Cryptocurrency Investment Overall Score: B+
Growth Potential: A
Sustainability Score: B
Brains Behind Currency: B
Budbo is somewhat like its sister crypto Potcoin., Both aim to reshape the way the Cannabis industry processes payments and conducts supply chain management. Budbo already has seeded the market for its coin offering with a groundbreaking weed discovery application. Marijuana is supposed to produce more jobs than manufacturing in the US by 2020 and the fact the current purchasing system is fragmented by state's rights creates opportunity. This is Budbio's second shot at a currency, thus it's 2.0 indication, and this time it looks to fully leverage blockchain technology to benefit Growers, Dispensaries, Lab Testers, Manufacturers, Logistics, and Consumers alike.
Budbo’s roots in mobile applications is one of the aspects that make it so attractive. Some have called the application the tinder of weed, and that’s largely due to its categorization as a matchmaking service between dispensaries, marijuana consumers, and uniquely grown categories called “strains.” Currently Budbo 1.0 is only available on the Google Play store. It is new to market with only 141 ratings but gets an average of 4.1 stars as of the date of publishing which is quite good for marijuana application. Despite the low amount of ratings, Budbo boasts over 75,000 users which has largely come from their conference presence at big cannabis events in the US.
Budbo is comparable to the popular application Weedmaps, though has far smaller adoption to make it truly comparable. By using the discovery piece of the application, Budbo introduces strain, wax, and edibles for a condition you look to soothe. Once a match is found, Budbo connects you to the nearest place you can buy the desired strain.
Budbo has already launched system 1.0, so the second variant of its coin offering will be to rebuild the backend interface. Weed follows many industries in that blockchain has great encryption value for the privacy of its users. It makes total sense. Both cryptocurrency and marijuana are up and coming fiscal topics, especially in 2018. Both also have tricky regulation rules that are largely based on where you live. They are perfect marriage partners for legal or illegal activity. Both are also global.
Given that marijuana is still largely illegal recreationally in the United States, I was always assumptive that legal marijuana was only to be found in Amsterdam. Upon researching Budbo, I found it interesting that Uruguay, Canada, Costa Rica, Peru, Spain, and the Netherlands all have lax to no weed laws. All are considered legalized nation states for possessing and selling marijuana.
Adding a second layer of blockchain encryption only helps add legitimacy to an application that is already starting to see popularity. I find that one of the most valuable assets that Budbo could provide is ways around the banking industry.
Federal banking laws are quite tough against dispensaries. Owners are often forced to only accept cash transactions and keep money in a safe on site at their office or home. Medical states in the USA are notorious for these obstacles and the pain and general risk in can cause business owners.
With ways to get cryptocurrency in and out of US dollars, it provides a pathway to help dispensary owners deposit funds into cryptocurrency investing with options to cash out to a bank account after a certain and safe period of time.
In addition to banking advantages in a weed industry that needs financial options, Budbo’s distribution is top notch. It combines real-time GPS facets with custom API’s and analytics. They make sure you have everything to run your business in addition to everything you might need to get yourself paid.
Much like many of the other industries we talk about in ICO’s, the Marijuna industry is ripe for financial disruption. Some solution must come to market out of need. Maybe it's Budbo.
Good luck out there!
ICO Start Date: 1/29/18
ICO End Date: 3/5/18
Budbo Website: https://www.budbo.io/
Budbo Whitepaper: Budbo - A Comprehensive Blockchain Solution for the Cannabis Industry