Budbo Ico Bench Review and Summary
How can cannabis and blockchain technology be joined together? Well, Budbo apparently knows the best way to both satisfy the consumers of cannabis and the cryptocurrency enthusiasts. The company is not new and it already has more than 75 thousand users. However, they plan to go beyond that and do something extraordinary. Read this Budbo ICO Review, and find out how you can be a part of this project.
Introduction to Budbo
Budbo was originally intended to connect patients that need medical cannabis with the growers and distributors of this plant. Over time, their business expanded and they became a platform for dispensing, manufacturing and growing the cannabis products. This opened the door for more sophisticated preferences and the users were really interested in using the services that Budbo offers.
However, they do not plan to stop there and have decided to implement the blockchain technology, thus further improving their business. Their goal is to build a decentralized autonomous organization, where cannabis will be traded, grown or distributed using cryptocurrency. Blockchain, smart contracts, and encryption will all find their purpose in the upgraded version of Budbo.
The founders of Budbo believe that the only way to get the whole cannabis industry together and get rid of the black market practices (which can be pretty dangerous) is to create the ecosystem that will be supported by blockchain, thus becoming more standardized, regulated and, before all, more transparent.
Budbo – Investment Opportunity
The users of cannabis spent $56 billion in the US only in 2016. Budbo plans to go global and that is the reason why they want to introduce the crypto-technology into their business. Simply the potential market is too big not to miss this opportunity and invest in this project. We believe that all the countries of the world are slowly opening up to the use of cannabis, at least for medical purposes, thus providing the potential users for Budbo.
Apart from the legalization part, the industry itself is rapidly growing, and the big part of it is, sadly, connected to the black markets. Budbo would have all of the industry covered and this would mean no questionable practices will be included in the process of cannabis growth, distribution and consumption.
Budbo Ico Bench
The Team and the Advisors
There are currently 17 team members and 15 advisors. Here is the short overview of the team:
- Rick Burnett ” CEO, knowledgeable in mobile technology and logistics with more than 15 years of experience in developing mobile apps and platforms.
- Luke Patterson ” President and the Co-Founder, an entrepreneur with a lot of experience in information architecture and mobile application development.
- Jacob Patterson ” CTO and Co-Founder, the most responsible for making Budbo the leader in the cannabis industry
- Gary Heitz ” CRO, Co-Founder, and a sales executive with vast experience in digital media and technology
- Nick Heldreth ” CMO and Co-Founder with more than 10 years of experience in marketing, sales and customer service
- Divyashish Jindal ” Blockchain Engineer
- Ihor Pidruchny ” Blockchain Engineer
- Prateek Dimri ” Business Analyst
- Blake Krohn ” VP of Engineering
- Mason Burnett ” Blockchain Information Systems
- Andrew Rivera ” Director of Communications
- David Levy ” Canada Operations
- Shaun Patterson ” Brand Ambassador
- Chase Cameron ” Account Executive
- Leland Price ” Account Executive
- Alex Williams ” Account Executive
- Tom Reid ” Account Executive
Some of the notable advisors include Amy Berliner, Dianne Burnett, Ty Duffy, John David Carrasco, Michael Hodges, Michael Noel and others. Most of the advisors are successful entrepreneurs and founders of big companies, thus providing the great support for the core team which already does the splendid job.
Token and Token Sale Information
A total amount of 200 million tokens will be issued and 150 million tokens will be available for sale. The name of the Budbo Token is BUBO. The distribution of the rest of the tokens will go as follows:
- 20 million BUBO tokens were used for the pre-sale which lasted from the 27th of November 2017 to the 29th of January 2018. The price for one token was $0.20 and that was the exclusive price for the pre-sale.
- 10 million BUBO tokens will go for the partners, contractors, marketing, employees, and founders
- 10 million BUBO tokens will go for community reserve
- 7 million BUBO tokens will go for dispensary reserve
- 3 million BUBO tokens will go for the bounty
Now, let’s take a look at how the sale is divided, what the dates of the sale are, and what the prices are.
- Tier 1 will last from the 29th of January to the 5th of February 2018. The price of a token is $0.25. At the moment of writing this article, this part of the sale is underway.
- Tier 2 will last from the 5th of February to the 12th of February 2018. The price of a token will be $0.28.
- Tier 3 will last from the 12th of February to the 19th of February 2018. The price of a token will be $0.30.
- Tier 4 will last from the 19th of February to the 26th of February 2018. The price of a token will be $0.33.
- Tier 5 will last from the 26th of February to the 5th of March 2018. The price of a token will be $0.35.Budbo Ico Bench
There is no soft cap for this project and the hard cap is aimed at 150 million Budbo Tokens (all that are offered in the sale). The pre-sale is excluded from the hard cap.
