Cannacor - ICO Review

Cannacor Combines Blockchain and Medical Cannabis

Cannacor is a project from Lesotho that tries to aid the industry of medical cannabis by fusing it with blockchain. The company has all the necessary licenses and permits from the corresponding authorities. They are now having a presale of utility tokens CANO, which will fuel the entire ecosystem. 

Blockchain to serve the cannabis industry

The Cannacor blockchain project operates under the auspices of CannaCor Pty Ltd, a fully licensed operator of banned drug substances. The company is registered in an exotic jurisdiction of the Kingdom of Lesotho. The registration and TIN numbers are duly provided on the website so that anyone could perform a cross-check.

It is evident that Cannacor will be engaged in the cultivation, processing, production, and sale of medical cannabis and its byproducts. The cultivation is going to take place at Cannacor’s own facilities, which include more than 30,000 m2 of land in Berea, Lesotho. The project also introduces a proprietary cultivation system called Aquaponics, which uses fish waste to produce a natural fertilizer for plants. 

Cannacor will use blockchain to conduct an impeccable supply chain management, reduce the cost of production, and improve product traceability. The ERC-20 compliant CANO token will be used as a payment and tracing solution for cannabis products as well as a means for getting access to premium services.  

The Cannacor team

  • Hugo van den Dool. The founder and CEO. Van den Dool specializes in the areas of banking and energy production from renewables. He worked for different British and Arab companies, but had never operated in the cannabis or blockchain industries.
  • Pieter van Rensburg. The co-founder and CFO. With over 25 years of experience in the fields of financial management and corporate strategy development, van Rensburg has a perfect skill set for the job. However, just like van den Dool, he doesn’t have much experience in the given industry.
  • Gerard Johnson. The co-founder and blockchain expert. Johnson is the only chief executive that actually has some blockchain experience as a co-founder and advisor to such projects as Agardo Group and Statizex, prior to joining Cannacor.   

ICO details

At the moment, Cannacor is carrying the presale of CANO tokens, which began on September 11 and is scheduled to last until December 15. The project allocated 468 million tokens out of the total supply for the preliminary sale. The pre-ICO price of one CANO is $0,06. The token sale also features a bounty campaign, within the framework of which the participants will get a chance to receive a total of 40 million CANO for promoting the project via social media outlets like Facebook, Twitter, and Telegram. The campaign is due to last until the ICO runs its course or until the last CANO token is sold to early investors.

Cannacor has set itself an optimal financial target for the presale, which amounts to $28 million. The softcap is now set at $1,5 million (should the project fail to reach that goal, all funds will be returned to the investors, as per official whitepaper), while the hardcap of $112,3 million appears to be unrealistic. 

The actual crowd sale is due to begin on December 16 and end on March 31, 2020. The ICO price of 1 CANO is $0,12. There are no mentions of token discounts in the whitepaper. The fundraising goal for the ICO is $82,3 million, which also seems to be too steep. Ethereum, Bitcoin, and Ripple are the only accepted cryptocurrencies. All early investors are obliged to pass the KYC procedure. The list of restricted areas is relatively short and includes only Singapore, Lesotho, and the United States.

Author: Alex Paulson for

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StartDecember 16, 2019
EndMarch 19, 2020

I have read Cannacor's whitepaper and came to the conclusion that this company doesn't really need blockchain to operate. The implementation of CANO token is totally unnecessary as it will hardly add any edge to their production, marketing, or distribution. The reason is that not many crypto enthusiasts are really into medical cannabis, so they won't support this initiative massively.

Atilla   December 2, 2020  

Lately, I've been noticing more and more people advocating for the unrestricted use of medical cannabis that has proven health benefits. I see nothing wrong with that, but only on the condition that this business would be strictly regulated. It's a drug, after all, even though it is considered as a soft one. As for Cannacor, I don't see a lot of potential here, mainly because they intend to operate in a faraway jurisdiction with no clear business plan and distribution scheme.

Vincent   November 23, 2020  

Those who take interest in stocks know that cannabis is one of the hottest investments of today. However, it mostly concerns the Canadian and American companies, which operate within the legal framework of respective countries. Apparently, CannaCor is also a legal entity, but I am not sure that the registration in the Kingdom of Lesotho would help them to advance to the global level. I like the proposed method of cultivation since as it is always better to have a fully organic product, whether it is cannabis or potatoes.

Jimmy Chow   October 20, 2020  

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