Creating a native cryptocurrency token for a specific business is an unusual concept. Although we have seen native tokens in cryptocurrency, they are hardly used for real-life purchases. In San Diego, that situation is vastly different, at least where the Medicine Man Club is concerned. Their native currency is the Medicine Man Token which grants exclusive rights. It is a great way to provide operational benefits to holders and may very well become a bigger trend.
As the name somewhat suggests, the Medicine Man Club focuses its efforts on marijuana. In fact, the founder claims his company is a “country club for marijuana” altogether. But the creation of a native cryptocurrency token, the company sets an interesting precedent. This particular token is created on the Waves platform and goes by the name of Medicine Man Token. The goal of this new currency is to provide operational benefits to MMT holders.
Medicine Man Club has its own Token
Do keep in mind users will still need to sign NDAs and can’t take pictures. Moreover, this token allows themarijuana club to operate within the confines of the law. Everything can be tracked using the blockchain, ranging from inventory to visitors, et cetera.Further use cases for these tokens will be unveiled in the future. Right now, it appears such benefits may include events, goods, and even concerts. In fact, there have been a few concerts already.
Medicine Man Club founder Robert Mcpherson comments:
“It’s similar to how at Dave and Buster’s you pay for Power Play cards for videos, and can’t pay cash for video games. Dispensaries have tons of problems with cash. We are using our digital currency now. My digital currency has a pair to bitcoin, and one can sell or rent their memberships out. If you have a membership and a friend is in town and you can’t take them, you can rent them the tokens. They just have to show they control the 25 tokens to prove membership. We are creating more uses for the tokens as we go.”
It is evident good things happen in the world of cryptographic tokens. Although ICOs have gotten a bad reputation lately, there are other use cases for this technology. San Diego’s Medicine Man Club shows how it can serve as a “loyalty reward” token of some sort. Members pay $25 every month to receive 25 tokens. Moreover, the tokens can be exchanged through Waves’ decentralized exchange. It is also possible to convert Bitcoin and Potcoin for these tokens at the premise itself. The tokens are also used to pay for food and drinks at the club itself.
Crypto And the Cannabis industry
I have been asked a lot about why I choose to open a crypto-cannabis club? I have answered this question in many different ways and it has changed as both industry adjust to regulations, but I felt like I should give my answer here so everyone could have a single answer, and maybe it will help progress both industry into the future.
First let me start off by answering what is cryptocurrency?
a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
What that means is, It is a digital currency that is not controlled by a single bank or person . Everyone that owns a cryptocurrency is in definition a bank in crypto .
Second let me explain what it is used for?
A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins
Now a little background on me , I have been into crypto since 2014 . Since then I have became a full time trade in crypto-currency . I am not by any means a “Whale ” in crypto . I have invested only what I can afford and it has paid off for me. I have been in the cannabis industry for about the same time. I have been a cannabis consumer for a little over 15yrs now . I admit I started young but I know that I am not alone In this experience .
As I begin to educate myself on both crypto and cannabis, it kind of hit me one day , and I asked why isn’t anyone making business with these two toghether ? I will say I have seen attempt from a few crypto coins in the market , But these where catered to Dispensaries . I have always wanted to see a place that was catered to the casual smoker . As Being a Californian I believe that Cannabis is part of our cultural fabric of leaving .
So last year I decided that I was going to combine the 2 and Make “The Medicine Man Club” . We are the worlds First Cannabis Crypto Lounge . The reason I chose to go with crypto and not USD is that I wanted to make something that was secure and innovative . USD is more of a hassle to use as bank will not accept money from cannabis companies . ( At least at the time of writing this ) So what I decided to do was take Cash out of the equation and allow our member to purchase our Digital assets , on the lines of Dave & Buster’s power card . The difference with Crypto is that it has a store of value and its value rises as more people use it. So the more Club members we have the more valuable your Medicine Man Tokens “$MMT” are .
What that Has allowed me to do is Make every Member, a investor and the longer they are members the more valuable their memberships become ( Which to be a member you must maintain 25 tokens Monthly in your waves wallet ). As we open more clubs the more membership we have the price of membership goes up naturally. Right now our tokens are $1 a piece, so anticipate by our next location opening that will go up by %50 so your $25 will be worth $37.50 , there is not many memberships like that. Now if you buy our token on the Wave Lite Exchange you will be able to get a discount Price of .75 cents a token !
That is the reason why i choose crypto . I am able to do my own version of “Kickstarter” with the ability to make sure that every Member will get a return on there Investment as they bring more people to join. So our members word is worth $$$$. Some of the unique things crypto has allowed me to do is have a private and secure membership list. Because of crypto rescue coding, member can be very private, there is no Members List just wallet address . The Amount of MMT you have in your wallet is your member verification . What that mean for you is that you don’t have to give any private info to be a member , just buy the token and have a waves wallet !
I do believe that Crypto can change the Cannabis industry and I am not alone in that belief. Here is a article about Dennis Rodman and a crypto coin called POTCOIN . I do ask everyone of my readers to do their own research and have a understanding about what technology is coming out that will fit their needs, and to all my future members WELCOME!!!!