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Cannabium launches CBD-backed cannabis token CNAB

Tony Zerucha

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Cannabium has established the first cannabis extracts marketplace built on the blockchain with its own, asset-backed token. Its CNAB token is backed by cannabis extracts like cannabidiol (CBD), which is commonly used in medicinal formulations.

Each CNAB token will be correlated with 10 mg of 99-plus per cent pure CBD, produced under Good Manufacturing Practices (GMP) certification and 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, the company believes.

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 has also partnered with others such as BudBo co-founder Nick Heldreth and GreenHeart Sustainable Food Systems CEO Paul Walsh. Recently, Cannabium announced the welcoming of IT strategist Kyle Headley to the team of advisors.

Cannabium’s ICO pre-sale begins November 16. 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.

 

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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