Yesterday all the cannabis coins were well up in the altcoin markets and I think a catalyst for this could be the legalisation in California tomorrow (Jan 1st) of recreational cannabis use. This will be the biggest market in North America for cannabis and could take the sales there from medically at around $6billion a year to over $20billion a year.
Cannabiscoin (CANN) was up almost 300% at one point, starting the day at around 23c it shot to just over 60c and is currently trading around 35c.
CannaCoin (CCN) was also way up over the last few of days
PotCoin (POT) is also well up this week.
HempCoin (THC) also well up.
DopeCoin (DOPE) also was up over 150%.
(All charts from www.coinmarketcap.com)
The reasons that these crypto currencies are going up rapidly apart from the huge legalisation in Cali tomorrow is that they are used within the cannabis industry already and of course the industry could just use bitcoin or whatever, but as we know 99% of people don't know much or anything about crypto currencies let alone how to buy or trade them. Having coins that are specifically for the cannabis industry will make it easier for them to have a need to use them and therefore kind of 'keep it within the industry' as people will then have a point of reference that they understand better coming from their 'pot' point of view. Not only that but Federally within the USA marijuana is still an illegal controlled substance so banks etc don't want to currently touch the industry making it a cash business which makes it more vulnerable to theft from the government (claiming 'criminal' assets ha ha, cough cough) and also being robbed by just random thieves, so if they can get most of their business onto the blockchain then it's much safer and less vulnerable.
I think with the legalisation of recreational cannabis use in california tomorrow the industry will explode and with that in mind the coins that the industry is preferring to use.
Then we have the legalisation of cannabis in the whole of Canada in July 2018 which will further increase the cannabis market massively and create a potential framework for other countries in Europe and UK to look at.
The future for cannabis and the industry is looking bright at least in the longer term even if there are immediate draconian regulations around the legalisation in several jurisdictions.
(None of this is to be taken as financial advise and is my personal opinion only)
Disclosure: I have some small positions in several of the coins above
nice post, following you, i appreciate if you do the same.
Im invested in a couple...Here is to a big 2018 ahead.
Let's hope so!! I think crypto currencies in general will do well again this year. Happy New Year!