Two Fairly New Industries That You Wouldn't Expect To Work Together

There are new and emerging industries that are set to be a mainstay in the coming years that have shown remarkable employment opportunities, huge growth numbers, high turnovers and most importantly a thriving market. Two of such industries are the cannabis and the cryptocurrency. These industries face similar economic, legislative, and regulatory challenges. Even more interesting is the fact that these two industries are industries that have built a budding relationship.

The cannabis industry is one that has been thriving in recent times especially in America since its legalization at the state level through the federal government still sees it as an illegal drug. States in the U.S. have been more accepting of it seeing that it holds great economic promises and serves a huge therapeutic purpose. It has been legalized in eleven states for both recreational and therapeutic uses and has been legalized in thirty-three states for medicinal use. The cannabis industry is estimated to generate $13 billion by the end of the year 2019.

Similarities

A similarity between the cannabis and the cryptocurrency industry is their lack of access to financial institutions. The cannabis industry's lack of approval at the U.S. federal level makes it next to impossible for the financial institution to partner with the cannabis industry. Hence, making it a cash-only venture. Likewise, the crypto industry totally runs independently of financial institutions.
They are both new industries with little or no infrastructure to aid their growth. They both do not enjoy complete legal status across the U.S. Cannabis is only legal at state levels while cryptocurrency exchanges has been meted a hands-off policy by the U.S. Securities and Exchange Commission.

Partnership

The lack of access or usage of financial institutions by these industries has created the first opportunity for both to partner. Cryptocurrency's use of blockchain technology has proven to be a real game-changer. Blockchain technology has thus provided an alternative for those who can't use traditional banking institutions.

This enables the cannabis industry to use cryptocurrency as a safe and secure means of transacting as well as to retain and invest funds. The cryptocurrency industry also gets a world test case to show for its dependability and efficiency. The transparency and credibility of the blockchain give the cannabis industry some safety from government regulatory bodies looking to ensure that the cannabis isn't moved into the black market and boosts the credibility of cryptocurrency industries of handling large daily financial transactions.

Joint Growth

These industries are expected to grow together as they both have similar challenges which would create an opportunity for complementary growth in legal and regulatory areas. Cryptocurrencies make cannabis industries more transparent and accountable while cannabis industries would offer a valuable and stable customer base to the cryptocurrency industry. Things are also expected to change as the laws are beginning to tilt in their favor. A bill such as the Secure and Fair Enforcement (SAFE) Act has been recently passed which would grant cannabis industries access to financial institutions.

Cannabis Cryptocurrencies

The relationship between cannabis and cryptocurrency industry was further cemented with the introduction of specialized cannabis cryptocurrencies which would further smoothen the usage of cryptocurrency by the cannabis industry and is expected to herald the new age of cannabis care.

• PotCoin (POT)

This was one of the first digital currency created as an exchange took for the legal cannabis industry. PotCoin was launched in 2014 but didn't gain prominence until 2017. When American basketball player Dennis Rodman donned a potcoin T-shirt in an advert. It has a total supply of 420 million with its circulating supply at 227 million.

• DopeCoin (DOPE)

It was also one of the early adopters of the new partnership between the two industries. Created in 2014, it is a decentralized cryptocurrency with a mission to provide a secure and modern way of doing business for marijuana users in the 21st century with zero cost, accuracy, and speed. It uses a proof of stake system and users are entitled to a 5% annual interest on their investments. It has a market cap of $225,871 and a current price of $0.002.
  

• CannabisCoin (CANN)

CannabisCoin is an open-source peer to peer cryptocurrency network designed for immediate payment. It uses a unique system called CANdy which allows the direct conversion of the coin to cannabis. Hence, 1 cannabis coin is equivalent to 1 gram of cannabis. It has a total supply of 91 million coins and 77 million are in current circulation. It currently trades at $0.0008 and its market cap is pegged at $63,711. Not the best start!