BitCanna: blockchain project dedicated to European cannabis more than 12 million euros collected
BitCanna was born in an attempt to solve a problem: allow transactions for cannabis-based products in those states where it is legal but the classic financial circuits, such as banks and payment systems, do not allow it.
One of the main problems for the actors of cannabusiness, is precisely related to money and payments, as well as the sponsorship of its products on the main search engines and social networks. Even in US states where cannabis has been legalized there are banks and credit card managers who do not accept this type of transaction, which in most cases take place in cash.
That’s why players like BitCanna were born: to create a blockchain specifically dedicated to cannabusiness companies. For blockchain it must mean a system comparable to a public register in which all operations are archived and verified. The data is kept in the chain of blocks that gives the name to the system, and that allows to trace the various operations carried out. With a blockchain you can make transactions with cryptocurrencies but also certify stock exchanges and actions.
BitCanna is a decentralized blockchain network specially built for the cannabis industry. It is a kind of digital accounting book for the industry with zero commissions for traders and customers. And if beyond the ocean there are already similar examples, BitCanna wants to become the main European instrument for this type of transactions: we at Dolce Vita are partners (the only Italian reality) as well as several important European companies in the sector that are part of the BitCanna Alliance. It is a transparency-based system that will provide information on the traceability of products and give customers the opportunity to evaluate the products purchased.
On June 30 the ICO of BitCanna closed successfully. ICO (initial Coin offering) means the action for which a start up raises the initial capital for its projects, creating a cryptocurrency. It’s a name derived from IPOs, the initial public offering of companies that quote on the stock exchange offering the public the possibility to buy shares of their company. The main differences lie in the fact that ICO are not regulated and that instead of the shares you get the tokens, ie unit of the cryptonym that was launched. Of the 420.000.000 of tokens created by BitCanna, 60% were put on sale and of the 252.000.000 available during the ICO were sold 214.162.276 collecting the figure of 12.820.161 dollars.
In the company’s plans 40% of these funds will be used for product development, 30% for communication and marketing, 20% set aside for extraordinary operating costs, the 5% reserved for legal funds and another 5% will be kept aside for other extraordinary costs. For new updates the next date will be the end of July, while European cannabis is preparing for this new revolution.