What Is Cannabium?

Cannabium is the world’s first global marketplace built on the blockchain that features its own cryptocurrency token backed by cannabis extracts such as CBD, which commonly used for medical purposes. The marketplace seeks to enable buyers and producers of Cannabis extracts to transact easily on the market marketplace using the CNAB tokens, thus eliminating the hassle associated with fiat transactions.

Besides, the platform aims at creating a worldwide trade marketplace for cannabis extracts products that is integrated with mechanisms that enhance standardization, transparency, accessibility, liquidity, and cost savings.

Cannabium anticipates that with the increased global deregulation and increased worldwide acceptance of cannabis, the cannabis extract market will significantly increase. It could further be accelerated by standardized pricing and transparency that the Cannabium marketplace promises to introduce into the industry.

The Cannabium Marketplace ecosystem consists of cannabis extract producers and their buyers. The producers have to undergo a verification process to determine their agricultural capacity and licensure in order to begin selling on the marketplace.

Smart contracts and the Ethereum blockchain will oversee all the transactions on the marketplace. This will enable producers and buyers to transact in a more cost efficient and transparent trading environment while at the same time eliminating the need for expensive third parties during the entire process.

Currently, the cannabis industry does not have a system to trace or log transactions, which can promote the growth of the black market that is not traceable. Cannabium will address this challenge by creating the world’s a cannabis extracts marketplace on the blockchain, which will provide transactions with transparency and legitimacy.

Cannabis extracts such as the CBD back the Cannabium Token (CNAB), which provides liquidity for the Cannabium participants, and the token holders as the tokens will have real value from the moment they are purchased.

The Cannabium Marketplace is the world’s first marketplace that provides a standardized system for pricing of cannabis as well as an accepted marketplace for listing cannabis extract prices. Apart from the price standardization, the marketplace will also restore consumer confidence in the cannabis industry.

The marketplace will support fair-trading and sustainable farming as it will only bring verified producers to the marketplace and implement a real cash settlement mechanism.

Each of the CNAB tokens will be based on the real value of the CBD. For instance, one CNAB token will be equal to 10mg of the CBD extracts. Each extract will have to be produced under the Good Manufacturing Practices (GMP) and verified by all the relevant authorities.

This connection of the token and an asset makes it possible for a redemption process where the token acquires liquidity, which is what is lacking in most tokens in the industry. Similarly, it will also increase the access to the cannabis extract that has numerous medical benefits.

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