Hi noobtrader, welcome to CannabisCoin

I can not do better than refer you to the opening post where it is all laid out. One CANN is backed by one gram of medical marijuana. At present this is only available to mmj card holders at one dispensary in Arizona, operating as a proof of concept transaction point. More dispensaries are expected to join as more CANNdy (specifically grown/donated product) becomes available. Also just announced is MJPay, as you saw but more complete information will not be available until after the holidays.

On behalf of the YES WE CANN community I wish you the best of luck with your mining endeavors.

Happy holidays from the land down-under