Top 5 Cannabis Cryptocurrencies You can Invest in 2022
The campaign to legalize cannabis is making progress. As of June 2021, 36 states and the District of Columbia have legalized medicinal cannabis, whereas 18 states and the District of Columbia have legalized cannabis for recreational use as well.
These figures are anticipated to rise as additional states look into decriminalizing cannabis. Though there are two measures legalizing cannabis in the House of Representatives, keep in mind that it remains illegal at the federal level, making it difficult for anyone to perform financial transactions even in areas where cannabis is permitted.
Federal legislation continues to prohibit companies and operators from using banks for their transactions when selling and/or distributing cannabis for recreational and medical purposes. To close the gap in this industry, the creation and use of virtual currencies tailored specifically for cannabis have increased.
In this aricle we are going to look at the top five cannabis-based cryptocurrencies you can invest in and earn a rewarding amount of money.
- PotCoin (POT):
One of the first digital currencies for the cannabis market was called PotCoin. It was made to help persons who wanted to trade in legally obtained cannabis with their financial issues. Without the aid of a bank or clearinghouse, people trade PotCoin directly with one another. A PotCoin automated teller machine (ATM) was even set up at a Colorado cannabis dispensary by the project's developers in an effort to profit off the state's legalization of cannabis.
PoshCoin is a cutting-edge, highly functional cryptocurrency that was created specifically to address the ethical dilemmas, regulatory issues, and other contentious issues that plague the cannabis industry. PoshCoin uses decentralized, secure blockchain technology to accomplish this. PoshCoin is a cryptocurrency that may be used for a variety of crypto-based activities, including investing in NFTs, trading NFTs, playing Play2Earn NFT games, and buying and selling NFTs.
- Cannabis Coin (CANN):
Just a few months after PotCoin was created in 2014, CannabisCoin was also created. Like Potcoin, it is an open-source peer-to-peer proof-of-work coin designed to make transactions for medicinal cannabis businesses easier. Despite its initial success, it has not met investors' expectations.
CannabisCoin claims to exchange digital currency for cannabis. There is a range of pharmaceuticals and cannabis strains sold under the brand CANNdy that are intended to be exchanged at a ratio of 1 CannabisCoin to 1 gram of pharmaceutical.
- DopeCoin (DOPE):
Adam Howell established DopeCoin, also referred to as Dopey. The currency's "goal is to give cannabis fans a modern and secure manner of doing business for the 21st century," however, this is all that is known about the specific markets it serves.
Users of DopeCoin can transact in under a minute and aren't charged any fees or transaction costs, according to the company's website. With only about 117 million in circulation, DopeCoin was created with the goal of building a Silk Road for the international cannabis trade.
- HempCoin (THC):
2014 saw the creation of HempCoin as well, however, it has less of a focus on users purchasing cannabis. The farming sector as well as dispensaries for medical and recreational cannabis were intended to use this coin, instead. According to its website, HempCoin wants to "assist in facilitating safe transactional interactions between producers, distributors, and consumers."
It's noteworthy to observe that all aspects of agriculture, not only those involving weeds, use HempCoin. HempCoin has a market capitalization of around $2.68 million as of August 2021, and the price of one was $0.0102 at that time.
Conclusion
There are plenty of cannabis-based cryptocurrencies available in the market that serve the primary purpose of acquiring cannabis the legal way. However, not all of them are proficient in carrying out cannabis-based transactions with high functionality. Research tells us that the above-mentioned cryptocurrencies are the top 5 in the cannabis industry that is proficient in all aspects. If you are to buy a cannabis-based cryptocurrency then this blog serves as a guide to the best in the business.