CannabisCoin Price Gets High On Eve of Yes We CANN Event

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CannabisAs its name suggests, CannabisCoin exists to help sick people acquire medical marijuana. But it does not do so in name only;  each CannabisCoin is on track to become redeemable for 1 gram of a cannabis strain grown specifically for the CannabisCoin community.

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.

Also Read: CannabisCoin Pegged to Medical Marijuana: 1 Gram = 1 CANN

CannabisCoin Price Gets High On Eve of Yes We CANN Event

CannabiscoinRecently, CannabisCoin announced that the Phoenix-based Herbal Wellness Center would begin accepting CannabisCoin payments. As the largest marijuana dispensary in Arizona, this was huge news for CannabisCoin. Developers also announced the first “Yes We CANN” event would take place on October 20 at the Herbal Wellness Center. At the event, all Arizona patients licensed to acquire medical marijuana will be able to purchase a limited supply of cannabis at a 1 gram for 1 CANN ratio. CannabisCoins will also be worth a minimum $8 on opening day for select products. Further, developers are planning future Yes We CANN events.

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 price Herbal Wellness Center
The CannabisCoin price has gone mile-high over the past two weeks. Chart from CoinGecko.

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Analysis

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.

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Josiah is an assistant editor at CCN. A former ancient and medieval literature teacher, he has been reporting on cryptocurrency since 2014. He lives in rural North Carolina with his wife and children. He holds investment positions in bitcoin and other large-cap cryptocurrencies. Follow him on Twitter @Y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.