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 is bitcoin. David is CEO and founder of Swissx, which sells cannabis products that do not contain THC – the psychoactive part of the plant that gets users “high” – but has numerous health benefits.
He said: “We’ve used Swiss financial know-how to create the first bank and cryptocurrency entirely optimised for the legal cannabis industry.
“The Swissx Global Exchange will be an authoritative resource for the entire industry, better than Nielsen, bigger than Nasdaq.
“Together, the bank and currency and exchange don’t just insure 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 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 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.
David’s family business is the Leventis-David group, which owns the Coca-Cola Hellenic bottling plants operating across 28 countries.
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