A publicly traded cannabis company is betting everything on the hottest memecoin on the market

Publicly traded cannabis company Dogecoin Cash Inc. is launching Dogecoin Treasury Inc., a wholly owned subsidiary that will also maintain a Dogecoin (DOGE) treasury.

Formerly known as Cannab1s Sativa, Inc., the company rebranded as Dogecoin Cash in November as it began expanding its operations beyond telemedicine and cannabis products into cryptocurrency and blockchain initiatives.

Now, with its new subsidiary, the company is deepening its ties to Dogecoin, utilizing Dogecoin Treasury Inc. to “support the company’s Dogecoin-related development initiatives and assist in the management of digital assets, including DOGE.”

Among these initiatives is the development of a “Dogecoin Protocol,” which the company says will “organize and support the company’s Dogecoin-related initiatives within a unified technical framework.”

“DTI provides us with a dedicated framework to align our technical work involving Dogecoin with our broader business objectives,” a Dogecoin Cash Inc. spokesperson said in a statement. “This framework will support the orderly development and potential implementation of internally developed tools, including the Dogecoin Protocol.”

What does all this mean? The company did not clarify its plans when contacted by Decrypt, preferring to refer to the statement already released. This statement indicates that, although the project is under development, there are no guarantees regarding its “completion, functionalities or launch date”.

Shares of over-the-counter Dogecoin Cash Inc. (DOGP) are down 2% on the day, with the company valued at just over $4 million.

Prior to Tuesday’s announcement of its Dogecoin plans, the company was focused on Dogecoin Cash (DOG), an alternative memecoin on the BNB Chain that apparently inspired the company’s name. The company had already acquired more than 2 billion DOG tokens — worth roughly $6 million — as well as a cryptocurrency-themed domain.

Other publicly listed companies, such as Spirit Blockchain Capital and Neptune Digital Assets, have also turned to the leading memecoin DOGE to build their digital asset hoards.

Dogecoin is up 8.5% in the last 24 hours, trading at $0.17 — more than 70% below its all-time high of $0.73 recorded in 2021.