GROW, a blockchain-based medicinal marijuana company becomes the new addition to the ‘Blockchain for the cannabis’ ecosystem.
According to GROW’s whitepaper, the startup wants to merge cryptocurrency technology with medical cannabis to decentralize the traditional medicinal cannabis production and distribution process. By doing so, the startup hopes to bring tokenized marijuana to yield farming in decentralized finance (DeFi).
GROW has gotten things started by offering an NFT giveaway to celebrate its launch. The giveaway will be done in partnership with WeedHumor. The company is planning to give away a LAND plot NFT in their GROW House.
The contest ends on May 2, when the platform will randomly choose four winners from all the eligible signups. Interested persons are required to follow the official GROW Twitter account to participate in the contest. They are also required to retweet the giveaway tweet from their account with the hashtag $GROW, #WEEDHUMOR, #GROWHOUSE, and #NFT. These persons are also required to complete the official entry form and join the GROW community on Telegram.
In addition to the giveaway, users will also receive rewards for participating in various activities. Users will receive the native token through badges, collectibles, and offers by completing sets on the platform.
The GROW House platform offers users an opportunity to become cannabis farmers, virtually harvest plants, and earn the platform’s native token, the $GROW token and NFTs. The platform has a total supply of 100 million $GROW, of which 40 million has been allocated as farmable, 25 million for sale, 15 million for the team and 20 million for business development.
Notably, users can use their GROW Tokens to buy GROW Seeds (NFT), including Indica, Sativa, and Hybrid seeds. The token used for the purchase will be locked for 32 days. During this period, the seed will grow into a mature plant and eventually become ready for harvest as a form of staking to earn more tokens. Owners can boost their plant every eight days by depositing further GROW tokens to the NFT. The platform offers users the ability to retrieve locked tokens along with the accrued interest. Owners can also sell their NFT plant on a secondary market.
The startup is reportedly offering various elements that are ready for GROW token integration. These elements will form a more extensive ecosystem called ROOT. These elements will include JuicyBox, JuicyProducts, JuicyPartners, JuicyHigh Club, governance, farming rewards, and payment cards, and wallet