The Future of Cannabis and Crypto

Stephen Andrews
13 Jul 2022

Legal weed and cryptocurrencies may appear to have little in common at first glance. But we must remember that both have a history of volatility and unpredictability, and perhaps the two can aid each other. As the cannabis sector continues to struggle with access to traditional banking services, many industry onlookers believe that crypto may be the solution or at least part of the solution. As a relatively new and digital finance solution, crypto can potentially help solve complex financial situations in which cannabis operators often find themselves to be.

Financial experts believe the cannabis sector does not need more volatility than it already has. Therefore, if crypto comes big into the picture, it has to be in some of its more stable forms, such as stablecoins. Prices of most cryptocurrencies tend to fluctuate. But, stablecoin is a type of crypto that has its value tied to another asset class, such as fiat currency or gold, therefore maintaining a more stable price.

Crypto can boost the cannabis sector significantly. Principally by increasing the purchasing power of both customers and business operators, enabling them a new form of accepted payment beyond cash. 

Blockchain is a system in which a record of crypto transactions is maintained across several computers linked in a peer-to-peer network. Blockchain technology won't become obsolete once some form of economic reform is introduced in the U.S., like the much-discussed SAFE Banking Act, which is supposed to grant cannabis operators access to regular banking services. Any such legislation would increase compliance and the need to manage cannabis programs across the financial system. 

Crypto will stay even when economic reform is conducted and even when marijuana is finally, at some point, decriminalized. It will last because it offers comfort and speed to execute payments, which is essential for many businesses. 

The Growth of the Canna-NFT Community 

Right now, there's more hype about NFTs, however. NFT is another extension of blockchain technology. For those unfamiliar, NFT stands for "non-fungible token." It is a form of original digital art collected in a crypto wallet. The art could be virtually anything, such as stylized color illustrations, caricatures, music, etc. What makes it valuable? It comes attached with utility, which could mean membership in exclusive communities, access to special events, discounts, or donations to name just some.

NFTs have been accepted by various domains, social groups, and profiles. Think gamers, artists, and photographers. As of last summer, NFTs are also part of the cannabis community. Crypto Cannabis Club is the largest Canna-NFT community, selling out its first mint of 10,000 digital tokens dubbed "NFTokers." The perks of owning this token are many, including discounts on pot products and exclusive access to cannabis meetups and experiences in both the real world and the Metaverse (which recently also opened the first virtual cannabis dispensary). 

The vibrant community of Crypto Cannabis Club certainly deserves attention. Ten thousand stoners who own an NFToker are creating something authentic. They are hosting events from L.A. to Mexico. They are forming local chapters and creating new spaces for more intimate belonging in both the physical and virtual realms.  

Ryan Hunter, CEO of the Crypto Cannabis Club, explains the success of the NFT community. He says that cannabis users are used to a very authentic community. "For years we've had to make sure that the people we surround ourselves with are people that we can trust ... so we're really trying to bring that into these virtual communities."

The spirit of these communities is not going to break under the pressure of uncertainty and unpredictability associated with crypto and NFTs. They represent a safe space for connection, authentic human interaction, and socialization. NFT creators and collectors will keep coming back for more of this, whether it's a unique interest they fulfill as part of this community, special relationships they maintain, or events they would always want to attend. It might be overwhelming at first to crack the meaning behind all things blockchain, but once it does, it's an adventure in its own right.

Are you part of the canna NFT community? Share your experiences with us.

Stephen Andrews