The CannaCor Coin: A Cryptocurrency For Medicinal Cannabis
CannaCor (Pty) Ltd is a company licensed as a prohibited drug operator. With over 50 000m2 of acquired land in Berea, Lesotho, the company will dedicate the land to the greenhouse or indoor cultivation of Cannabis. This company aims to become one of the top players in the industry of Medicinal Cannabis, currently licensed and compliant with regulations to provide services in Canada, Europe and other global markets from this facility.
Medical Cannabis is the medical use of the Cannabis sativa, Cannabis indica and various other strains to relieve symptoms of diseases and treat their conditions. Medical cannabis is a category term for anything from dried cannabis flowers, cannabis oils, capsules and tablets to mouth spray. Cannabis-derivatives can provide a remedy for patients suffering from pain, cramps and/or nausea and many other illnesses and diseases, improving function and overall quality of life.
Patients find that medical cannabis from cannabis plants works better than simple medications containing cannabinoids, where active substances are isolated.
With an innovative proposal, CannaCor aims to provide this industry with a unique platform capable of digitalizing the supply chain process, enhancing overall production across the sector. Through the application of blockchain technology, the company seeks to offer a cost-effective solution to the supply-chain processes, capable of providing real-time information about the production process of Cannabis, while also guaranteeing the unalterability of the product. These features ensure an increase in revenue and provide higher levels of transparency for the company and its customers.
Cannacor will hold the first medical cannabis Initial Coin Offering (ICO) in southern Africa. The CannaCor cryptocurrency will operate on the Ethereum Blockchain, a fast, decentralized and immutable blockchain to enable secure cross-border transactions between CannaCor, suppliers and the general public.
The CannaCor Coin
The CannaCor coin is an ERC20 based on the Ethereum Blockchain. ERC20 is an official protocol for proposing improvements to the Ethereum (ETH) network and can be understood as a standard for coins that are created on the Ethereum blockchain. The ERC20 coin standard makes it easier to exchange one ERC20 coin for another, and to integrate various ERC20 coins into platforms such as blockchain wallets and exchanges, and more.
To develop its business strategy, CannaCor plans on raising funds through a series of two rounds, named pre-ICO and ICO. Funds raised throughout the ICO shall be used to:
- Develop a 30 000 m2 aquaponics medical cannabis cultivation plant.
- Develop the Blockchain Corporation’s blockchain technology and its applications.
- Create the CannaCor cryptocurrency.
Funds Allocation
During the pre-ICO, the price per coin is quoted at $0.06 USD, with 463 million coins available through this phase, interested parties have until January 31st, 2020, to jump on board and get on the project. Once the pre-ICO is over, the day of 08 February the ICO will begin with a quoted price of $0.12 USD per coin and will last until April 2020.
Funds Distribution
An important aspect of this project is that they’re committed to its development. If the Soft Cap is not met, the company will refund all investors after the completion of the ICO. The funds raised during the ICO will be used to build the cultivation facility and to develop the blockchain and its applications. Furthermore, all coins will be distributed to participants within 30 days after the ICO. Accepted currencies to buy the Cannacor Coin are Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
What Are The Benefits For Investors?
Once the ICO is completed, CannaCor will use 12% of the net profit to buy back coins twice a year over a period of 10 years. 100% of the coins bought back will be burnt/destroyed. This
Will ensure that the cryptocurrency maintains stable growth, decreases the initial supply, ensures a stable store of value with low volatility and increases its value.
If you wish to know more about CannaCor, make sure to visit their website.
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Guest, Khareem Sudlow