CBDoken, a Vienna-based company plans to shock the traditional CBD market by creating an open, distributed alternative marketplace through their asset-backed cryptocurrency.
- Tokenizing CBD products creates an open-marketplace where pricing is determined by the public trading the token on the exchanges.
- Learn how this company can help remove up to 80% of unnecessary costs associated with CBD distribution.
- Utilizing “proof of burn” will enable clear and transparent communication through the blockchain, making information about supply readily available to the public.
- Worldwide distribution of publicly priced CBD is the goal of CBDoken. By leveraging the best of blockchain technology and great business practice, the team behind CBDoken has created a plan that will tokenize CBD Full Spectrum Extract.
Why Is This Important?
Because of the controversy associated with cannabis, even completely legitimate CBD extracts are not traded on the open market due to the potential for supply chain abuse. Some countries even consider CBD to be an illegal product, regardless of the fact that it contains 0-0.02% THC. This type of attitude from regulators is what prevents the traditional economy to bring this commodity to the open markets. Utilizing a decentralized token to facilitate trade is perfect because the traders never come into physical contact with the product. On the other hand, white-label brands sell CBD products at outrageous prices, 300-800% more than what they pay to the producers in the U.S. and the EU. CBDoken shows incredibly high potential to mitigate two of the largest contributors to high CBD prices.
The “CBD Full Spectrum Extract” that CBDoken will provide is of the highest quality with a minimum of 55% CBD concentration. This is a highly competitive product on the quality-based marketplace, for which people are currently prepared to pay up to 8x from production prices. With the help of their proprietary ERC20 token, they will be able to effectively price and position their partner’s CBD product to the open marketplace. No other CBD company in the world has done this before, so there are a lot of curious minds looking to see what the results will be.
How Does the Token Work?
Once their platform is launched, the business will utilize the tokens as a representation of 1g CBD Full Spectrum Extract in stock. The ratio between tokens and the stocked product will remain the same, as part of their smart contact will burn the tokens when an order has been made.
Burning the tokens means that they are getting destroyed at the point of sale, and the product is already on its way to the consumer. The smart contract connects their CBD manufacturer to the end users, providing a clear path of distribution without inflating the price along the way.
CBDoken’s partners own warehouses and extractions facilities in both U.S. and EU markets, and the deliveries will be made through these establishments. The profits made by sales of the first tokenized CBD product “CBD Full Spectrum Extract” will be reinvested into restoring the warehouses’ stockpiles.
In addition to this, a CBDoken Webshop will be opened which will sell the CBD product in exchange for fiat prices based on average token exchange prices. To facilitate the sale, CBDoken will purchase a token from the exchanges and will execute the burning process.
Private Sale Details
There is a limited amount of tokens available for the private sale which will end at the beginning of August. The company is looking to raise about $200k in this period, through the sale of 15000 tokens i.e. grams of CBD Full Spectrum Extract.
This CBD product is the asset that is backing up the cryptocurrency, and once their solution becomes operational, the smart contract in place will burn the tokens, informing the market about the purchase, and keeping the 1:1 ratio in place.
Connect with the Community
Connect with CBDoken’s community to learn more about the project and be the first one to hear about updates coming from the team, or simply to participate in various discussions regarding CBD or related topics with others.
Join now, airdrop is coming early July!
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Stefan Repin – Public Relations
Company Contact Information:
CBDoken GmbH Tuchlauben 7a 1010 Vienna, Austria FN491418z
Images courtesy of CBDoken, AdobeStock