CanCoin, a new token that utilises blockchain technology, has been launched to accelerate the European cannabis industry.
The CanCoin has been designed to solve current market friction and monetisation in the European cannabis market. It will provide blockchain solutions for the industry regarding issues such as lack of transparency, inadequate supply chain tracking, mistrust in monitoring systems for both products and patients and the reticence of financial institutions to service the market.
DeFi advisory group, Technicorum Holdings, which specialises in digital assets, along with crowdfunding expert Daniel Daboczy and co-founders and investment managers of Enexis, David Bonnier and Amaury de Poret, have announced the upcoming sale.
The tokens will be issued on 22 August, with a finite supply of 420 million tokens.
Blockchain solutions for cannabis
CanCoin utilises blockchain to streamline payments and processing, management of inventory and medical cannabis cards, patient monitoring, and tracking from seed to shelf as well as introducing NFTs and DeFi into the ecosystem.
Daniel Daboczy, CEO of Technicorum Holdings, said: “The European cannabis market has fallen far behind North America, which has demonstrated how cannabis tax revenues and profits can create more opportunity.
“TheCanCoin is not only a chance to catch up, but truly maximise the opportunity in Europe while ensuring a secure and serious approach to this fast growing industry and expected wave of legalisation. We believe that the legal cannabis industry will benefit from its own industry currency paired with some of the best technology available. These tools will accelerate this fast growing industry even more.”
Technicorum provides trusted expertise in managing DeFi projects, while David Bonnier and Amaury de Poret will provide market expertise and access to its diverse portfolio of cannabis opportunities within the European market. Daboczy will also add crowdfunding and marketing expertise, connecting investors and entrepreneurs as well as helping to project manage the IDO and solution development. Several key people in the blockchain, finance and cannabis industry have also joined as advisors or investors.
David Bonnier, co-founder of Enexis AB, added: “Europe has a huge addressable cannabis market that has gone largely untapped due to legislation and restrictions. With the global legal cannabis spending forecast expected to reach over $70 billion by 2025, we believe TheCanCoin can bring a significant amount of this profit share to the European market.”
Daboczy continued: “Generally, the coin will allow greater transparency and traceability in an industry that operates in a complex and fast-evolving legal and regulatory framework. Specifically in relation to payments, the coin will allow industry players to lessen their dependence on traditional financial institutions.
“Due to the current legal framework, traditional financial institutions are either unable or unwilling to provide industry players with full corporate banking services. This has forced in many instances industry players to rely on cash transactions, and only in limited amounts, with all the drawbacks associated with such a payment method. Ultimately, the coin will therefore allow for more secure, more compliant and more efficient transactions in the cannabis industry.”
The CanCoin will be using the Binance Smart Chain.
“Binance Smart Chain (BSC) is a Layer 2 technology that has widespread adoption, being part of the Binance ecosystem, which is currently the largest community of token holders and investors in the cryptocurrency ecosystem,” added Daboczy. “Therefore, in order to lower transaction costs, increase transaction speeds, and allow access and outreach, BSC was chosen as the first network. The second network for TheCanCoin is the xDAI network, through a Kingswap.exchange IDO listing. xDAI is also a Layer 2 network off the Ethereum Mainnet (similarly to BSC), and thus affords cheaper and faster transactions.”