The Crypto Green Rush: 5 Cannabis Infused Weed Coins Examined

There’s no shortage of competition in the cannabis-crypto sector; at least five cannabis-focused cryptocurrencies launched during 2014 alone, while 2017 saw another influx of cannabis-infused projects enter the cryptocurrency space.

In fact, the weed-coin sector has proven to be a perfect microcosm of the cryptocurrency space in general, exemplifying some of its best and worst sides. So here’s a rundown of a handful of cryptocurrencies taking aim at applying cryptocurrency’s revolutionary technology to the cannabis industry.

DopeCoin Gold (DOPE)

DopeCoin Gold is a blockchain and cryptocurrency which aims to ‘provide marijuana enthusiasts with a modern and secure way of doing business for the 21’st century’. Created by the pseudonymous ‘Dopey’ on Bitcointalk, DopeCoin Gold was first launched in early 2014 under the name DopeCoin, before the Gold suffix was added during a project rebrand in 2017.

Not content to sit back and wait for adoption to come along in its own time, the creator of DOPE also founded CryptoBillings – a payment processing application for vendors who want to accept crypto. Naturally, DopeCoin Gold is listed front and center as a payment option.

There aren’t too many markets available for the trade and purchase of DopeCoin Gold right now, however Mercatox, as well as the more reputable Bittrex, offer BTC pairings against DOPE. Daily trade volume has been stuck in the low four figures range for most of the past year, with 2018’s January pump being the only time notable volume was recorded.

DopeCoin Gold also offers a 5% stake reward for DOPE holders who keep their funds in an open desktop wallet. The coin is ranked 826th according to its market cap of $1 million. If DOPE was to return to its all-time high of $0.36, that would mean a 36x increase on the current coin price of just under one cent.

HempCoin (THC)

HempCoin launched in 2014, and like DopeCoin, took aim at revolutionizing the cannabis industry by providing a trusted network currency. From the project’s website:

“HempCoin is on a mission to achieve mass adoption in the agriculture sector by offering solutions that tackle the issues plaguing cross-border transactions. We aim to offer solutions for the lack of banking and payment services for industrial hemp and legal cannabis businesses.”

HempCoin also saw a rebrand of sorts in 2017 when it migrated to the Komodo (KMD) blockchain. There it stands to benefit from the downstream implementation of privacy protocols and other features which Komodo (a hardfork of Zcash) introduces along the way.

Ranked 461st by market cap, THC has recorded daily volume anywhere between $800 and $200,000 in the last few months. At time of writing over 99% of its trade volume was coming from Bittrex’s THC/BTC pair.

Despite being five years old, the coin’s Bitcointalk forum page is still relatively busy, and like DOPE, stakers can also earn 5% on this Proof-of-Stake blockchain. Currently priced at $0.02, there’s still the potential for near 37x growth between here and a return to the coin’s all-time high of $0.74.

PotCoin (POT)

PotCoin launched in January of 2014 and quickly established itself as one of the frontrunners in the cannabis-crypto sector. During 2017/2018’s market surge, PotCoin’s value increased 8,471,366% from its previous all-time low, peaking at $0.50 on December 31st, 2017. From the website:

PotCoin provides an underserved legal cannabis industry with a decentralized infrastructure and payment solution. Using PotCoins, industry participants can realize significant cost savings, scalability, and unparalleled enterprise security.”

PotCoin can be used to buy weed paraphernalia at various online headshops, with more vendors being added in the last couple of months. The website advertises a PotCoin-centric shopify store, although it appears to still be under construction. Staking rewards (5%) are also present on the POT blockchain, although it originally began as a mineable, Proof-of-Work chain.

PotCoin burst into the headlines again in 2018 when former NBA star and all-round eccentric, Dennis Rodman, appeared on a CNN live feed wearing a t-shirt. It was reported that PotCoin planned to fly Rodman to the Trump-Kim meeting in Singapore last year, with the former basketball player looking to help foster reconciliation between the national leaders.

All of this added up to some nice publicity for the coin, although it arrived just as the market was plunging during one of the summer dumps. After dropping to a valuation of $0.009 last December, POT went on a 227% surge leading to a coin price of $0.03 by April. Once again, Bittrex remains the only reliable marketplace for POT trades, and houses 99.77% of the action at time of writing.

