Today, I want to talk about cannabis business and cryptocurrency opportunity.
Reports are telling us that cannabis business generated close to $61M in tax revenue for California (just for 1st quarter).
However, it is important to remember that money moving through marijuana financial system is almost cash.
Why? Because Cannabis remains as Schedule 1 illegal drug and banks in the sense risk committing crime providing the industry ordinary commercial banking services.
Now, here comes the opportunity for Cryptocurrency.
Companies using blockchain tech are hoping to step into this opportunity and many are thinking cryptocurrency as a potential cure for financial headache. Many startups are starting to put their money behind this theory.
Some companies include.
Cannabis social media hub MassRoots is now transitioning to a marijuana-focused software company, tying blockchain to its marijuana point-of-sale tracking business,
Alt Thirty Six, which uses the cryptocurrency Dash, has partnered with cannabis software company Webjoint to provide access to its digital transaction system for the marijuana-related businesses Webjoint serves in California.
Software company Greenstream is building a blockchain-based supply chain system for the cannabis industry that could be accessed by retailers, suppliers and regulators
If the federal government doesn’t provide solution, then I think it is time for cryptocurrency.
