CannabisCoin (dubbed the “Bitcoin of Marijuana”) is a decentralized peer-to-peer cryptocurrency developed for the Cannabis community. Based on the Bitcoin protocol, CannabisCoin was created as a payment solution for Marijuana dispensaries, retailers and merchants. In 2014, CannabisCoin developer DeltaNine announced that they will be pegging the price of one CannabisCoin to one gram of medical marijuana. In addition to that, the developers claimed that they were backing CannabisCoin with real marijuana - each coin being backed by a real gram of marijuana created specifically to support the coin. Having said that, at the time of writing, the price is no where near the current value of one gram of marijuana.
CannabisCoin uses the X11 algorithm which requires the mining of transactions for them to be included in the blockchain. In addition to transaction fees, miners earn CannabisCoin’s token, CANN.