Use of Cryptocurrency in the Marijuana Industry

Use of Cryptocurrency in the Marijuana

Over the past couple of years, the Cannabis industry has been rapidly growing, making ways to countless opportunities. The revolution of the cannabis industry started after its legalization in most countries, including the US.

LONDON, ENGLAND – DECEMBER 07: A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs. (Photo by Dan Kitwood/Getty Images)

Though this legalization led many investors and entrepreneurs
to step into this ever-growing business, it also imposed some other restrictions not only in terms of cultivation and manufacturing but also in banking and financial transactions.

In many countries, cannabis is still illegal at the federal level. In turn, banks are reluctant to cooperate with cannabis industry transactions. But there is no lack of opportunities even in the weed business. If you are a cannabis entrepreneur, you can go for Crypto to run your business smoothly and save it from this hitch.

How is Cryptocurrency Compatible with Marijuana

As the cannabis industry, the Cryptocurrency industry has also been emerging with time, and both these newly established industries seem to have a budding relationship. The two share many common challenges from political, financial, and regulatory perspectives, and both cryptocurrency and legal cannabis are popular among young demographics. In fact, neither of these industries enjoys a completely legal status in the United States.
Aside from their shared traits, cryptocurrency and cannabis have complementary business models that can sustain one another as adoption. However, these industries’ shared challenges give way to many opportunities for complementary growth, especially in the legal and regulatory grounds. Some companies are already taking advantage of this natural compatibility of both industries.

Cryptocurrency can protect your weed business and help you keep it running as it can be a perfect alternative payment option like Bitcoin and Ethereum. Cryptocurrencies provide accountability and transparency to marijuana entrepreneurs. On the other hand, the marijuana operators create a stable and secure customer base and injected capital for cryptocurrencies.

Both industries are ready for expansion as there is growing pressure on the US demographic systems in terms of regulations. In short, cannabis and cryptocurrencies present an excellent perspective on the financial world in the near future.

Reasons to Use Cryptocurrencies in Weed business
Like many other industries, there’s also an explosion of many companies claiming the implementation of blockchain in the Cannabis industry by one way or the other. But even industry experts are not fully aware of what that exactly means. If you are still not into crypto as a cannabis entrepreneur and concerning why you need to use Crypto for your weed business,
here are some valid reasons that might help you turn to cryptocurrency for the sake of your canna-business.

● Though marijuana has been legalized in many countries, dispensaries cannot accept credit transactions or debit cards, which is a frustrating inconvenience for people looking to buy weed but not in the habit of carrying enough cash. It is where cryptocurrencies come into play, and you can easily purchase them on your card in a marijuana dispensary. Though it involves some additional steps, it is still better than carrying that
much cash on you.
● Cannabis companies can safely do business more conveniently and traditionally with cryptocurrency, which helps with invoicing, employee pay, bookkeeping, and managing transactions between the company and their customers and industry experts.
● With crypto, you can play international, as it eliminates the limitations on location-based payments. You can continue with your online transactions from any part of the world. It simplifies the transactions with retailers, growers, transporters, and other services associated with the cannabis supply.
● Cryptocurrencies eliminate the privacy concerns of both customers and vendors. Since privacy is a top priority of customers, you, as a vendor, can cater to your customer’s privacy concerns. It is possible with crypto transactions, particularly for those who want to make anonymous cannabis purchases, as crypto accounts and transactions can be anonymous. It also prevents transactions from tracking.

Though there are not many crypto users in the marijuana industry, these reasons and benefits
are enough to think about complimenting your canna-business with the growing crypto industry.

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