The Budbo Token (BUBO) is based on the Ethereum token and they will accept Bitcoin, Ethereum, Bitcoin Cash, PotCoin, Litecoin and Ripple as the eligible currencies for buying their token. You need to open up an account on their website in order to be able to buy tokens and the token transaction is instant and possible 25/7 anywhere in the world. They state in their whitepaper that their token may be eligible for trading sometime in the future if the laws allow, but that they cannot guarantee that it will ever occur for sure.
We have to give credits to their website which provides exact information on how much has been sold. Many of the ICOs reveal neither such information nor the start and end dates of their sale, due to the fact that it may fail. However, according to the budbo.io, both pre-sale and Tier 1 have concluded successfully. At the moment of writing, a total of 40 million tokens have been sold and it is highly likely that they will reach the hard cap with ease.
We will not take a look at the three possible scenarios that can happen with this project ” the best, the normal and the worst scenario. The following text references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
The best-case scenario would include, of course, legalization of cannabis worldwide and the general acceptance of blockchain technology and cryptocurrency. Since Budbo is the pioneer of this type of project, the competition will not stand in the way and the global expansion will be inevitable, thus increasing the value of their token enormously
The normal-case scenario would involve worldwide expansion but this would not include the complete legalization of cannabis in the world. This means that the company will further expand and the number of users will minimally quadruple.
The worst-case scenario would include the US president criminalizing cannabis and all states reverting back to the criminalization of cannabis. This means that the company itself would have a lot of legal trouble and would function only in certain countries. Since they are already a business which is running successfully, we do not believe that the company will fail. Instead, they will continue to run things the way they are.
The whitepaper released by Budbo team is really superb. It is a 56-page long document which explains every single detail that you need to know about the past, present and the future of the project. It starts with forward looking statements and securities laws disclaimer which state certain ambiguities that may occur during your reading of the paper.
After the initial founders’ letter, the Budbo whitepaper goes on to explain everything from project background and mission to their mission and the platform ecosystem. Furthermore, they provide extensive information on pre-sale and sale, with no ambiguities or omitted information as some of the whitepapers have.
The paper also includes topics such as transparency & community control, as well as government regulations. Team members and advisors are all mentioned in the paper and a short bio on each of them is included.
We have to point out and give credits for a 12-page long ending which is called „Risk Factor“. Since the project is about cannabis, they’ve included all the possible risk factor which may act as drawbacks and potential stops to the project. This is a very honest and detailed overview which is there for all the investors to read. We agree that there are a lot of risks when it comes to projects like this and that it is surely a risky investment. However, considering the professionalism of the whitepaper and the professionalism of the people behind the already successful project, we like to believe that the failure of the project is simply not possible if we take out the risk factors.
Here is the short overview of the work that has been done so far and that is planned for the future:Budbo Ico Bench
- March 2017 ” LaneAxis Combination
- April 2017 ” Herb.it ranks Budbo #1
- May 2017 ” The first delivery of cannabis is tracked via BudboTax
- June 2017 ” Initial research on token sale performed
- September 2017 ” MJAC Los Angeles Conference
- November 2017 ” Token pre-sale
- January 2018 ” Token sale
- February 2018 ” The Development of the version 2.0 begins
- March 2018 ” The implementation of blockchain technology begins
- May 2018 ” Launch of the v2.0 of the Budbo App beings
Pros and Cons
- Already established business ” they already have a worked out business model which is in use successfully
- Great team and advisors ” everyone on the team is a professional with extensive knowledge of the cannabis business and market
- Over 75 thousand customers ” the numbers speak for themselves
- Superb whitepaper ” the whitepaper covers everything, including the risk factors
- Simple and up-to-the-point roadmap ” everything is according to the schedule for now
- Token sale is already doing great ” pre-sale and Tier 1 have been sold out and Tier 2 is probably going to get sold out, thus significantly increasing the probability that the hard cap will be reached
- Unforeseen circumstances possible ” although this is the only bad thing about the project, there are several major (and many minor) things which could affect the project, such as the criminalization of cannabis, countries of the world not legalizing, black market, etc.
Budbo is surely a once-in-a-lifetime opportunity for investors which will either skyrocket and become an exclusive worldwide system for cannabis or fail due to the negative stigma about cannabis that may prevail. For now, everything is going as planned and the token sale is currently underway, with Tier 2 currently being active. People are massively supporting the project and we wholeheartedly agree with the people on this one.
Unlike many other projects which try to „revolutionize“ one thing or another, this one is already amid one such revolution. The countries all over the world are legalizing cannabis and more users and patients require more sophisticated and more convenient way to get to cannabis product. Budbo offers exactly these services and it is about to upgrade them to whole another level, by introducing the blockchain technology into their system.
Set aside, for now, your opinions regarding cannabis legalization and use, and take a look at the project from the purely financial perspective ” it is magnificent and a possible heaven for investors. Therefore, act as soon as you can and buy their BUBO tokens in order to take part in the project that may revolutionize the way we grow, order, deliver, use, and perceive cannabis.Budbo Ico Bench