The short answer is that there are numerous similarities between the two industries. It is true when you consider the speed with which the CBD market is sweeping the nation, it conjures up memories of the same sort of activity when cryptocurrencies became the newest trend out there. However, the crossover between CBD and crypto will most certainly benefit both industries and this is a look at why that is.
Some of the Similarities
There was a time when Bitcoin and all cryptocurrencies were viewed as a payment format that had underworld ties. It was the type of currency that had connections to drug dealers, computer hackers, and various other undesirables. However, cryptocurrency trading – and the profits being made from it by businessmen of all walks of life – changed that. It wasn’t soon after that Bitcoin became accepted as a legitimate form of digital currency.
The CBD market has been experiencing much of the same response. A great deal of misunderstanding and confusion has caused CBD to be considered a treatment that could rid you of all kinds of pain but would also get you high. In reality, CBD comes from the hemp plant and not the marijuana plant. THC is the main component of marijuana and that has the psychoactive properties that are not present in CBD, they are two different things.
However, the many health benefits that are being connected to CBD and the various formats it is becoming available in, have launched the product’s growth. Add to this the relaxed laws regulating it – thirty-three states in the US have permitted recreational or medicinal marijuana use – and you have the makings of a trend that will continue to snowball well into the future. But this is far more than a trend, CBD is an alternative treatment for most.
Big Names Get Involved
The two industries have big names involved that have helped to shape both markets. In crypto, Facebook’s Mark Zuckerberg and his launch of Libra shifted a great deal of attention to digital currency. TRON’s Justin Sun, podcaster Peter McCormack, Bitcoin SV’s Craig Wright, Coinbase’s Brian Armstrong, and Binance CEO Changpeng Zhao all have impacted the crypto universe in a very positive way that has brought cryptocurrencies legitimacy.
As for the cannabis industry, there has also been plenty of A-Listers involved in the development, production, and promotion of cannabis products. They include such individuals as country music’s Willie Nelson, rappers Wiz Khalifa and Master P, hip-hopper Snoop Dogg, and comedian Tommy Chong. Retired professional athletes including NBA star Cliff Robinson and NFL player Ricky Williams and stars Whoopi Goldberg and Montel Williams.
The Research Hurdle
You could say that uncertainty has been another of the similarities linking crypto and the cannabis markets. As for crypto, the main hurdle related to this is wide-spread acceptance. However, there are more places where payment options include Bitcoin. As for CBD, the uncertainty revolves around a lack of scientific evidence backing the many claims of health benefits. As time passes, more studies will be conducted verifying these claims.
Various Levels of Quality
Although there are hundreds of different cryptocurrencies in existence, they all have different values. A comparison of that in the cannabis industry is that many different types of cannabis products are available in the marketplace. The quality of these products is determined by several factors ranging from how the CBD oil was extracted, where the cannabis plants were grown, how the CBD vape cartridge was manufactured, and what concentration of CBD was in the hemp plant in the first place.
The Crypto/Cannabis Combo
Probably to most telling of the links between the crypto world and the cannabis industry is the cryptocurrencies that are circulating and are cannabis-focused. They include the following:
PotCoin (POT)
This was the first cannabis cryptocurrency which first came to light in 2014. You can even visit a PotCoin ATM in Colorado, where a number of the machines exist. PotCoin has had increasing growth spurts – usually initiated by high-visibility promotion such as pro-basketball player Dennis Rodman wearing a PotCoin.com t-shirt at the US-Korea summit.
HempCoin (THC)
This cryptocurrency was born in 2014 to facilitate the purchase of farming supplies in bulk. It has expanded to include the entire agriculture industry which spans from tobacco to cannabis and hemp.
ParagonSpace (PRG)
This cryptocurrency is a bit of a variation on a theme. Instead of being used to purchase cannabis products, it is intended to be used to assist cannabis businesses to grow.
Tokes (TKS)
The goal of this particular cryptocurrency is to shift the entire cannabis supply chain and transactions with customers away from cash.
DopeCoin (DOPE)
Started in 2014, this digital coin was revamped in early 2017 as DopeCoinGold. The objective with this cryptocurrency is to give people a way to make their cannabis purchases – legal or otherwise – without transaction fees.
CannabisCoin (CANN), GanjaCoin (MRJA), Growers International (GRWI), KushCoin (KUSH), GreenMed (GRMD), CannaCoin (CCN), Sativacoin (STV), Cannation (CNNC), and Bongger (BGR) are a few more of the cannabis-based cryptocurrencies that are currently being traded on the crypto market. Although not all of them will stand the test of time, the number of new cannabis digital coins that are being launched should be a sign of the times to come.
Conclusion
The next few years are going to be crucial for both the crypto and CBD industries. From the current status of both, the atmosphere looks good for both to experience continued growth and success. With the ongoing push to seek and use alternative treatments for many common health issues such as pain, anxiety, and stress, the CBD oil market will take hold very soon. Add to this the desire to move away from cash to a cashless society, with the increased security that blockchain provides, cryptocurrencies are not going to disappear anytime soon. So it is obvious to see that both of these industries will continue to form a strong and healthy connection from this day forward.
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