” It’s home to every increasing business, but also to overworking and stressing talents.
This contributes to one of the major reasons that crypto entrepreneurs flock to the CBD market. Cannabis cryptocurrency is rising dramatically, and its popularity, as well as health issues, has attracted a few new crypto entrepreneurs.
Is It The Ideal Payment Trend:
The reason to look at it as an ideal payment tread is a large no.of Pharma scandals making headlines. Using pharmaceutical medication has also become an issue lately, for several people. Natural and organic product awareness is growing, and individuals are easily accepting the shift that is gaining spotlight on the CBD sector.
CBD sector is boosting, and cryptocurrencies are one of the things that can be readily implemented. It would even prevent cash scandals and make marijuana transaction mode more effective with staying in federal legislation.
The issue on crypto transactions is still under questions because cannabis cryptocurrency is conceived as a future failure and is not widely adopted by local shops and dispensaries.
Looking from the sight of crypto entrepreneurs, the response relies on quality CBD products, which are selling out rapidly enhancing overweight supply demand. They are attempting to build a more safe and digital platform for ever-growing CBD around the globe.
Top Companies That Run Marijuana Cryptocurrency: Weed Coins To Invest In
As it comes from the concept of making it an ideal payment tread, here are some companies that are already running the campaign and catering virtual currency room to the pot industry.
Every list you refer would be having PotCoin, the top contender. It is one of the earliest cryptocurrencies established in 2014, a Canadian coin used to pay for marijuana industry. PotCoin has a banking solution for $100 billion of worldwide legal marijuana sectors. It was intended to assist the legal marijuana sector with a decentralized banking infrastructure and payment solution.
PotCoin has a supply of 420 million PotCoin, with over 222 million in circulation. Its present market ranking is #1223, presently trading at $0.007947 USD, with a market cap of about $1.768.737 USD.
HempCoin was also launched in 2014 primarily focusing on being used by marijuana growers and medical-recreational dispensaries. The interesting aspect is that it is relevant in all fields of agriculture, not limited to those involving weed.
HempCoin is presently sitting at #1227. Having a peak supply of 300 million THC coins and over 251 million in circulation. HempCoin has one price of $0.006718 USD with a market cap of $1,690,336 USD.
DopeCoin Gold seeks to help cannabis merchants and customers enjoy easier transactions. Nobody owns or regulates the DopeCoin network. It works on a peer-to-peer structure and functions by using hundreds of computers around the world to create its online infrastructure.
It is in #1005 rank with a market cap of $185,839 USD. Its present cost is $0.001590 USD with more than 116 million Dope in circulation.
Next comes CannabisCoin running on a decentralized blockchain with Peer2Peer tech. “Group of cannabis enthusiasts working towards the future development of cryptocurrency applications related to cannabis production, seed production, extract production, glass blowing facilities, vape and dab station manufacturing, crypto development, and more” as outlined by the founders of Cannacoin.
Its current price is $0.015528 USD with having a market cap of $73,019, with a circulating supply of 4.7 million CannaCoins.
In 2014, just after PotCoin, CannabisCoin was also established. It also seeks to facilitate medical cannabis dispensaries transactions. It was determined that one CANN would be worth a gram of cannabis. The currency trades at $0.005568 USD with a market cap of over $430.003 USD and ranks #1338.
That’s what it was for, CBD & Cryptocurrency Collaboration, is it the ideal payment trend? Cryptocurrencies could be an ideal solution for CBD Industry, facilitating cannabis transactions, trading products, and raw materials for farmers and dispensaries to accept marijuana payments.
For both the crypto and CBD industries, which seems to be running extremely positive, the coming years will be making or breaking. With such investments in both sectors, we can only expect better quality products, secured transactions and improved technology to enhance the quality of life.