Instead of struggling with ﬁat transactions in the newly regulated industry, buyers and producers of cannabis extracts may participate in the Cannabium Marketplace using the CNAB token. ONE Colombia has signed on as the primary cannabis extract producer for the Cannabium Marketplace.
The market for CBD appears to be growing significantly, with recent forecasts estimating it will be a $22 Billion global market by 2022. The enormous market potential has not gone unnoticed by Cannabium’s entrepreneurs. They decided to establish the ﬁrst cannabis extracts marketplace built on the blockchain with its own, asset-backed token. Just as the dollar was once backed by gold, Cannabium’s token is backed by cannabis extracts like cannabidiol (or “CBD”). CBD is commonly used in medicinal formulations.
Each CNAB token will be correlated with 10 mg of 99+% pure CBD, produced under Good Manufacturing Practices (GMP) certification, verified by independent third parties. Correlating its token with an asset allows Cannabium to provide a redemption process that offers potential liquidity not seen in other tokens within the industry. As even the most recognized and established cryptocurrencies show large price swings, correlating tokens to a real product could temper their volatility, making CNAB tokens an attractive means of lessening the volatility of an overall crypto portfolio.
ONE Colombia has signed on as the primary cannabis extract producer for the Cannabium Marketplace. Legally licensed by the Colombian government, ONE Colombia is connected to multiple, local cannabis farms that supply the raw material that goes into their CBD extracts. Those extracts, in turn, back the CNAB token. Cannabium will provide the ecosystem necessary for this and all production partners to sell on the Cannabium Marketplace with all regulations met and product certifications in place. The marketplace will provide an open way to purchase extracts via transparent and traceable transactions.
The Cannabium Project is led by a team that is already established in the field of cannabis extracts with decades of industry experience. Nachshol Cohen, Co-Founder of Cannabium, is a serial entrepreneur with over 10 years of experience in the industrial-scale cultivation of cannabis. His commitment to the cannabis extract industry is motivated by a personal experience: Cohen was in a medicinal chemistry research lab when his mother called him with the news that his father had been diagnosed with stage 3 multiple myeloma, an incurable form of cancer.
“Part of my mission was looking for ways to ease his pain,” said Cohen. “The treatment for that particular disease was extremely painful, and the opiates weren’t working. I don’t know what would have happened if my father didn’t have medical cannabis to help him.” This experience helped shape his career, placing him at the forefront of the Cannabis industry as it enters the crypto sphere.
The Cannabium Project has also partnered with others who have in-depth knowledge of financial markets and software technology such as Nick Heldreth, Co-Founder of BudBo, and Paul Walsh, CEO of GreenHeart Sustainable Food Systems. Recently, Cannabium announced the welcoming of IT strategist Kyle Headley to the team of advisors.
Cannabium, which already raised 1 Million USD in the seed round, is already gathering attention from the crypto and medical cannabis industries as the team prepares for the ICO pre-sale on November 16th. The team is excited to help transform the medical cannabis marketplace and ultimately provide more access, better products and more competitive prices to its end users.