CannabisCoin (CANN)

Another cannabis-focused cryptocurrency to be launched in 2014, CannabisCoin was originally planned to come with its own medical-grade marijuana products, which would be priced at 1 gram of weed per 1 CANN coin.

If that were to implemented today it would prove to be the cheapest weed in the world given the $0.01 price point. Even at CannabisCoin’s all-time high of $0.60 it would still be some of the cheapest marijuana available today.

Self-titled ‘The Marijuana Bitcoin’, CannabisCoin unveiled one of the first point-of-sale demonstrations for cannabis-related purchases using cryptocurrency back in 2014. Fast forward to 2019, and the last official announcement from the website is dated from two years ago. The latest posts by community members on Bitcointalk mostly concern questions about whether or not the project is dead (as well as some hopeful pleas for the coin to switch to Proof-of-Stake).

Ranked at 890th by market cap, over 98% of the total $967 daily volume comes from Bittrex as of April 15th. CANN/BTC pairs are also available on YoBit and CoinExchange, but with almost zero liquidity.

Given how quiet CannabisCoin has gone on the development front, the prospect of the coin hitting its former all-time high seems slim. But if it did happen, it would see the current price of $0.01 multiply 60x up to the ATH of $0.60. Under those circumstances, a $100 gamble could return around $6,000.

Paragon (PRG)

Paragon launched in 2017 with the aim of:

…building the next generation of seed-to-sale tracking software based on blockchain, while offering cannabis entrepreneurs a high tech co-working environment.”

It wasn’t long before Paragon’s plans got derailed somewhat, when the SEC came down hard on the project for violating its rules regarding the issuance of security tokens. Paragon was ordered to pay a $0.25 million fine to the SEC, and offer refunds to any customer who bought into the ICO prior to October 2017.

Shortly afterwards the PRG coin price jumped from a valuation of ten cents to ten dollars in one day. Yes, in one day the price of PRG jumped almost 10,000% – something that might have been very helpful to the Paragon team, whose 40,000,000 token reserve fund would have become a lot more valuable for a short time, although that’s sheer speculation on my part. Others have speculated that the YoBit exchange was involved in pumping the PRG coin price, given they held large stores of PRG at the time.

Since then, it’s been business as usual for the Paragon team, the CEO of which, Jessica VerSteeg, continues to post selfies and semi-nude pictures on her Twitter feed. VerSteeg, a former Miss Iowa winner, framed the SEC ruling as a positive for Paragon at the time, stating:

“Paragon is proud that the PRG token is included in today’s action by the SEC and are thereby being granted the opportunity to avail itself of this groundbreaking path forward while continuing to pioneer efforts and to participate in the ever evolving ICO marketplace.”

Paragon is mainly traded on the STEX exchange, where it has averaged $25,000 trade volume for the past month.

Wait, There’s More…

Four of the previously mentioned five cryptocurrencies were launched during the first wave of cannabis-cryptos in 2014. The second wave came in 2017 and 2018 as surging crypto valuations aligned with surging cannabis stocks, and opportunities were deemed to have arisen once more.

Tokes (TKS) is a blockchain-as-a-service and crypto payments platform for the cannabis industry, launched in 2017 on the Waves platform. Tokes is currently ranked at 1,261st by market cap, and is traded on Bittrex and the Waves DEX against BTC and WAVES.

Budbo (BUBO) is another blockchain solutions project aimed at the cannabis industry. Launched in Q2 of 2018, Budbo did nothing but decline through most of the year. Since the depths of the crypto winter, the token has more than trebled in value. A return to its all-time high would see a $100 investment multiplied 70x. Traded only on HitBTC and IDEX at the moment, Budbo’s market cap is not yet known.

Cannation (CNNC) launched in 2017 and jumped from a dollar value of $0.002 up to $1.69 by the market peak at the turn of the year. The mineable CNNC coin is back down at that $0.002 valuation now, and recently recorded $1 worth of trade volume on the YoBit exchange. A return to its ATH would see 84,400% gains on an initial investment.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.