The crypto has another use case: cannabis.
- GCC Tokenizes Equity
- Crypto And Marijuana: What Took So Long
GCC Tokenizes Equity
Global Cannabis Capital (GCC), a fund that invests in Latin American cannabis companies, is planning to release tokens on the Ethereum blockchain. The tokens issued by GCC will represent the equity invested in the aforementioned cannabis businesses.
GCC, which is based out of
French tax haven Luxembourg, is turning to crypto because of the difficulty still present in raising funds for Cannabis-related companies. The company originally had an IPO planned in Canada, but pivoted because of time constraints.
“We cannot wait 12 or 14 months to go through an IPO process. Tokenization takes around three months,” said GCC Chief Executive Officer Andres Israel.
Crypto And Marijuana: What Took So Long
Though, Cannabis has made incredible strides politically in the U.S. and Canada, it still faces a lot of regulatory issues. For example, not all 50 states have decriminalized the drug. Not to mention, federal banks have smoked out marijuana-focused companies from getting loans.
With uncertainty around it, investors remain wary of long-term investments in the industry. Thus, GCC turning to crypto. But the question: what took so long?
All things considered, crypto and cannabis should be buddies. Like Cannabis, crypto is misunderstood, underappreciated, and othered. But so far cannabis as an industry has failed to fully utilize the blockchain. Is it because they already have enough problems as is without getting crypto involved? Probably.
But, depending on how this offering goes from GCC, we might be seeing a wave of CBDcs coming our way.
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