High on DOGE? Cannabis Company Makes Dogecoin Treasury Play

In brief

A publicly traded cannabis and telehealth company called Dogecoin Cash Inc. is embracing DOGE.
The firm created a wholly owned subsidiary called Dogecoin Treasury to establish a DOGE treasury and more.
Dogecoin Cash Inc. previously amassed about $6 million worth of the namesake derivative meme coin on BNB Chain.

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

The firm, previously known as Cannabis Sativia, Inc., rebranded to Dogecoin Cash in November as it began expanding its operations from cannabis telemedicine and other cannabis products into cryptocurrency and blockchain initiatives.

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

Part of those initiatives include the development of a “Dogecoin Protocol,” an initiative the firm says will “organize and support the company’s Dogecoin-related initiatives in a unified technical structure.”

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

What does all of this mean? The company wouldn’t clarify its plans when reached by Decrypt, instead pointing to its existing statement. That statement indicates that while it is under development, there is no assurance of its “completion, features, or timing of deployment.”

Over-the-counter shares of Dogecoin Cash Inc. (DOGP) were down 2% on the day, with the company now trading just over a $4 million market cap.

Before Tuesday’s announcement of plans to build around Dogecoin, the firm was previously focused on Dogecoin Cash (DOG), a knockoff meme coin on BNB Chain that it apparently named itself after. The company previously acquired over 2 billion DOG tokens—approximately $6 million worth—along with a crypto-themed URL.

Other publicly traded companies, like Spirit Blockchain Capital and Neptune Digital Assets, have looked to top meme coin DOGE for their digital asset treasuries.

Dogecoin is down nearly 5% in the last 24 hours to $0.158, more than 78% off the all-time high price of $0.73 from 2021.

Edited by Andrew Hayward