All you need to know about the "Cannabis" token

Many major US corporations have been entering cryptocurrency space, giving it some legitimacy. (Representative image)

The industry token for the legal cannabis sector, $CANNA, will now be listed on the decentralised exchange KingSwap on October 5, 2021. Notably, $CANNA has a  total token supply of 420,000,000,000, of which 210,000,000 tokens are currently in circulation.

Notably, KingSwap is a Singapore-based DeFi project that offers a  high-yield liquidity platform, with possible fiat conversions,  extensive staking rewards, and digital collectibles. 

The listing of the native coin of the CanCoin project, after its initial official release on August 22, is expected to take place on other exchanges like PancakeSwap post-October 19, 2021. The $CANNA token runs natively on the Binance Smart Chain and is currently valued at $0.17 each.

“We are excited for this next step, where we list the $CANNA token on KingSwap DEX,” said Daniel Daboczy, The CanCoin director. “Listing on KingSwap ensures that users will be able to benefit from low transaction fees and fast confirmation times for quick trade execution. The response from the industry has been very positive and the onboarding of companies that will use the $CANNA token as their future currency in their businesses has already started with great results.” 

What is the CanCoin project? 

With over 35 states in the USA, Canada, and almost 18 European states legalising cannabis, the market capitalisation for publicly traded cannabis companies collectively has already crossed 100 billion dollars. 

Over 375 million Europeans have access to medical cannabis. Given this, the figure is expected to grow exponentially over the next five years. The rise in legal cannabis sales is projected to grow from $30 billion in 2020 to almost $95 billion by 2025. 

Tapping into this space, the CanCoin project was specially designed for this, covering sectors such as healthcare, pharmaceuticals, FMCG, and industrials. The project aims to distinguish itself from its peers by providing comprehensive cannabis solutions integrating blockchain, artificial intelligence, smartphone applications, automated incentive tokens, and smart databases. 

About the CanCoin 

Per the project’s whitepaper, the CanCoin is a cannabis token that was developed to combat frictional losses and to effect monetisation in the growing legalised European cannabis market by streamlining payments and processing, inventory management, patient monitoring, medical cannabis cards, and allows tracking from seed to shelf, amongst others.  The coin also offers the prospects of a decentralised payments network, dynamic NFTs, and crowdfunding capacities, promising a quality user experience across the cannabis value chain.