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VIDEO: CannaSOS CEO Oleg Cheine on Creating a Digital Currency for Cannabis Users

— MidasLetter Live

CannaSOS Corp. is a platform for cannabis users to research and review strains, stay updated on news in the industry, purchase product, search for nearby dispensaries, and more.

Unique to them is their global online currency program, Perkscoin, which runs on decentralized bitcoin technology and allows users to perform transactions within the cannabis industry. CEO Oleg Cheine talks about how it may minimize the risks of having a cash-based business, as well as diminish fraud.

TRANSCRIPT:

James West:     Oleg, thanks for joining us today.

Oleg Cheine:     Thank you.

James West:     Oleg, let’s start with an overview: what is it that CannaSOS does?

Oleg Cheine:     Canna SOS is a social cannabis platform, which you have inside a main difference platform like string database, which has very interesting data which we collect from the people who use marijuana for different purposes: for medical, for recreational use, and especially when the people left the review on the strain, we collect data: Who’s left, the male/female, age, we collect area, we collect information of what is the cure, and something like that.

James West:     Okay. So then, it’s for patients who want to maybe look at what they’re doing, and they get the information from other patients for what strain is best for them?

Oleg Cheine:     Yeah. Yeah.

James West:     Interesting. So you’re doing an initial coin offering now, which is an interesting way to go about raising funds. Why are you doing that, and how is it going?

Oleg Cheine:     Yes. The first one is, a couple of years ago, we developed on our platform, PerksCoin points. It’s a point for the loyalty programs to give to the people incentive to place proper information on our website. And in 2007, in January, we did research in Denver; we call main dispensaries, sent information to them, and asked, guys, what do you need? They gave us an interesting story: the government is starting to regulate them. Before they placed dispensaries on different streets, every places, and right now they say okay: you have license, financial license for dispensary, just only a couple streets.

And they consolidate mainly dispensaries to one place. Before, they have loyal local people who’s come to the dispensary; right now they completely miss on the client base, because the person come to the street where 100 dispensaries open, he’s confused which dispensary he is at.

And the businesses, all the businesses say hey, guys, after three years of legalization, we have to have a loyalty program which will build the stimulation people to come to our place. And they see our PerksCoin Points system, which will stimulate the proper content on our website, and they ask us, hey guys, can you put PerksCoin Points to our store for loyalty program. We said wow, that’s interesting.

And second point is, you know, the Federal government, especially in the United States and Canada, they do not allow financial institutions like banks, financial preparation, to service cannabis industry. You know, for example, if you open account in TD Bank or ScotiaBank and say hey, guys, I use this account for cannabis business but I am not selling anything, I am just consulting, they will block your account right away because it’s worth cannabis business.

And for this reason, we needed tender, especially in the United States, not in the Canada. Starting to carry too much cash. Where is the cash? The robberies kind (phon) [0:03:39]. From statistics, specially on the Denver from 10 dispensaries, eight dispensaries is robbed, and three dispensaries killed people inside. That’s loyal clients, that’s retailers, owners, everything.

James West:     Yep. We’ve seen that in Toronto as well. So, is CannaSOS then, and the PerksCoin program, is that for North America-wide, or just Canada?

Oleg Cheine:     No. Global.

James West:     Global?

Oleg Cheine:     Right now we have approximately 70 percent traffic from the United States, mostly.

James West:     People who purchase the coin in the ICO, is that, are they equity holders in CannaSOS?

Oleg Cheine:     No.

James West:     No? They’re just buying participation in the company?

Oleg Cheine:     No. that’s the first mistake of our lawyer. When we explained to the lawyer about our program, he said you are financial preparation. We said no, we are not. We are technology company. What are we doing? We design on the Blockchain technology platform, which will be working completely separately from us. We will use the Blockchain technology, which will be called PTP on the PerksCoin token, just for a loyalty program. But we not will be controlled the program. We just design, open source, and put on the market. Everyone, each person who uses it, will use their own wallet, their own functionality inside on the platform.

James West:     So why would somebody buy a coin? Who is the perfect coin buyer?

Oleg Cheine:     The perfect coin buyer it’s who’s used marijuana –

James West:     I see. So, somebody who wants to help build the project and get it running because they want to use it?

Oleg Cheine:     Yes, it’s not, because right now, for example, we have five memorandums sign up with DPO’s (phon) company [0:05:39]: United States, three companies, one East Asia company from Asian market, and another company here in Canada, which we call UCash (phon) I think. They have POC system, and they’re looking for tokens for their loyalty programs, and for transactions.

James West:     What’s a POC system?

Oleg Cheine:     POC – Present of Sales – that’s a cashier.

James West:     Oh, I see. POS. POS system.

Oleg Cheine:     POS system.

James West:     I see. So you designed the program for Point of Sale operators outside of your own community as well?

Oleg Cheine:     Yeah. Well, we designed for the community, built this platform, and after that we stay and just only technical support. We’re not making any penny on commission, on transaction inside in this platform, because that’s all transparency and that will be built on the Blockchain technology that’s decentralized Blockchain technology.

James West:     Hmm. And when does the CannaSOS platform go live on the Blockchain?

Oleg Cheine:     CannaSOS on loyalty program? We will be connect our platform, our advertising platform, voter platform, we’ll be connected the PerksCoin platform.

James West:     Okay, interesting. Well, that’s a great introduction. We’re going to leave it there for now, Oleg. We’ll come back to you in a quarter’s time and see how you’re making out. Thanks for joining me today.

Oleg Cheine:     You’re welcome.

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