Federal Government Opens Door for Bitcoin at Marijuana Dispensaries
Will Bitcoin processors move first on this opportunity? Up to now, the largest Bitcoin payment processors have turned down businesses that sell legal marijuana in Colorado and Washington, but that may change with news today that the U. S. government has clarified anti-money laundering rules regarding these legally-peculiar businesses. The government has made it clear that banks may provide services to appropriately licensed marijuana dispensaries. Today FinCEN has issued a memorandum to prosecutors regarding the legal status of marijuana dispensaries and their payment processing. Marijuana....
Related News
At least one marijuana dispensary in Colorado has reportedly begun accepting bitcoin. Colorado's decision to legalize cannabis has been filling headlines for weeks, and the hype is still going strong. Investors have been piling up in the marijuana market, ranging from reputable medicinal marijuana companies to highly speculative penny stocks. The general public seems to be very interested indeed - outside some dispensaries the queues of pot lovers are incredibly large, resembling the lines frequently formed in front of Apple Stores following an iPhone launch. However, there are a number of....
Marijuana dispensaries in some U. S. states are having issues accepting credit/debit cards because banks refuse to work with them. It's understandable, and many had suggested accepting bitcoin instead. Unfortunately, it seems like these businesses are running into yet another obstacle should they be interested in going the bitcoin route. BitPay - the largest digital currency processor out there - is also refusing to work marijuana dispensaries, according to an email posted publicly on social sharing website Reddit. In that message, the owner of three dispensaries in the state of Washington....
The Colorado Department of Revenue released data showing recreational pot sales at $59.2 million in August, with medical marijuana dispensaries reaching $41.4 million for a total of $100.6 million in sales overall. "It means that $100 million is going to licensed, taxpaying businesses, creating jobs and helping to build new schools," Dan Riffle, director of federal policies for the Marijuana Policy Project, told Yahoo News, "Instead of going to cartels and drug dealers - as is the case in the 46 states that don't regulate marijuana." In spite of the sales, marijuana businesses haven't....
Medical marijuana users will be among the earliest users of bitcoin, according to bitcoin entrepreneur Peter Klamka. Klamka's Ann Arbor, Mich. -based company, Bitcoin Brands, has placed a bitcoin ATM machine at one medical marijuana dispensary and is in the process of placing another two in the Grand Rapids area. Klamka's bitcoin ATM machine, made by Portland, Ore. -based Skyhook, provides the customer a QR code which they get scanned at the checkout counter by a clerk using a bitcoin payment tablet. The (payment) technology is like a gift card, Klamka says. Payment Tablets for....
The usage of Bitcoin ATMs and vending machines could increase among marijuana dispensaries, predicts Green Rush Review. In its recent promotional press release, the medical marijuana news website blamed the absence of proper banking infrastructure as one of the major reasons why cannabis businesses would move towards other bankable options such as Bitcoin. It said: "Marijuana businesses are unable to open checking accounts or accept credit cards. They are left without secure options, and are forced into dealing only with large amounts of cash - risking their safety and raising employee....