The rapidly evolving cryptocurrency environment has spawned a wide range of different native cryptocurrencies. These native currencies are typically present in the form of initial coin offerings, or ICOs, which have caused a relatively large amount of hysteria in the crypto sector.
Native cryptocurrency tokens are only rarely used for the purchase of goods and services, but a San Diego-based medical marijuana club has taken the concept and used it to create an innovative solution to the payment issues that plague medical marijuana dispensaries- many US-based banks don’t accept payment from cannabis industry related organizations.
The Medicine Man Club, described by founder Rob McPherson as a “country club for marijuana”, has recently launched a new cryptocurrency token that is designed to provide operational benefits to Medicine Man Club members and circumvent backward-facing financial legislation.
Despite the innovative nature of the Medicine Man Club cryptocurrency, the entire platform operates within the limits of the law- all transactions can be tracked via the blockchain, delivering maximum financial transparency. Operating on the Waves platform, the Medicine Man Token is protected by nondisclosure agreements and, according to McPherson, is designed to be used primarily to purchase MMC digital assets.
The Medicine Man Crypto-Cannabis Club
Medicine Man Token creator Rob McPherson compares the functionality of the cryptocurrency token to Dave and Buster’s Power Play Cards, and explicitly states that the tokens are created with the intent of solving the issue of dispensary cash flow issues.
Having achieved a modicum of success as an armchair crypto investor, McPherson aims to transform every Medicine Man Club member into an investor, providing them with the opportunity to buy in at $1 USD per Medicine Man Token. McPherson anticipates that as more Medicine Man Club locations are opened, the value of these tokens will increase exponentially, providing investors with a significant return on investment as the brand grows.
Medicine Man Tokens are currently available as a monthly subscription priced at $25 USD, for which members receive 25 cryptocurrency tokens. The tokens can be exchanged for food and beverages at the Medicine Man Clubs, or exchanged through Wave’s decentralized exchange. Medicine Man Clubs also present members with the opportunity to exchange either Bitcoin or Potcoin for Medicine Man Tokens at their premises.
Overall, the Medicine Man Token is an extremely innovative application of blockchain technology, and demonstrates the extreme flexibility of ICOs and the potential benefits they offer to small to medium enterprise as a customer loyalty and engagement tool and a hybrid customer investment opportunity.