Back in June, Cointelegraph reported on CannabisCoin (CANN) - a PoW (proof-of-work) peer-to-peer digital currency that is intended to be used for legally purchasing cannabis from registered dispensaries.
CANN is based on the Bitcoin protocol but slightly different in that it can be efficiently mined with consumer-grade hardware since it is the “only X11 Coin that is cannabis specific,” according the CannabisCoin Dev team.
The CANN team is striving to bring the issues of cryptocurrencies and cannabis into the light by promoting wider acceptance and spreading knowledge about the benefits of cannabis and cryptocurrencies.
We had the chance to speak with CannabisCoin founder and developer known as DeltaNine, D9 or “Ty” about the latest developments with CANN, the recent upward price swing on exchanges and how the fixed 1:1, 1 CANN to 1 gram ratio will work in practice.
Cointelegraph: The CannabisCoin team has been very active in the space and is getting ready to host a series of cannabis-cryptocurrency events in an effort to raise awareness and promote the cryptocurrency in the cannabis industry. What was has the feedback been like so far?
D9: The date is on 10/20. It will be ONE of MANY events. The feedback has been very inspiring. The thought of growing (mining) your medicine from a computer was one of the questions that were brought up from medical marijuana patients.
CT: Could you explain the ‘Yes We CANN’ movement and what you hope to achieve?
D9: The Yes We CANN movement is about medical marijuana dispensaries and shop owners that participate in providing safe, affordable, quality medicine (cannabis) at a significantly reduced rate utilizing CannabisCoin. This movement is a way for dispensaries and shop owners to show their appreciation to their customers and providing a simple reward.
It's simple actually. For example, a dispensary or shop owner sets aside a supply of medicine called "CANNdy" where the patient may purchase 1 gram of medicine for 1 CannabisCoin. Of course there will be limits on purchases per patient per day or until supplies last. Dispensaries may also take CannabisCoin for full payment of medicine at the current exchange rate for CANN, which is the symbol for CannabisCoin on crypto exchanges.
CT: What do you mean when you say ‘CANNDy’ plant?
D9: Meanings of "CANNdy" are cannabis strains grown specifically for CannabisCoin purchases by growers, and other strains designated by growers or merchants for the 1 CANN to 1 GRAM ratio.
CT: The price for your coin recently skyrocketed following your announcement that people will have the opportunity to buy Cannabis with CannabisCoin at the 1:1 per gram price at ‘Yes We CANN’ events. Why did you decide to do this?
D9: Because CannabisCoin and the Yes We CANN movement were built by the community for the community. The CannabisCoin team comprises of industry professionals, cannabis growers, and patients.
CT: What other dispensaries can we expect to see hosting these upcoming ‘Yes We CANN’ events?
D9: The team is primarily in Phoenix, Arizona. We have been contacted from all over the world regarding the movement and future events. Herbal Wellness Center is our first host and we will be announcing the others as we go along. We've physically been in California and Nevada for industry talks of future adoption and with Colorado in the books as well. Expect to see the Yes We CANN movement in your area.
CT: Is this strictly for promotional purposes or are you looking to make the coin officially redeemable for cannabis across CannabisCoin accepting dispensaries in the future?
D9: This has been a life long project for the CannabisCoin team. It will be officially redeemable starting October 20th, 2014. It is not promotional and will continue to be accepted as long as there is supply available at the participating dispensary. There will be daily limits that vary from dispensary to dispensary. Dispensaries may also donate their own 'house' strains into the "CANNdy" inventory to be pegged at the 1 gram 1 coin ratio as a reward program or they may also ask patients for the full current exchange value of the coin for some medicines.
CT: Besides the Herbal Wellness Center, have you got any other dispensaries on board? What has been the biggest challenge to this so far?
D9: We have other dispensaries lined up but Herbal Wellness Center is the pioneer of this movement. The biggest challenge is the training of staff and implementing a point of sale process that meets regulation and laws in the state.
CT: Other similar Cannabis-themed coins on the market like Potcoin are not very different from a technical standpoint. So does the competition depend on who can best foster community support or are there any other factors involved?
D9: We have always said we respect other related coins. Community is the factor in everything when it comes to cannabis coins. You cannot have an entity in a world that largely prohibits cannabis use without a good community.
CT: There has been a lot of discussion in regards to how cannabis would be regulated and tracked from seed to consumer/patient in states where marijuana is legal for both medicinal or recreation purposed such as Colorado. Do you think the blockchain could be used for cannabis provenance sometime in the future?
D9: Yes definitely, we have a lot of things happening and a lot of help from the community. Every state has its own laws and regulations regarding medical marijuana tracking and management. We will sometime in the near future begin to implement our own medical marijuana point of sale system that will work with existing technologies already created by using blockchain technology.
CT: What is your vision for CannabisCoin? (Especially if cannabis legalization spreads across the US, the world)
D9: CannabisCoin has already raised awareness within the crypto community. It’s now time for the rest of the world to understand both Cannabis and Crypto. Yes We CANN!