Leafbuyer (“Groupon And Yelp For Marijuana Users”) Stock Price Soars After Blockchain Announcement
Leafbuyer Technologies Stocks Surge After Announcing Blockchain-Related Development
Leafbuyer Technologies is one of the cannabis-related companies that are experiencing stock price increases from one day to the other. According to Bloomberg, the company is something similar to ‘Groupon and Yelp for cannabis users.’ And indeed, the firm experienced a 40% price increase in its stock back on Thursday. Why did that happen? Well, because it announced that it is working on a blockchain-based platform.
Leafbuyer was not one of the cannabis companies that were skyrocketing such as Tilray. However, the firm decided to announce that it is working on a blockchain-based platform, becoming the first company in the industry using distributed ledger technology (DLT).
According to the report released by Bloomberg, the company’s stock increased by 65% in just a week.
The press release uploaded by the company explains that the blockchain-based platform will be the first-ever in the marijuana industry that has been in the media in the last months. The development of the platform would probably end in October and launch in December.
With this platform, Cannabis users will have a secure and safe platform to transact products. Customers, dispensaries and marijuana product companies could enjoy more transparency and enhanced services. The company believes that with this implementation of blockchain technology, they will be able to enhance their growth for the future.
On the matter, Leafbuyer CEO, Kurt Rossner commented:
“This first-of-its-kind blockchain solution offers complete transparency between cannabis business and the end consumer, which, we expect, will add significant value to Leafbuyer’s platform. This, in turn, should open more revenue possibilities as we broaden the platform. The possible applications with blockchain technology are extraordinary, and we look forward to implementing this initiative to drive the growth of our company.”
Leafbuyer works connecting people with the sellers in the marijuana industry. Moreover, its website has all the information required about marijuana and what laws apply in different states.
At the moment, there are over 15 different marijuana-based projects and cryptocurrencies in the market. All of them have different goals and aim at improving different things in the industry.
In the past, several companies in traditional financial markets took the decision to change their names and add the word ‘blockchain.’ This allowed their stocks to exponentially grow for a short period of time. Additionally, they were able to gain attention from the media and investors. Furthermore, other firms started to develop their own products and services. related to blockchain technology.