Cannabis companies cannot declare bankruptcy under Chapter 11. The Federal government continues to see Cannabis as an illegal drug. So, when Cannabis companies go bust, they cannot get protection under Chapter 11. Therefore companies are embracing Cannabis blockchain technology to make their business processes and products more efficient.
Cannabis Blockchain Scene Heating Up
In the process, adjacent technologies like the Cannabis blockchain technology companies are also set to evolve. Several other social apps and financial products are also establishing themselves. The Cannabis blockchain scene is heating up.
Cannabis blockchain technology is to bring forth an expanded consumer base providing for more opportunities. Of note, several banks are not willing to give accounts for those companies who are admittedly involved in the Cannabis blockchain business. Five major Cannabis cryptocurrencies are doing their rounds. PotCoin (POT), Cannabis Coin (CANN), DopeCoin (DOPE), HempCoin (THC), and CannaCoin (CCN) are used for several Cannabis-related transactions, and they have a life of their own.
POT initially came in to being to sort the banking issues faced by people in the Cannabis industry. The creators of the POT coin wanted to capitalize on Colorado’s legalization of Marijuana. They even installed a PotCoin ATM in a marijuana dispensary in Colorado.
One Cannabis Coin Converted to 1 Gram of Cannabis Strain
CANN being a proof-of-work and peer-to-peer cryptocurrency, gained popularity but did not provide enough for investors. The proposition provided by CANN is to convert to Cannabis. There are a series of medications and marijuana strains that are grown to suit a specific purpose, and the rates correlate to 1 gram of medication.
There are Cannabis-specific cryptocurrencies that hold and store coins just like several other cryptocurrencies.
It has been forever a method to buy Cannabis from someone who does not reveal their names or identity with the Cannabis delivered in Ziploc bags.
Illinois, on January 01, 2020, is set to legalize recreational Cannabis. People older than 21 will be permitted to buy Cannabis. Thus, they will not have to consult with a medical professional, and they need not get fingerprinted to buy Cannabis as the start of a full-blown Cannabis economy.
Young venture capitalists are kicking into the Cannabis blockchain industry. Early-stage startups are indeed opportunistic bets with strategic partnerships. Technology evolves with sophisticated tools and methods to gain access to Cannabis information. The vulnerabilities of losing quality delivery in products are taken care of to improve product quality.