New Cash Management Option at Dash-Powered Cannabis Company Alt Thirty-Six Creates Substantial Increase in B2B Operations
Thirty-Six is a company that is working to offer cannabis legally in the industry and is supported by the crypto platform Dash. In a recent report, the company shows that B2B (business-to-business) volume has substantially risen.
Most of this rise seems to be credited to a solution that they have found for cash management, despite historically having difficulties with banks and financial institutions.
This new solution is in the use of Dash coins. Alt Thirty-Six is partially funded by the Dash treasury, and they are now allowing an exchange called “Cash to Dash conversion,” which means that “cash-heavy dispensaries” convert their funds into Dash coins. The Dash coins are then used to pay the suppliers.
In a post from Alt Thirty-Six, the company explains the issues that the cannabis industry has to deal with that led them to this approach. The blog dated December 21st states,
“Cannabis related businesses (CRB’s), experience many challenges unique to their industry. Top among them is the lack of access to traditional financial services that most retailers take for granted; services such as debit and credit card processing, ecommerce and even access to business bank accounts, forcing them to rely on cash as the sole means of transacting with consumers.”
Overall, relying on cash for these transactions is massive. Companies have to pay for multiple services involving the proper storage and security of the cash, along with the transportation of the funds received.
Settling on a blockchain or with a crypto payment processor eliminated so much of the physical work involved and allows customers to easily make purchases. President of Alt Thirty-Six, Lauren Murphy, says,
“Alt Thirty-Six recently added a Cash Management Solution that includes vaulting, cash transportation, and conversions. Cash to Dash conversion services provides wholesale technology platforms similar to CannTrade a funding mechanism to their online environment, allowing cash-intensive cannabis businesses to enter the banking system and pay digitally for wholesale orders.”
Any licensed cannabis business can participate with approval from Alt Thirty-Six. Explaining the process, Murphy said,
“A merchant can request a cash pickup directly from the Alt Thirty-Six platform, once details are confirmed, cash is picked up, as soon as the amount is validated, the merchant will receive funds into their Alt Thirty-Six account to use, hold or withdrawal at their convenience.”
Right now, the program is only in the beta stage with the B2B option, though there are 30 partners participating in the stage.
Still, the progress made in the massive transaction volume at this level could be a sign of continued progress when the solution is fully launched. Alt Thirty Six certain of the benefits that this type of payment offers, stating,
“[B]oth customers and employees can go about their business in a much safer environment, adding up to a more efficient, compliant and secure transaction, all while putting more money in [the cannabis business’s] pocket.”
Thirty-Six is not the only company benefiting from this change. As the B2B transaction volume has increased, so has Dash’s value by 9%.
Soon, the company will provide additional benefits to businesses, customers, and even Dash as they break into to B2C market as well, providing a way to purchase from dispensaries using the Dash token directly.