Recently, CannabisCoin announced a partnership with a prominent medical marijuana dispensary in Phoenix, Arizona. In addition to accepting CannabisCoin, the center will also host events to help educate patients about CannabisCoin.
At these events, patients licensed to buy medical marijuana will have the opportunity to buy cannabis at the promised 1:1 price. In response to these recent announcements, the CannabisCoin price has gone mile-high–as it were.
The announcement that customers can officially redeem CannabisCoins for 1 gram of cannabis–at least for one day at one dispensary in Arizona–caused the CannabisCoin price to explode. In the past week, the CannabisCoin price increased more than 585%, and most of that movement took place since October 11. At press time, the CannabisCoin price was 11,292 satoshis (worth ~$.04 in USD).
CannabisCoin is not the only altcoin dedicated to helping consumers (especially medical patients) acquire marijuana without facing legal issues. However, the Herbal Wellness Center partnership and the Yes We CANN events give CannabisCoin a leg up on the competition and makes it the marijuana-themed coin to hold long term. Nevertheless, investors should prepare for the CannabisCoin price to sober up soon; altcoins rarely increase this rapidly without experiencing a temporary decline as investors liquidate their coins at profit. CannabisCoin is a bit different than most altcoins since there are events where it is redeemable for marijuana at a fixed ratio, but investors can expect the CannabisCoin price to dip in between events.
What do you think of the CannabisCoin partnership and price rise? Comment below!
Disclosure: The author is paid in and holds investments in bitcoin. He is not invested in or affiliated with any of the altcoins discussed in this article. Any advice contained in this article is solely the opinion of the author and does not reflect the views of CCN. Neither the author nor CCN is liable for your investing decisions, so do your homework and never invest more than you are willing to lose.
Images from CannabisCoin and Shutterstock.