Bitcoins enable faster and reliable payments without any need for a third party interference. Further, Bitcoin transactions are decentralized. Thus, it does not come under the supervision of any single institution. These facts are making it popular in the cannabis industry. Marijuana is legal in several states in the USA.
However, the federal government still considers it illegal. That makes marijuana transactions to be highly risky. Further, banks and other financial institutions seldom render their support for marijuana business. That has made the industry to look for an alternative and reliable payment system.
Business of any kind would suffer if there is no financial backing or stable cash flow. The cannabis industry suffers from these problems. More than 500 banks in the US do not support cannabis business. Along with cash flow, bureaucracy also hinders growth. Cannabis stores do not accept credit and debit cards. That makes it a real difficult business to operate.
The decentralized Bitcoin transactions make it easier for marijuana transactions. Those who are operating in the cannabis industry anticipate the crypto currency to play a vital role towards the industry’s legalization, with a strong framework.
In this regard, a digital currency payment app, known as SingleSeed, has been introduced for purchasing marijuana from dispensaries, using Bitcoin. Singlepoint and POSaBIT are the tech firms who have recently entered into this sector to capitalize on the opportunities provided by the block chain network.