A group of medical cannabis activists who have promoted access to an alternative way of treatment for many suffering from terminal and chronic illnesses is launching a cryptocurrencyventure based on the blockchain. The project is called CannaSOS and its cannabis-connected coin is being referred to as the Perkscoin.

The Canada-based company is focused on the fact that many states within the U.S. are either decriminalizing or legalizing medical marijuana at a rather rapid pace, but without comprehensive education, information surrounding the benefits of particular cannabis strains, potential side effects and symptoms, usage behavior, etc. CannaSOS seeks to be the solution to the aforesaid issues by way of being a social cannabis network that includes a comprehensive strain database and reviews, an e-store, advances business resources and more.

In reality, a big concern for CannaSOS and its users appears to be the fact that cannabis-related enterprises are not receiving support from mainstream financial institutions as there remains a stigma on the industry and a lack of clarity as to the extent that sales and usage is legal, particularly within the U.S., where marijuana is still illegal at the federal level. As such, there are strong financial limits placed on the industry and that is often when cryptocurrency advocates come in any propose a solution.

CannaSOS wants to be an alternative to conventional banking services, through use of the blockchain and its created token. The tricky part for the company will be to ensure that its currency is not used for improper purposes and only in jurisdictions where it is clear that the transactions are authorized and legal. It also must battle the fact that major advertising channels such as Facebook and Google restrict ads related to cannabis from being displayed on their networks.

A battle that it is absolutely willing to take on is one that changes the cannabis industry from operating almost entirely in cash, which is often a magnet for robbers. Some believe that cryptocurrencies in the space could be safer from cops, crooks and combustion.

The CannaSOS project has been in the works since 2014 and claims to have more than 315,000 registered members.

Published on: Mar 23, 2018