CannaSOS Seeks to “Revolutionize” Cannabis With Its Initial Coin Offering

Hindered by the inability for most cannabis industry companies to make daily cash transactions seamlessly in the existing financial system, a new company is launching a cryptocurrency-based system based on decentralized blockchain technology to design and implement a global, multi-level, non-cash transaction platform operating on autonomous PerksCoin (PRC) tokens.

The new crypto-currency platform will be funded via an Initial Coin Offering (ICO), akin to a Kickstarter, that begins with a private pre-sale that started November 10 followed by the public phase lasting from November 20 to December 18. This will be followed by a crowd sale that ends in January 2018. So far, the company said it has 290 participants signed for its pre-sale.

Operating since 2014, the company, CannaSOS Corporation, based in Toronto, said its system could “revolutionize” the way the cannabis industry manages both its financial and marketing transactions since its platform offers social, advertising and marketing capabilities that will address existing prohibitions against launching national ad programs using established online and offline media.

Since 2014, the company has been losing money, according to Daniel Cheine, co-founder and account manager at CannaSOS Corp., as it built up its cannabis industry databases. In July 2017, the firm began selling ads and that has reversed the trend.

In a white paper explaining the Global PTP Ecosystem, the company said “for marijuana users, doctors, publishers and canna enthusiasts to connect directly via a self-serving online marketplace. Advertisers can purchase advertising space, post sponsored articles, acquire business membership, and much more.”

Since 2014, the company said it has acquired over 315,000 registered members, 950 business pages, 4,800 marijuana strain database and 200 social groups. “Today, CannaSOS is a comprehensive social network and sophisticated advertising platform designed primarily for the cannabis industry. CannaSOS is a successful prototype of a global P2P ecosystem,” according to the company’s white paper.

Working with its partners, including CannaLogic, NaturePay, Pundi X, Spare, Icobox and Naurepay, the company said that within three months after the ICO is completed, its platform will be accessible at over 5,000 locations in the U.S., Canada, and parts of Southeast Asia.

The New Platform

On the financial side, the company said its proprietary PerksCoin Transaction Platform (PTP) is designed to be liquid, secure and transparent. In addition, it will guarantee security, transparency, and safety of all PRC token based transactions; act as a mediator/arbitrator between seller and buyer; support peer-to-peer PRC token sale, eliminating middleman and associated costs; and offer a “Secure Sale” feature to protect buyers from unverified sellers, minimizing fraudulent activity in the marketplace.

According to the company, PRCs are “a utility token available for use within the multi-level transaction platform developed by CannaSOS. PerksCoin token is not a security token, as it is not backed by any hard assets. PerksCoin tokens are set to run on decentralized blockchain technology, ensuring transparency and security of all financial transactions.” It also stressed that PRCs are not guaranteed to be liquid, guaranteed by a financial institution and that trading depends on the “consensus of its value between the market participants.”

Transactions on the platform will allow users to buy and sell PRCs, as well as use the tokens to buy and sell products and services within the participating business network.

In a white paper explaining the Global PTP Ecosystem, the company said the platform will allow “marijuana users, doctors, publishers and canna enthusiasts to connect directly via a self-serving online marketplace. Advertisers can purchase advertising space, post sponsored articles, acquire business membership, and much more.”

With PRCs as the core of its platform, the company is launching a global loyalty program with PRC token and PerksCoin Transaction System. In the white paper, the company said its “loyalty program can be used online and offline by canna retail and wholesale businesses. The system will integrate with any POS on the market and allow PRC tokens to be used as the main incentive medium.”

PRC tokens will operate on cryptocurrencies since they are secure, fast, have low transaction fees and no third-party interruptions. Payouts will be available in PRC, Bitcoin, and Ethereum.

Our platform is continuously evolving, and we are working hard on developing and implementing unique marketing features that will allow canna related businesses to promote their brands locally and globally. PerksCoin Transaction System will allow participants to engage PRC tokens as a method of payment for advertising on existing CannaSOS advertising platform,” the white paper said.

Chuck Epstein

Chuck Epstein is the Senior Investment Writer at Mutual Fund Reform. He is an award-winning investment-retirement writer and financial marketing communications professional. Chuck has written for over 50 publications including three books.

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