|Creator||Unknown – Most likely a Thai guy named “Chau Doan|
|Creation Date||October 2014|
|Headquarters||Unknown – Probably Arizona|
What is Cannabis Coin? What does the project do?
Cannabis Coin is one of the earlier medical marijuana-related projects. The development started in late 2014. As like all the other coins from that era, it is mineable. We do not know the identity of the developers, but you can see their “faces” as they share a lot of videos on various social media channels. Cannabis Coin is not a platform – it is a cryptocurrency to buy cannabis. Legal dispensaries can support it to sell cannabis, or to join the “CANN” program, which we will explain below.
Cannabis Coin is advertised as a currency for medical marijuana dispensaries. The idea is simple:
- You walk into a dispensary
- Select the cannabis you want to purchase
By using the mobile app available at
you scan a QR code near the counter,
- The mobile app shows you the total price in CANN coins
- You click on the “pay” button and CANN coins are transferred to the dispensary owner’s wallet.
The project also has another “project”: CANN. The developer claims that he is also a grower and ready to sell high-quality cannabis to dispensaries. These high quality cannabis strains are called “CANN”. If a dispensary wished to do so, they would in theory be able to buy cannabis directly from the developer of this project to sell in their store. This is not mandatory, dispensaries that are not part of the “CANN program” would still be able to sell marijuana sourced elsewhere with Cannabis Coin.
Problems with Cannabis Coin
There are a few issues to be aware of with the Cannabis Coin project:
- As of now and almost 4 years since the project was started, no dispensary supports CANN coins. You cannot use CANN coins to buy marijuana at the moment.
- They advertise that they had their first harvest of CANN cannabis several years ago, but there is no evidence of this and no-one seems to have seen it in person. It is revealed that the pictures presented claiming to be of the CANN harvest actually belonged to Herbal Choice Wellness, a dispensary from Phoenix. It seems the developer “stole” the pictures from the dispensary’s Instagram account (3).
- There are a lot of problems with the mobile wallet and many users report that it is not working at all.
- The development seems to be halted and there are a lot of threads about how Cannabis Coin is a scam. Many people in crypto do not trust the project – one such example of community mistrust about the developer and the project can be seen at https://bitcointalk.org/index.php?topic=1267945.0
CANN is a PoW coin that uses X11 algorithm. This is interesting, because almost all of the other cannabis coins have now switched to PoS nowadays. However, CANN insists on being a PoW coin. It can be solo-mined, or one can join a mining pool. Block reward is 70 CANN and confirmations require an average of 42 seconds. There are 420,000.000 CANN coins in existence of which 21,000,0000 (5%). The developer claims that pre-mined coins are burned but according to the BitcoinTalk community this is not true, but rather they claim that the developer still holds them (1). https://bitcointalk.org/index.php?topic=829975.0
What are CANN coins used for? Is there any value to holding them?
Whilst CANN coins are designed to be used for buying cannabis from medical dispensaries, they are not actively being used for this or any other purpose in real life. There is no additional value to holding them other than pure speculation around pumps related to news around legalized medical cannabis, although for this purpose, there are other crypto cannabis projects that seem to be more trustworthy.
The Cannabis Coin Team
The developers of the project are semi-anonymous. We do not know their names but we can see their faces in videos. According to some BitcoinTalk posts, the name of the developer is Chau Doan and he lives in Arizona.
The developer is only active on BitcoinTalk. He posts rarely and does not answer questions. The website of the project gives no information about Cannabis Coin and there is no white-paper.
|Mining||CPU & GPU|
|Block Time / Transaction Fee||Unknown|
|Current Value (Total)||$ 2,553,811|
|Can Be Traded In||Bittrex, YoBit, Cryptopia, Coin Exchange|
|Can It Be Used in Real World?||No|
The project does not have a roadmap.