Crypto Cannabis is "A Thing"

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     The fight to legalize pot is gaining ground. As of June 2021, medical marijuana is legal in 36 states and D.C., while 18 states and D.C. have legalized recreational usage.1 These numbers are expected to grow as more states explore ways to decriminalize the plant. Keep in mind, though, that marijuana is still illegal at the federal level—though there are two bills legalizing it in the House of Representatives—which makes it complicated for anyone conducting financial transactions even in states where pot is legal.2


Businesses and operators selling and/or distributing recreational and medical pot are still barred from using banks for their transactions because of federal legislation. The development and use of marijuana-specific virtual currencies have ramped up in order to fill the hole in this market.

Cryptocurrencies make it easy for people in the marijuana industry—or simply those who want to buy some weed—to carry out transactions. While Bitcoin has become widely popular in the virtual currency space, there are a few alternative cryptocurrencies catering specifically to the pot sector. Read on to find out more about the top five cryptocurrencies on the market.


  •     Although marijuana is legal in many states, the U.S. federal government hasn't decriminalized the drug.2
  •     Pot-based operators and consumers can use marijuana-specific cryptocurrencies for their transactions since banks cannot legally conduct pot-related business.
  •     Popular marijuana-based cryptocurrencies include PotCoin, CannabisCoin, DopeCoin, HempCoin, and CannaCoin.


PotCoin (POT)

Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana industry.3 It was designed to solve banking problems for people looking to transact in legal marijuana. Trading of PotCoin takes place directly between people without using a bank or clearinghouse. Its creators wanted to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin automated teller machine (ATM) at a marijuana dispensary in Colorado.4

 

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