Crypto Carbon Credits For Hemp Growers? It's A $10B Market Opportunity & This Company's On It

Puration, Inc. PURA announced its vision for connecting the carbon sequestering benefit of hemp cultivation to income opportunities for hemp growers monetized through cryptocurrency.

In a recent press release, Puration explained that hemp is a “carbon sequestering heavyweight, one of the most carbon-gobbling crops in agriculture. On average, an acre of hemp sequesters about 11,000 pounds or 5 metric tons of CO2 throughout photosynthesis.”

The company aims to connect a CO2 standardized measurement for the carbon sequestered by hemp with a cryptocurrency that represents the carbon credit value of the sequestered carbon to create meaningful income for hemp growers.

"It was not long ago that Tesla TSLA added carbon credit sales to its auto sales to generate its first profit," commented Brian Shibley, CEO of PURA.

"Certainly, hemp farmers should be eligible to take advantage of this same opportunity." 

Puration builds its strategy on the example of cryptographic projects such as Toucan, a cryptocurrency backed by carbon credits.

“Toucan is a market infrastructure that bridges physical carbon credits, found on countless different physical registries, and converts and standardizes them into carbon tokens on one blockchain super-registry," reported Wired. "Those tokens are aggregated into 'pools,', from which users are then given a tradable crypto token. Toucan’s first carbon pool is called BCT, or Base Carbon Tonne, and it represents a basket of credits of various types – such as those coming from tree-planting or pollution-reduction — to offset one tonne of carbon emissions.”

Photo By Terre Di Cannabis On Unsplash.