THE GLOBAL MARKETPLACE FOR CANNABIS EXTRACTS
One token represents 10 milligrams of 99+% pure CBD oil, available for delivery starting at the end of Q1 2019. Tokens may also be cash-sale settled and, of course, traded. Please see our whitepaper for details.
In general it is legal to buy and hold the tokens even if it is not legal to purchase cannabis in your country. Some countries do, however, have restrictions on trading in crypto currencies and tokens and you are responsible to abide by those laws if they are applicable to you.
The whitepaper is available here.
Cannabium is US Dollar denominated during the token sale. To accomplish that, the ETH/USD exchange rate is set at least hourly based on median bid price from seven exchanges. This allows Cannabium tokens to be purchased with Ether even though the price is listed in US Dollars.
The tokens are not, however, pegged to the US Dollar. The denomination is only in place during the token sale; thereafter they will trade on ERC20 token exchanges at prevailing rates for the common crypto currencies.
The soft cap for this token sale event is $3 million. This is the minimum amount the project needs to raise at this stage to move forward. If this is not reached, participants will be refunded (see the next question in the FAQ).
Our hard cap is $48 million. This is the maximum amount of participation we are inviting.
Cannabium aims to raise a minimum of US $3 million through this offer. If this minimum is not reached, participants will be refunded their contribution amounts minus usual blockchain transaction fees.
Cannabium's core team and advisors include scientists, entrepreneurs, and businessmen who have proven themselves successful in their proper fields. Some members of the team, including scientists, have dedicated much of their careers — over 15 years in the case of one — to growing cannabis at industrial scales, while others have founded or managed companies in the pharmaceutical and agricultural industries. You can read more about the members of the team on the Cannabium "people" page.
You are welcome to read about us in further detail in the whitepaper via the main Cannabium website at http://www.cannabium.co
Through its partnerships, the Cannabium marketplace is launching with production partners, amongst them is ONE Colombia, which will deliver a sizable portion of the backing product.
Any advanced purchase of to-be-produced products includes some level of risk, in the sense that the value of the thing being purchased may go up or down over time.
In the case of Cannabium, we have endeavored to identify and discuss all known riskes in the project's whitepaper.
In our case there are no unsold tokens because we mint the tokens as they are purchased. Conceptually this is the same as burning any unsold tokens under the cap.
Unlike many other blockchain tokens, each Cannabium token represents physical product and not a "share" or equity in company or some to-be-produced software system. Since the tokens don't represent shares, the common concept of "burning" tokens to increase proportional ownership of the remaining tokens does not apply. That said, during the redemption process – where tokens are redeemed for cash – the redeemed tokens are "burned" to prevent reuse.