The new blockchain company Grow.House aims to reshape how cannabis is purchased and acquired. Currently, the Grow.House platform is an online NFT game that allows you to yield farm and grow weed. However, they foresee a future where people can pay for their cannabis products with cryptocurrency in real life.
Cannabis industry ripe for crypto innovation
The reason that cannabis dispensaries in the U.S. can only accept cash as payment is because cannabis is still illegal under federal law. This means that many banks will not do business with dispensaries. Owners of dispensaries have a lot of issues with finance options when it comes to their business. The GROW NFT team hopes that one day their company will be the digital currency of the cannabis industry, and that this will provide cannabis businesses with a way around the complex laws. Project leader at Grow.House, Brandon Hampton, said:
“This is a project that combines two very important industries that are ripe and ready for innovation: crypto and cannabis. It’s crazy that still today, you can’t get a bank account if you own a dispensary or a weed farm. Imagine a true utility token that allows people to easily transact within the cannabis space. That’s the ethos of GROW. We also combined it with a really cool game. Imagine Farmville or The Sims but for cannabis and decentralized.”
What Grow.House aims to do
Grow.House is a Farmville-like game, where users can grow digital cannabis, earn $GROW tokens, collect NFTs, and learn about yield farming. It is a crossover between DeFi, NFT’s and online gaming. On the GROW platform, you can purchase cannabis seeds as NFT’s and farm them on a plot of land while receiving a yield.
Although Grow.House is fully online based for now, it has potential to expand into the real world in the future. As soon as the platform is established it should be easy to tie the link to the actual cannabis industry where Grow.House could become its designated payment platform.
It is interesting to see how two very young industries can work together in a very effective way. Cannabis businesses are in need of an easier method of payment than holding only cash. This provides a lot of risks for the businesses that cause a layer of complexity to operating this type of business. It’s not surprising that these two industries would one day interact as crypto has been an answer to many other problems related to banks in the past.
What is next for Grow.House?
Grow.House just had its IDO on 1 June on the 0.Dex exchange launchpad. As a next step, the team members will attend the Bitcoin Conference of 2021 in Miami. Many high profile entrepreneurs are planning on attending this annual crypto meetup including Tony Hawk, Jack Dorsey, and Michael Saylor. In due time, as the project possibly gains attention from these noteworthy figures it’s possible that $GROW becomes the digital currency that is used for the cannabis industry.