Payments & Merchants

Could The Medical Cannabis Industry Benefit From Cryptocurrency Payments?

Carl T
June 9, 2019

The marijuana industry could get improved with virtual currencies
Digital assets could help companies have access to financial services.

Marijuana Legalization and Cryptos

The legalization of marijuana has been a very discussed topic around the world, even before Bitcoin became such a buzzword. At the same time, there are already 25 different states that have some form of legalization in the US. But could the industry improve and benefit with virtual currencies?

Banks Not Able to Provide Services to Cannabis Businesses

At the moment, banking regulations prohibit illegal proceeds and indeed, marijuana is classified as a dangerous narcotic by federal law. That means that banks cannot help companies that are related to this industry, even if they offer legal services and follow the law. This is similar to what is happening to virtual currency companies in several jurisdictions and not only in the United States.

There are banks that stopped all their services to clients, both corporate and retail, that have dealt with digital currencies.

According to a recent article released by CCN, the author explains that Dispensaries that make billions of dollars in revenue per year. It would be safer for them to store their assets in cryptocurrencies and even host a Bitcoin ATM that they would use to store their funds in virtual currencies.

The author of the article wrote:

“You could accept crypto and cash, always get most of it into crypto, and then also get a percentage anytime someone uses the ATM to buy crypto – often to spend it with you.”

At the moment, Bitcoin could give the Marijuana industry a real service for it to expand and grow. At the same time, this would also help increase the demand for digital currencies, including Bitcoin. It is just a matter of time to see these industries cooperating.

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Carl T

Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.