Bitcoin Lets POSaBIT Solve Cash-Only Cannabis in Washington State
A Seattle Bitcoin merchant is seeking to move the local cannabis scene forward from cash-only payments by using the virtual currency instead. The aptly-named POSaBIT is currently installed at six outlets in the Washington State capital, with several others beyond. Customers use their credit or debit card to purchase Bitcoin, which is then used to pay for goods at the point of sale. “I saw an industry that was in dire need of a credit solution,” CEO and co-founder Ryan Hamlin, an ex-Microsoft executive, told local news resource Seattle Weekly. “I said, ‘Software has got to be able to solve....
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The Washington State Senate recently heard arguments about SB 5264, a bill to ban virtual currency use in the cannabis industry. Founders of Payqwick, which some refer to as the “Paypal of Pot”, spoke for banning Bitcoin. Founders of Bitcoin point-of-sale service Posabit, as well as a lawyer from Perkins Coie, spoke against a virtual currency ban for....
Legislators gathered on Wednesday afternoon to hold a public hearing on a measure that would prohibit cannabis firms in the state of Washington from working with bitcoin. CoinDesk reported last week that SB 5264, a bill presented by two Washington state senators, would ban businesses working in the marijuana industry from both selling products for bitcoin as well as purchasing them with the digital currency. At the time, primary sponsor Sen. Ann Rivers said that the measure was intended to boost financial transparency to the state’s cannabis sector as part of an effort to “help move it out....
Silk Road may be dead, but in at least one Washington State city, people can still buy marijuana and related products using bitcoin. Medical marijuana dispensary Kouchlock Productions, which opened on Monday February 3, began accepting bitcoin for its wares this week. The dispensary, based in Spokane, is said to already have sold the drug in several bitcoin transactions. In Washington State, medical dispensaries were legalized in 1998, under initiative 692. This allows dispensaries to sell the drug to patients with terminal or debilitating medical conditions including cancer, HIV-positive....
Across the United States, cannabis operations are now becoming common. However, cannabis business owners from fully-legalized states such as Washington and Colorado are having a hard time cashing in on their frowned-upon weed businesses. According to Motherboard, one Colorado hemp farmer is turning to bitcoin and teaching others how to leverage the....
In what it describes as a “logical move,” a Denver cannabis security firm has announced that it will accept bitcoin to offset the lack of banking support currently plaguing the legal cannabis industry, as well as reduce the exorbitant fees imposed by credit card companies. The emerging legal cannabis industry in the US has a banking problem. The....