Grass is always Greener: Cannacoin’s Rise to Fame

A new player servingthe youthful US legal cannabis industry is rising – and this time, it seems thesky’s the limit.

The idea of a cannabisaltcoin is nothing new. Potcoin, Dopecoin and Leafcoin have all had a stake inthe space, and have met with varying degrees of success, and now Cannacoin isinching into the market with its promise to achieve real changes in theindustry.

Born out of theNorthwest Greenthumb community centered on Seattle, Cannacoin is designed to “provide an excellent well balancedtransactional currency for cannabis users and supporters around the globe,”creator Josh told Coinjoint back in March.

“So much demand”

Josh, or to give himhis more popular subreddit pseudonym, Subcreative, envisages the need for the legal cannabis industry tohave access to a currency which is both more flexible than traditional meansand able to create some much-needed slack for various elements of the supplychain.

As Coinjoint reports, state regulators are looking to impose hefty25% tax levies on producers, processors and retailers in addition to point ofsales tax. A cryptocurrency solution hence seems an obvious innovation in orderto loosen the grip of the powers that be.

In the pipeline arePOS terminals and contactless payment cards using the same near fieldcommunication technology as contactless debit cards.

The project has itsskeptics, however, and creators were quick to rebut the naysayers on forumssuch as Bitcointalk. 

“Why Cannacoin? Wealready run and operate Washington state’s largest medical marijuana socialplatform […] and 1,000 local medical patients ready to accept and use Cannacoinon our website and within the community,” user Cannacoin wrote upon the launch in February.

Cannacoin event wentas far as to say that “there is so muchdemand and need in WA for a coin like this, we feel it will succeed with orwithout large investors,” and indeed it is already listed on Swisscexexchange, with voting open for it to be added to a further four.

Acceptance has alsobranched out beyond the US, with the Berlin Hemp Museum now accepting Cannacoinfor donations, it was announced onTwitter.

Time will tell now howthe aforementioned officialdom takes the growth of the industry, and whetherquestions of taxation are dealt with in a way which allows for a mutuallybeneficial status quo to be maintained.

More information onCannacoin can meanwhile be found here.