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.
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.
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 Crypto-Rating.com
|Start||December 16, 2019|
|End||March 19, 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 February 9, 2020 Reply
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 January 7, 2020 Reply
Frankly, I don't care much if cannabis is going to be legalized or not, it's just not my cup of tea. But to be fair, I don't see any reason why people keep being so negative about it, especially after we have seen plenty of scientific proof of health benefits of medicinal cannabis. Anyway, projects like Cannacor will be gaining more traction as more and more pro-cannabis people and governments will emerge around the world. Cannacor won't become the industry leader, but it should have its share of popularity.
WorryFreeChris November 29, 2019 Reply
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