A digital currency for the legal marijuana industry is soaring after it sponsored Dennis Rodman’s trip to North Korea.
Potcoin is a digital cryptocurrency — much like bitcoin — that was specifically developed to remove the need for cash transactions between marijuana consumers and dispensaries.
If Potcoin was going for publicity, it certainly paid off: Potcoin’s value soared almost 97% to over 18 US cents on Tuesday.
Marijuana is illegal under federal law, so the majority of banks won’t take cash or open lines of credit for marijuana businesses.
Rodman was photographed wearing a Potcoin T-shirt as he arrived in North Korea.