Another name to add to the ever growing list of cannabis related cryptocurrencies is CannabisCoin. Launched on 20th April 2014 (of course), things have been fairly quiet up until now but after a recent announcement of a deal with a dispensary in Arizona a few heads may be turned. The coin uses the GPU friendly x11 hashing algorithm with a maximum number of 420,000,000 coins.
“CannabisCoin is the payment solution for Marijuana dispensaries, retailers and merchants. CannabisCoin cryptocurrency is backed by Marijuana where it is accepted.”
CannabisCoin aims to solve the problem that cannabis related business have with banks in the USA. Whilst local laws may allow the sale of cannabis, federal laws do not. This leaves the banks in linger as to whether they can legally accept money from cannabis related businesses and inevitably they choose not to take the risk. Business owners suffer as a consequence and have to try and find ways to circumvent the problem.
To dig a little deeper we got in touch to ask the developer, DeltaNine, to answer a few questions:
What does CannabisCoin have to offer?
A coin that is true to it’s name. A team with help from contributors, devs, miners and supporters that can and will, make it what it needs to be.
No 15-minutes of fame needed, just an OPEN project for the greater good.
No one really cares about who launched first or last, or who’s winning the ‘digital currency race’. We are all out for the same thing. What’s that you ask?
The common bond is to help shape crypto into something that everyone can enjoy, share, experiment, invest, trust, and have the freedom to CHOOSE what they want to do with their miners, currency, time, life, etc.
On a personal level What have I decided to do? I’ve decided to be a part of it and take advantage of the freedoms that we have to put something like this out there.
Personally, I am a true believer of crypto and especially the cannabis industry. I have seen what cannabis can do for those who are in need. Yes, recreational use is an obvious given, but have you experienced first hand what it can do for pain and healing? I have and it made me a believer. It should actually be more in the media than cryptocurrency itself (I am entitled to my own opinions on that).
We are in the early stages of crypto in the world. The general public needs to be spoon fed to understand and adopt it. CannabisCoin will emphasize the NEED for de-centralized currency and the need to LEGALIZE CANNABIS. Investors, Miners, Patients, and the Cannabis industry…. We all win.
Who are the developers and what are their specialities?
Founder and Dev:
DeltaNine - name comes from delta-9-tetrahydrocannabinol (Δ9-THC), the main psychoactive substance found in the cannabis plant.
a diverse technology background started from age 12 on a Commodore 64 running a full blown BBS (Bulletin Board System).
Today, a self-employed, Serial Entrepreneur, Cannabis advocate, and pretty much an expert at anything I put mind into.
I was de-virginized by Cannabis in Junior HIGH and yes, made it thru HIGH School. During HIGH school I had a major leg injury that put me out of commission for 8 months. Experienced medicinal relief from Cannabis during those times.
The rest of the team?
There will always be a CannabisCoin team and most current members ask not to be recognized as individuals, but rather as CannabisCoin Dev Team. The philosophy is that we are all One.
Further developments and announcements are to come and team members will be mentioned as things progress. Keeps the focus on the movement rather than the who did what.
What makes you different to the other cryptocurrencies that are aimed at the cannabis market?
Well, first off, the name. You have to get the name right in order to take something seriously these days.
We are the only X11 Coin that is Cannabis specific, X11 algorithm is lower power, fair, and high hashing etc. Kept it Pow to let everyone including average person to get into the ‘Harvesting’ of coins, promotes community involvement.
We also announced that we are working on an “OPEN SOURCE” cannabis strain called the “CannabisCoin strain.”
We’ve been working with growers and are currently in the alpha phase. Both high CBD (Cannabidiol) and THC (Tetrahydrocannabinol) strains will be breed.
The goal, each strain will be breed and distributed in legal form to dispensaries and other growers to produce available medicinal / recreational cannabis to patients. Distributed, bought and sold using CannabisCoin.
According to your website Herbal Wellness Center Inc. accept CannabisCoin. Could you elaborate a bit more on this?
The staff and management at Herbal Wellness Center Inc. are top notch professionals who know what they are doing in the cannabis industry. They care for their patients and are innovation driven.
HWC is the first dispensary to recognize and adopt the CannabisCoin because the vision behind the coin. We are currently implementing a simple point of sale system, working with staff to streamline the transaction process that can be used for other dispensaries. Here in Arizona, the law differs from that of Colorado and Washington. In Arizona, you must have a Medical Marijuana card to purchase, obtain, grow, etc. This is the case with most states. The CannabisCoin team devs are focused on the legal aspect of the cannabis industry and is driven to achieve acceptance throughout the community.
With seemingly inevitable legalisation coming across the USA, a massive growth in the legal cannabis market is to be expected and CannabisCoin is one of a few cryptocurrencies trying to pose a solution to real-world problems. Watch this space.