The knowledgeable investors are aware of the fact that the shares in cannabis companies were among the most profitable on the stock market in 2019. Many predict that this industry will turn into a goldmine as the legalization trend spreads further. Let’s review the Top 5 cannabis-related cryptocurrencies and see whether or not they are enjoying popularity in our global community.
Potcoin is one of the oldtimers as it was launched back in 2014. Understandably, it was the first cryptocurrency designed specifically for the legal marijuana industry. The primary purpose of this coin is to resolve the issues related to banking and other types of peer-to-peer transactions in that sector. The founders of PotCoin come from Colorado, one of the first states in the US, which legalized marijuana. The team went as far as putting a first-ever PotCoin ATM at one of the shops in the city.
The coin was virtually unknown before 2017, having a market capitalization of a mere $81 thousand. But it got into the limelight thanks to the basketball legend Dennis Rodman, who wore the PotCoin T-shirt during one of his marketing campaigns. Right now, it is placed at the 786th spot, priced at $0,0056, with a market cap of $1,25 million.
CANN is also a crypto that has been around for more than five years - it’s only a couple of months younger than POT. Conceptually, CANN is very similar to the first cryptocurrency on our list since it was also developed to facilitate the payments between legal marijuana dispensaries. Moreover, CannabisCoin provides an opportunity for its holder to exchange coins for licensed products made of that plant, such as cosmetics, CBD drops, oils, etc., as well as some types of marijuana seeds.
Although the coin is lying at the bottom of crypto ranks - at the 998th place - it made the initial investors very happy by delivering an impressive 2,248% return on investment. The present market capitalization of CANN is only $567 thousand, and it is being traded on a single exchange, YoBit.
DOPE was also born in 2014 as a brainchild of a relatively famous entrepreneur and social media personality, Adam Howell. From a technical standpoint, DopeCoin is somewhat similar to a privacy coin since all transactions are anonymous, presumably lightning-fast and void of any fees. The system is based on the Proof-of-Stake consensus algorithm - the stakers are eligible for the 5% yearly interest. This cryptocurrency occupies the 1290th place, priced at $0.0017 per coin, with a modest market capitalization of $201 thousand. It is also traded on only one exchange, Mercatox.
Unlike the other reviewed coins, HempCoin was created for the farming industry where hemp, the male type of cannabis plant, is used for the production of oils, cosmetics, fabrics, ropes, etc. But it also can act as a facilitator of transactions between the cultivators and the local marijuana dispensaries. However, the ecosystem of HempCoin provides for its unlimited use across all agricultural sectors. THC sits at the 1261st place, with a market cap of $219 thousand.
PRG is the youngest of all cryptocurrencies on our list as it appeared in 2017. It represents another US project that intends to resolve the acute problems of the industry and systematize the business flow. Apart from offering a proprietary blockchain (ParagonChain), the payment system, social network (ParagonOnline), the project also looks to establish a chain of workspaces across the States. The coin is currently ranked 1041st, with a market cap of $484 thousand.
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