SUCCESSFUL Swedish crowdfunding entrepreneur Daniel Daboczy has turned his attention to cannabis with the launch of The CanCoin digital currency.
Mr Daboczy made his name with the FundedByMe platform which launched in 2012. It has supported over 650 companies, raising over $80m and debuted on the Nordic Growth Market stock market, valued at $35m, in 2019.
He believes The CanCoin and its associated blockchain technology will help tackle many of the industry’s pinch points with the eventual aim of it evolving into Europe’s cannabis central bank.
Its initial $250,000 fundraise was supported by business angels and industry experts and the project is in collaboration with experienced Swedish cannabis investors David Bonnier and Amaury de Poret, the co-founders and investment managers of Enexis.
€10m Launch Ambition
On August 22, the first CanCoin will debut on a selection of Crypto exchanges, with Mr Daboczy’s company – Technicorum Holdings – aiming to raise up to $10m from the launch.
As well as those buying The CanCoin as a speculative investment Technicorum believes it will be embraced by the cannabis community as an alternative to the established currencies and a key utility tool for the industry.
It believes the blockchain technology on which The CanCoin is based will provide the transparency and data required to satisfy politicians and regulators still wary of the gathering green wave.
Mr Daboczy said: “We have identified six different pain points in the cannabis industry and our bespoke blockchain technology can help solve these, how quickly we can do this really just depends on how much we raise.
“This is like start-up, in the following sense; we have a fundamental issue that needs fixing, we know we can fix it, all we need now is to hire the right people with the right skills.”
The six areas it will address are as follows;
-DNA storage for customisation of plant-based medicines
-Medical-use record keeping – (supported by an app)
-Transparency and standards
-Payments for the industry, patients and consumers
All of the above will be reliant on the use of blockchain technology whilst the latter two will utilise The CanCoin’s transactional capabilities.
Technicorum will launch two variants of The CanCoin with one being tethered to an established currency such as the dollar and the second being allowed to free float. In the first phase only the ‘non-tethered’ will be launched.
He believes The CanCoin will prove popular in the cannabis community which already struggles to secure dependable transaction partners – most banks refuse to handle cannabis transactions. Then there are the issues around regulatory intransigence and cross-border trading.
Reliable Transaction Partner
“In much the same way as other industries – shipping and real estate, for example – will support their own industry’s currency we believe that will also be the case with cannabis.
“The CanCoin also provides industry participants, across all verticals, the opportunity to see the value of the CanCoin holdings increase whilst benefiting from its transactional capabilities,” he added.
David Bonnier, Co-Founder of Enexis, said: “Europe has a huge addressable cannabis market that has gone largely untapped due to legislation and restrictions.
“With the global legal cannabis spending forecast expected to reach over $70bn by 2025, we believe The CanCoin can bring a significant amount of this profit share to the European market.”
Key players from blockchain, finance and cannabis are coming on board as advisors to project. These include; the Transform Group from New York, Massfluencer of Stockholm/Singapore and Cryptologicals of Singapore.
Partners set to onboard The CanCoin include UK-based CBD and wellness platform Alphagreen along with Swiss hemp and CBD company Heidi’s Garden and the science-focused Reyos Group.
Mr Daboczy’s added: “It’s about solving the issues facing the patient, the growers, the manufacturers and the rest of the industry as a whole. We can do it. I have built many tech companies and this is not so complex. Our aim now is to work with work with cannabis people and politicians and build a bridge between past and future.”
The CanCoin will have a finite supply of 420m token coins issuing next month with a projected initial float price of US $0.17 and discounts available for larger purchases. Technicorum Holdings is a Singapore-based specialist DeFi (decentralised finance) business, established last year.