Greek billionaire Alki David and his Swiss-based consortium have founded The Swissx Bank of Cannabis in a bid to ease global marijuana transactions.
David is the scion of a huge Coca-Cola bottling company and he hit headlines in May after he was arrested in the Caribbean nation St. Kitts & Nevis. Authorities there discovered 5,000 cannabis plants on his private jet, which counted Mission: Impossible III star Jonathan Rhys Meyers among its passengers.
He was collared on suspicion of smuggling and he appeared in court, where he hit back by calling Timothy Harris, the St. Kitts & Nevis prime minister “a little dictator”,
He claimed that his arrest was politically motivated and insisted that the plants were legal hemp. David was on the island to discuss his hemp business, SwissX, with Harris.
Now he is back in the news by launching the Swissx Bank of Cannabis, billed as the first cannabis-tied cryptocurrency and global hemp exchange in the world. The bank also operates SWX Coin, a cryptocurrency based on Bitcoin’s blockchain, with single unit pricing tied directly to the “median global price of premium hemp flower”.
David has convinced Denzil Douglas, who served as prime minister of St. Kitts & Nevis for 20 years before handing the reins to Harris in 2015, to serve as a director on the Swissx Bank of Cannabis board. The bank plans to launch a Caribbean headquarters soon, but it has not yet announced whether it will be in St. Kitts & Nevis.
The bank claims to be launched with the backing of a bank of proprietary hemp seeds called Cherry Wine and Donald Trump, plus $250 million worth of Swiss francs.
“First we changed the game for CBD products, then we created tremendous opportunity for farmers and their regional economies throughout the Caribbean,” said David. “Now we’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimized for the legal cannabis industry.”
He claims it will become a better resource than Nielsen and bigger than the Nasdaq for the cannabis industry. His vision is to make it the “engine” for the global marijuana business.
SwissX has operations in California, Puerto Rico, Switzerland, and South Korea and its products are distributed to retailers across the globe, including 7-Eleven.