Publicly listed cannabis company Dogecoin Cash Inc. is making a notable new move: establishing Dogecoin Treasury Inc., a wholly owned subsidiary, with the goal of building a Dogecoin (DOGE) treasury.
From Cannabis Sativia to Dogecoin Cash
#DogecoinCash Inc., formerly Cannabis Sativia, Inc., changed its name in November as it expanded from medical cannabis and related products to cryptocurrency and blockchain initiatives.
With its new subsidiary, Dogecoin Treasury Inc., the company is further developing its relationship with Dogecoin, aiming to “support the company’s Dogecoin-related development initiatives and facilitate the management of digital assets, including DOGE.” Part of those initiatives includes the development of a “Dogecoin Protocol,” an initiative that the company says will “organize and support the company’s Dogecoin-related initiatives within a unified technical structure.”
Goals and current situation
“DTI provides us with a specialized framework to align technical work related to Dogecoin with our broader business goals,” a Dogecoin Cash Inc. spokesperson said. While the protocol is under development, the company makes no guarantees about its “completion, features, or deployment timeline.”
Shares of Dogecoin Cash Inc. (DOGP) on the OTC market are down 2% on the day, with a current market capitalization of just over $4 million.
Prior to Tuesday’s announcement of plans to build around Dogecoin, the company had been focused on Dogecoin Cash (DOG), a fake meme coin on the $BNB Chain that the company had taken its name from. The company had previously purchased more than 2 billion DOG tokens — worth about $6 million — along with a crypto-themed URL.
Other publicly listed firms like Spirit Blockchain Capital and Neptune Digital Assets have also looked to the top meme coin $DOGE for their digital asset treasuries.