Medical Marijuana: Industry that Needs Cryptocurrency (OP-ED)
A multibillion-dollar, "legal" industry like Medical Marijuana, whose network is spread across 23 US states and the District of Columbia, is still deprived of the very basic thing any industry would need - a banking system. According to a report by Jeffrey Stinson of The Pew Charitable Trust, the cannabis centers all across the United States are finding it hard to obtain even a simple banking facility. "The abundance of cash makes the country's 2,000 retail shops and medical dispensaries tantalizing targets for criminals," the report reveals. "Without bank accounts, legal marijuana....
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It is no secret that the medical marijuana industry in the United States faces an uphill struggle, indeed our readers will remember that we covered the issue in detail recently and discussed how dependence on cash is putting both medical marijuana businesses as well as consumers at a great deal of risk. It is interesting to note that there have been developments in this field and there is now a payments solution at hand for regulated medical marijuana businesses as well as customers. CanPay has recently announced a solution for the legal marijuana industry that has become available to....
Trees, a California-based medical marijuana distributor, recently has proposed the idea of delivering marijuana kits by air. An idea that certainly is novel and could end up being one that innovates the industry as it becomes more commercialized. The company currently only serves the San Francisco Bay area and accepts Bitcoin as well as more traditional forms of payment through online bank transfers, cash, and credit cards. Marijuana for recreational use is illegal in California, and thus only accepts purchases from people holding medical recommendations by certified doctors. In order to....
In a world where cash is king and crime is rife, Bitcoin has come to the rescue of the cash beleaguered medical marijuana businesses. In the United States, marijuana is a touchy subject but there is legalisation of medical marijuana in at least 25 states and the District of Columbia. This new medical marijuana industry has a dark secret though - it is a cash only business. All Terms Cash. In July 2016, the Los Angeles Times covered the cash only nature of pot stores and how they are becoming victims of robberies. They reported the killing of a 24-year old Colorado pot store guard, Travis....
The US Multidisciplinary Association for Psychedelic Studies, hereinafter MAPS, has started accepting Bitcoin donations in a further boost for the cryptocurrency from the marijuana industry. Founded in 1986, MAPS describes itself as a non-profit research and educational organization that develops medical, legal and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana. Donations in Bitcoin can be made using a dedicated form. The announcement is the latest in a series of supportive moves from marijuana entities across the US. In October of last year,....
The cannabis industry in the United States may soon face a ban on cryptocurrency usage. Marijuana, the wonder plant as some call it is going through a liberation phase in the United States. In 37 out of 50 states have relaxed the laws regarding the sale and use of marijuana and its derivatives in the past few years. Most of these states approve of the medical use of marijuana while a handful also makes an exception for recreational use. But these relaxations come with riders to make it difficult for businesses dealing with cannabis. According to reports, Senators Steve Conway and Ann....