Bitcoin and the Legalization of Marijuana
After Colorado and Washington voted to legalize marijuana, stocks such as CBIS and MJNA saw gains as high as 750%. MJNA moved from $0.03 to $0.36 a share, and CBIS rose from $0.032 a share to $0.293. They went through a stagnation period, then decline and now seem to have leveled off. Bitcoin went from around $100 to over $1,100 and since has been settling in the low $600. What do marijuana stocks have to tell us about Bitcoin? First off, the buzz was greater than the implementation. After weed became legalized people expected widespread adopts, for the Federal Government to get on board....
Related News
Bitcoin and marijuana, at least in terms of US legal issues, have more in common than you might think. Consider the situation that has developed in the state of Colorado: on 1st January it became the first US state to allow the sale of recreational marijuana. Customers who can identify themselves as aged 21 or older can now walk into a dispensary and buy the drug in regulated quantities. The Colorado vote on legalization was pretty divisive. Source: Wikipedia. An increasingly informed and engaged populace is influencing trends like this one. The web, alongside mobile devices and social....
Washington State and Colorado State have become the first states in America to legalize marijuana at the state level. The beginning of green celebrations in the aforementioned states at the beginning of this month led to a satirical piece claiming 37 dead due to marijuana legalization. Many people have applied for commercial licenses from their states to legally grow and distribute marijuana. Concurrently, many followers of legal marijuana news have noted that the majority of legal marijuana dispensaries, medical in most places, recreational in Washington and Colorado, must pay their state....
As usual, the potheads know what’s up: the group working to legalize marijuana in Oregon this fall is now accepting Bitcoin donations, becoming the first political campaign in the state to make the leap to cryptocurrency. New Approach Oregon, the group behind the state’s pro-legalization initiative to regulate and tax marijuana, announced the move in a press release posted on its website last week. Campaign manager Dan Mahr said in the statement: As a state with a thriving Bitcoin community and a reputation for alternative-mindedness, Oregon is expected to join a small but growing club of....
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....
Canada is showing the world the way forward on marijuana legalization. In Ontario, superior and appellate courts have ruled that Canada’s cannabis laws are null and void. Challenges to change federal law towards decriminalization, on the other hand, have failed. There’s a lesson to be learnt for blockchain regulators here. Nevertheless, Health Canada does regulate cannabis for medicinal purposes in a system industrial nations are looking towards as an example. As well, hemp plant cultivation is legal in Canada for seed, grain and fiber production. Public opinion finds more-and-more....