Blockchain and Cannabis are the two fasting growing industries one can think of. And it just so happens that they mesh perfectly with each other. Although laws are slowly changing in jurisdictions where cannabis has become legal, traditional banking for this industry remains sketchy, businesses are being forced to deal in cold hard cash. Therefore, tokenizing the entire industry from seed to sale seems like a no-brainer.
Majato plans to grow and distribute cannabis in countries where it is legal. On top of that, they will have an interactive platform to unite the cannabis market participants.
“The use of blockchain as the core technology will make all stages of production, distribution and even consumption of cannabis products completely transparent and clear for all market participants.”
They will first launch their project in the United States, specifically California. Their main goal is to have a full scale, seed to sale, production company. They will use their funds raised during the presale to fill out legal paperwork, acquire land, and start producing Cannabis.
The 2nd part of this project is the platform, which will bring together the cannabis industry in general and its standalone participants, including scientific and research labs, producers and suppliers of various cannabis products, equipment, seeds, and consumers. This transparent and secure ecosystem will allow streamlining of product sales, and simplified transactions.
One of the key goals of the project is to develop a “Gold Quality Standard” which will validate every product as being produced using the best strains, and high quality growing methods. They talk about the “Gold Quality Standard” in the whitepaper for way too long, revealing their own ignorance about the cannabis industry.
Their ultimate goal is to become the uniform payment instrument for all things cannabis worldwide
According to the whitepaper, the purpose of the MJT token is the following;
- Direct receipt by the MJT Owners of the Product in the form of Final Product or Raw Product in the relevant POS against settlement of the relevant number of the MJT Tokens
- Ordering the Product for delivery via the Platform in those Jurisdictions where it is/would be allowed under the law
- Discounts on third-party products purchased with MJT token in dispensaries
- Use the MJT Token for internal Project purposes and separate matters relating to its implementation (for example, when submitting feedback regarding the quality of the distributed Product).
During the initial stages of sale (i.e. pre-sale and sale) of the MJT token a total number of 60,000,000 MJT Tokens (Project’s hard cap) will be distributed, and the price will be 0,0011 ETH per token during pre-sale and 0,0033 ETH per token during the main sale stage.
Total supply: 60 million (?)
Presale: Dec 20. 10 million MJT token hardcap, 800,000 softcap .0011 ETH per token (currently $0.77) http://majato.io/
ICO sale: Apr 2018. .0033 ETH per token
All unsold tokens will be burned. And all tokens used to buy cannabis products with from Majato, in the future, will also be burned.
This team of eight is a hodge-podge of Russian, American, and German lawyers. At least that’s what it looks like, most of them come from a law background including their Founder and CEO, Mike Tretyak. Tretyak, a journeyman IP lawyer, who has no experience in large-scale cannabis farming. In fact, I went into their telegram and asked if any member on their team has experience with growing cannabis? My question got sidestepped, and when I pushed for an answer, I got called rude. I then asked if anyone on their team has worked together and had success in the past? The moderator told me I was out of line to ask such a personal question.
Although it is still just the presale, the lack of community around this team is extremely concerning. There is very little support on their Telegram and Twitter.
It doesn’t seem like they have what it takes to pull off such a massive project as Majato.
As a lifelong cannaseur, who currently is in Colorado, I feel like I am especially qualified to analyze this ICO.
Although owning a piece of this fast growing cannabis industry is an attractive proposition, this particular project is way too far fetched. The legal hurdles they face in order to accomplish what they are trying to do, are probably insurmountable. That being said, they do have a team filled with lawyers, if they defy logic and get this project successful running, the gains for presale investors could be huge.
There is currently no way to legally ship Cannabis. This doesn’t seem likely to change anytime soon. Therefore, the only MJT token holders that will be able to benefit by trading their tokens for cannabis, are the ones that live within traveling distance of Majato’s imaginary future Cali stores. This leaves very few benefits for token holders
- Pretty sure this project is considered illegal. Having a bunch of contributors to marijuana growing/selling, from different worldwide jurisdictions, can’t be legal… can it? -3
- They have absolutely nothing so far, but a whitepaper. They want to produce and distribute cannabis to the entire world, starting with the jurisdictions which its legal. The problem is, it’s illegal to ship cannabis ANYWHERE. They don’t seem very concerned about this. -5
- As far as I know, nobody on their team has experience with large-scale cannabis farming. In their whitepaper, they break down what they estimate the production costs will be. It looks amateurish and fake. And it’s obvious they have zero clue how this industry works. They have thousands of dollars set aside in their budget for “seeds”, which is hilarious because they don’t know about cloning. Nowadays plants grown on a large scale are clipped and cloned from a mother plant. Seeds are only used for all natural outdoor grows. -3
- A forecast done by Arcview shows the U.S. legal cannabis market will grow by 26% next year, and should hit $21 billion by 2021, $7 bill of that being California alone. This industry will only grow. Majatos roadmap says they will become a full-fledged, cannabis producing company by 2020. Here’s a quick summary of their roadmap +3
Dec 17- Jan 18: presale
Feb 18- Apr 18: Acquir land, obtain licenses/permits, form corporate structure for implementing project
Apr 18-June 18: stage 2 of the MJT token sale.
July 18- May 19: Production of batch 1 of product, establishing distribution channels, Platform R&D
Dec 18-Dec 19: Commencement of offering product to MJT owners
- If they have a successful ICO, and follow through, they will first start production in California. As just stated, Cali is forecasted to have over $7 billion in cannabis sales in 2021. It’s a shame this project isn’t specifically for California. It seems way more doable if they kept their focus on just the one jurisdiction +2
This ambitious project is too early, mostly illegal, and lead by a less than stellar team. One almost wants to call it the “H” word. -4 out of 10
Presale starts December 20th.
Featured image courtesy of Shutterstock
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