Growing investment: Coke billionaire launches cannabis cryptocurrency

Greek billionaire Alkiviades David has launched a cannabis bank and cryptocurrency.

The heir and his Swiss-based consortium are behind the Swissx Bank of Cannabis. The aim is to help facilitate legal cannabis sales across the globe.

David’s family business is the Leventis-David group, which has a major stake in Coca-Cola Hellenic bottling plants operating across 28 countries.

The bank also operates SWX Coin, a cryptocurrency pegged to the price of premium hemp flower.

A form of digital cash, cryptocurrency uses encryption to secure transactions and control the creation of new units. The most well-known cryptocurrency is Bitcoin.

David, who is the CEO and founder of CBD firm Swissx, said: “We’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimised for the legal cannabis industry.

Swissx sells CBD products

“The Swissx Global Exchange will be an authoritative resource for the entire industry, better than Nielsen, bigger than Nasdaq.

“Together, the bank, currency, and exchange don’t just ensure Swissx’s international operations run perfectly, it will become the engine for the fastest growing business sector in the world.”

In May, David was arrested in the Caribbean island of St Kitts in connection with the possession of $1.3m worth of cannabis.

Customs officers found approximately 5,000 cannabis plants, as well as seeds and other cannabis products.

He was charged with intent to supply, possession of drugs, and importation of a controlled drug – but David denies the accusations, claiming the plants do not contain THC and are therefore not illegal.

“We didn’t even bring in cannabis, we brought in a cousin of cannabis that has been genetically modified,” he told local media at the time.