The global cannabis industry is set to grow in the coming years. Estimates show that by 2021 the cannabis market will reach $31.4 billion US Dollars. However, the market is divided due to the inconsistent regulations and legislation which has caused lack of international infrastructure for distribution and the ease of payments. Since there is no streamlined market, there is no common ground for vendor compliance that would result in confident purchases by customers.
What Is GrowPayment?
Grow Payment is the first globally regulated marketplace for the cannabis industry. It accepts fiat and cryptocurrencies and it is fully regulated by international jurisdictions.
The Grow Payment platform has a mobile app that can be used on existing POS terminals for the tap-to-pay services in physical stores. The integration of the mobile app and the existing POS terminals also allows for the synchronizing of the in-stores sales data to the vendor’s marketplace account. The user can also execute direct credit and debit services using MasterCard, VISA, bankcards, and more. The user will also be able to pay using different ERC-20 tokens from their mobile wallet to the merchant payment system.
GrowPayment Blockchain Cannabis Market Advantages
Advantages of the Grow Payment platform include:
Freedom Of Payment
It supports traditional e-payment and cryptocurrency transactions.
Legal compliance system based on buyer and seller location.
Community And Engagement
Uses product reviews, surveys, and discussion boards. You also get to see what others are saying about products and vendors and you can also share your experience.
The platform has a portal to connect businesses by facilitating wholesale and large volume transactions.
Tailored product recommendations based on need and shopping pattern.
The GRPM tokens when used as a currency by buyers, provide loyalty rewards to buyers who purchase with GRPM tokens on a monthly basis. Buyers also become eligible for product discounts when they purchase items using GRPM tokens. The buyers are also able to easily transfer tokens directly from a user’s personal ERC-20 compatible wallet.
The sellers who use the token will be able to access reliable global instant payment solution that has virtually zero delays. The seller will also benefit from the reduced vendor fees and advertisement costs that come with GRPM tokens. Additionally, reputable platform sellers can apply for GRPM backed loans.
GrowPayment GRPM Token ICO Details
The GRPM token is an ERC-20 Ethereum based token. The token is valued at 1 GRPM=0.40 USD. The ICO date is expected to be on 1st August 2018 and will run until 30th September 2018. The total supply of the tokens is 292.6 million GRPM tokens. 204 million GRPM tokens will be offered during the public sale. The sale is aimed to convert the business into a decentralized token ecosystem that will support and benefit the growing economy of the cannabis industry. The sale will also give the Grow Payment platform the capital that will be used to address the growing international demand for alternative funding and payment solutions.
The accepted payment options include BTC, ETH, USD, and other fiat currencies. The ICO hopes to raise $50 million and if the funds are not raised within the ICO dates, the platform might extend the ICO closing date up to 3 times with each extension being 30 days.