Is there a reason for the rise of the pot coins today?
Yesterday, CannabisCoin(CANN) was part of the FOMO of Today. I made a comment that if there was anything valid about the pump, it would be happening to the other pot coins as well.
You can look at the chart to see how amazing yesterday's pump was of CannabisCoin
Let's take a look at the three top coins a little bit and see if there is anything to this pump.
CannabisCoin(CANN)
The CannabisCoin is a peer-to-peer cryptocurrency for the Cannabis Community. Instant real world payments. Dispensary Tested.
DopeCoin(DOPE)
A digital currency for marijuana enthusiasts.
HempCoin(THC)
HempCoin was among the first 30 currencies developed in 2014 and is a highly focused digital currency for the Agriculture/Farming Industry and Marijuana/Hemp Industry, built on the source of Bitcoin, its use includes the Marijuana dispensaries and the entire Agriculture/Farming trade business.
Of the 3 coins, it would seem that HempCoin would be the one with the most promise, because it has been around the longest and it focuses on the entire industry.
The one driving news event is California legalizing recreational marijuana sales. This comes into effect on January 1, 2018, when The Adult Use of Marijuana Act, or California Proposition 64, an initiative passed in November 2016, takes full effect.
California is not the only state to have some sort of marijuana legalization.
Information is current as of Sept. 14, 2017.~ source: http://www.governing.com/gov-data/state-marijuana-laws-map-medical-recreational.html
Even Forbes has a recent article about states getting ready to legalize marijuana.
These States Are Likely To Legalize Marijuana In 2018
- Vermont
- New Jersey
- Michigan
- Missouri
- Virginia
Over at SeekingAlpha.com, there is an article about how some of the marijuana stocks, which took a beating after Hillary Clinton lost the election, are up big for December, with increases of 50%, 70%, and 90%.
The article points to cross section purchases and an ETF for marijuana stocks being listed and nothing in the range of changes in legalization as being the catalyst, even thought it points out the USA legalization changes. It also notes that Canada will also be legalizing recreational marijuana in 2018.
So, for marijuana growers and distributors, the futures look high, but I don't see the point of cryptocurrencies for marijuana. If Germany, Australia, Canada, and parts of the USA have made it legal, then why bother using cryptocurrencies to pay for it? Unless you are going to the process of creating the cryptocurrencies for free, then converting it to a pot coin and then going to the store....at that point, why not grow the plant yourself? It is called "weed" for a reason.
Enjoy the pump, if you got in early, make sure you can get back out before the dump.
Let the positive energy sing!
More Power to the Minnows!!
Trading on Bittrex and Binance
HODLin’
Verge(XVG) -- Cordana(ADA) -- Ripple(XRP) -- Digibyte(DGB)
Yes ... in Canada on July 1st 2018 everyone over the age of 18 can smoke recreational Pot.... A few Cannabis Stocks have gone up 1,000 % or more in the past few weeks.
more power to them.
I think of it as evolution in action
thinning the herd..less competition for me and mine.
There will be a lot of abuse and people who go brain dead. I know of a lot of people that this has happened to. Walking Dead, Zombies for Life.
So sad...too bad.
Somehow I can't feel too much sorrow for them.
Their choice...
they made their bed.
now lay in it.
greta info. i followed you
why not grow the plant yourself
indeed..
many places, like nebraska, it grows wild in the fields..
I don't see a future in growers and people who sell. If it does become legal everywhere, the people making money selling the supplies for growing it and other plants are the ones who will benefit.
I wish them well.
Personally I could care less, one way or the other.
I tend to be somewhat negative about pot.
I've dealt with potheads in the past.
It wasn't pleasant.
In Canada we will all be able to grow 4 plants at home and smoke whenever we want, Starting July 1st. You can even get Free seeds to plant. http://www.mjseed.blogspot.ca
If you are ALLOWED by the nanny state to grow four plants...why not five?
if five why not six?
WHY do they feel the need to REGULATE?
4 of a certain size ... which means you could be growing a lot more smaller ones and then chop the big ones down when ready.
It will be very difficult to regulate.
Oh I'm sure that they can do it.
Require a license to grow.
with periodic visits from inspectors.
have LOT of regulations..(plant size, color, spacing, number of leaves)
with HUGE FINES for breaking them.
it should be a lot of FUN.
I hope you all enjoy it.
That was a great read. Never looked into the niche of these coins, but it does look like a legit industrial market segment to diversify into for the long run.
Provided you buy the dips and average in a percentage of investment funds.
They pump like once a quarter from what I've seen. Wake for bitcoin to go crazy, then the alts, then when people get bored pumps of weed coins and other random coins.
Yup.
I bet there is an obvious pattern or probably a message board where they talk about it.