Cryptocurrencies are making it easy for people in the marijuana business--or simply those who are looking to purchase marijuana--to carry out transactions. Remember, marijuana is still illegal at the federal level, which poses a variety of challenges for anyone attempting to conduct financial transactions even in states that have legalized pot. While Bitcoin has become widely popular, there a few alternative cryptocurrencies just for the pot sector. And thanks to a publicity stunt involving former NBA star Dennis Rodman and North Korea, some of them are currently on a lifetime high.

PotCoin (POT)

Launched in January 2014, PotCoin was one of the earliest cryptocurrencies for the marijuana industry. It was designed to solve banking problems for people looking to transact in legal marijuana. The currency was looking to capitalize on Colorado’s legalization of marijuana and even installed a PotCoin ATM at a marijuana dispensary in Colorado. (Related: Pot Industry Turns to Bitcoin as Banks Snub Them)

However, the currency failed to make a huge mark and remained in the shadows till June 12, 2017. A press release and a video of NBA star Dennis Rodman sporting a potcoin.com shirt in North Korea gave PotCoin a shot in the arm. By funding Rodman’s trip, not only did PotCoin re-enter the media spotlight it was also up 76% in just one day, according to Coinmarketcap.com. Its current market cap is close to $38.2 million, a huge increase from $81,547 in February 2014. As for price, in February 2014, 1 PotCoin was worth $0.004625, which has now increased to $0.179644. That is an astonishing 3784% appreciation! 

PotCoin is in limited supply of 420 million coins, with close to 217 million in circulation. With its recent transition to Proof-of-stake, investors can earn 5% annual returns on their PotCoins. One point to note is that PotCoin claims transaction speeds of 40 seconds, which are pretty impressive compared to those for Bitcoin.

 

chart courtesy -worldcoinindex.com

 

CannabisCoin (CANN)

Another currency that came into being in 2014, but just a few months after PotCoin was CannabisCoin. It is a proof-of-work, peer-to-peer open source currency and like Potcoin was aimed at easing transactions for medical marijuana dispensaries. While it initially gained popularity, it has generally failed to deliver much for investors.

Focusing on its market, CannabisCoin has proposition to convert cryptocurrency directly into marijuana. Under the name ‘CANNdy’ there is a line of medicines and marijuana strains grown of the specific purpose of exchange at the rate of 1 CannabisCoin to 1 gram of medication.

There are 92 million CannabisCoins with close to 77 million in circulation. Currently, the currency has a market cap of $1.69 million, according to coinmarketcap.com.

 

chart courtesy -worldcoinindex.com

DopeCoin (DOPE)

In February 2014, DopeCoin was founded by Adam Howell or ‘Dopey’, according to its website. Little is known about the specific markets that the currency serves except that its "mission is to provide marijuana enthusiasts with a modern and secure way of doing business for the 21’st century,” the website notes.

Started with a vision of creating a ‘Silk Road’ for transactions in marijuana across the world, DopeCoin supply is limited to 200 million DopeCoins with about 111 million currently in circulation. It is also a Proof-of-Stake currency, where a 5% annual interest can be earned. The currency currently has a market cap of close to $1.5 million, according to coinmarketcap.com.

 

chart courtesy -worldcoinindex.com

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