Marijuana Industry Now Has A New Cryptocurrency

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This morning, Vancouver based company First Bitcoin Capital Corp (BITCF) announced its second Initial Coin Offering (ICO). The cryptocurrency craze has been hot lately with many seeing uncapped potential within the market itself; bitcoin has taken a major role in this latest excitement. But now it looks like the marijuana industry could be ready to see a new currency, WEED.

First Bitcoin launched its first ICO for “Altcoin” and now has announced its second ICO for its cryptocurrency with a coin named WEED. There are similar currencies out there such as POTCOIN but obviously if you have anything called “WEED” in a marijuana related industry, it could become that much easier to identify. WEED coin takes advantage of the same Bitcoin Blockchain, Omni protocols as their previously launched Altcoin.

“WEED commemorates the global legalization of marijuana and is the next paradigm of money for all things cannabis” according to the company. There is one caveat though. Besides actually having an account to buy cryptocurrency, in order to purchase WEED, apparently traders will need to send a different coin (1 President Johnson coin -$GARY) to the company’s bitcoin wallet. 1 GARY is around $0.023 right now, where 1 bitcoin is about $2,825.

In the company’s press release, they specifically state that in order to insure receipt of the WEED coin upon transferring GARY to the company’s address, people will need to use their own personal Omni Wallet addresses and not an exchange provided wallet. The reason for this is that they may not be prepared to credit those WEED tokens to the senders’ accounts.

“Upon 6 confirmations, the WEED coins will safely arrive in your personal Omni Wallet. This process is fully automated and requires no manual processing by the issuer of WEED.”

So, it looks like two of the most speculative markets are converging with the launch of this latest ICO. We can only imagine what else will come of the growing marijuana industry as mainstream industry work to gain market share via a multitude of ways. This new cryptocurrency is just another example of how legal marijuana is attracting businesses of all shapes and sizes right now.

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