The Most Popular Cannabis Cryptocurrencies

most popular cannabis cryptocurrencies top pot crypto coins

As cannabis is still not 100% legal in all states, banks are pretty reluctant to provide startups with the necessary loans or handle other cannabusiness transactions. They are afraid it can be interpreted as money laundering. 

That said, a lot of cannabis businesses have turned to cryptocurrencies to carry out the transactions. Bitcoin has undoubtedly been the most popular cryptocurrency for years, but several alternatives are specially designed for the cannabis industry. 

Here are the top five cannabis crypto coins on the market. 

1. PotCoin (POT) 

PotCoin is one of the earliest cryptocurrencies made for the cannabis industry. It was launched in January 2014 and designed to solve banking problems for people looking to transact in legal cannabis. Trading of PotCoin happens directly between people, and there is even a PotCoin ATM installed in Colorado. 

This currency was barely used until June 2017, when an unexpected turn of events placed PotCoin in the media spotlight. In June 2019, its market cap was almost $2.7 million, compared to $81,547 in February 2014. 

Currently, it is the most popular cannabis-related cryptocurrency out there. 

2. GreenMed (GRMD) 

GreenMed created an app to address the cannabis industry’s urgent need to process credit card transactions. With the app, everyone can buy cannabis at a dispensary or get it delivered. 

The process is pretty simple—USD is converted to GRMD tokens, and then those tokens are transferred to the cannabis business’s account in USD again. GreenMed’s market cap is $102,985 at the moment. 

3. CannabisCoin (CANN) 

CannabisCoin was launched only a few months after PotCoin. The main cause behind the creation of CannabisCoin was to ease the transactions for medical cannabis dispensaries. The currency gained a lot of popularity with time, mostly because of the unique way it works. 

CannabisCoin converts cryptocurrency directly to cannabis. There is even an entire line of medical cannabis products specially designed to be bought with this cryptocurrency. According to reports, it has a market cap of $803,440. 

4. Paragon (PRG) 

Compared to other cannabis cryptocurrencies, Paragon is quite unique. It is not made for buying cannabis, but for supporting cannabis businesses’ growth. This cryptocurrency is still in its infancy, but it is already making an impact. 

With a market cap of $391,202, Paragon seems to be growing fast. Moreover, the company hopes that its Ethereum-based cryptocurrency will reach a point where it will be available for B2C and B2B interactions in the near future. 

5. HempCoin (THC)

 It seems that 2014 was a popular year for launching cannabis cryptocurrencies. HempCoin was also created in 2014, and it was designed for use by the medical and recreational dispensaries and the farming industry. Besides facilitating transactions between the local dispensary shops and cannabis farmers, it also provides an option to purchase tools and gear for growing cannabis. 

Cannabis Crypto Conclusion 

Until cannabis is legalized at the federal level, all cannabis businesses must have an alternative payment method available. Even in the states where cannabis is legal, most banks do not want to work with cannabis businesses, which can make things difficult for their owners. That is why the currently available cryptocurrencies can be helpful. Albeit there are plenty of options to choose from, the above-mentioned cryptocurrencies are here to stay.

Bootstrap Business Blog Newest Posts From Mike Schiemer, Partners, & Blog Outreach Services