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‘Groupon for Cannabis Users’ Sees Stock Jump After Announcing Development of Blockchain-Based Tech

Leafbuyer Technologies, a company Bloomberg describes as a cross between “Groupon and Yelp for cannabis users,” saw a 40 percent jump in its stock on Thursday after announcing it would roll out a blockchain-based platform soon, according to the publication.

Missing out

Until then, Leafbuyer had missed the boat on the rise other marijuana-related companies experienced in their stock this summer. According to Bloomberg, Leafbuyer’s stock was actually down 63 percent just a week ago.

Leafbuyer stock price
Leafbuyer’s stock price is up 65% over the past week.

According to the press release from BusinessWire, Leafbuyer will have the first blockchain-based platform in the marijuana industry. The company says development of its platform is expected to finish in October and could launch as soon as December of 2018.

Greater transaction security for cannabis users

The blockchain is touted in the release as a secure way to conduct transactions between customers and dispensaries and marijuana product companies, and help create transparency with leaf buyer’s own customer base.

Leafbuyer CEO Kurt Rossner said in the release:

“This first-of-its-kind blockchain solution offers complete transparency between cannabis businesses 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.”

The company says it’s all about connecting people with the best deals in the marijuana industry, and its website has everything to what laws apply in your state to articles on CBD oil for dogs to whether glass or silicone bongs are better.

Though Leafbuyer would be the first marijuana-related to have its own blockchain-based platform, it’s definitely not the first pot-related offering in the blockchain space. There are at least 16 marijuana-based cryptocurrencies, from coins designed for use with legal cannabis growers and medical dispensaries to ones that are merely marijuana-themed.

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Posted In: Adoption, Technology

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