One of the main challenges faced by the companies legal marijuana in the United States is the lack of access to banking services. Many of these companies have bank accounts, but they remain constantly under the threat of termination of account without notice. Enter in the universe of crypto-currencies and to exit the traditional banking system seems to be a credible alternative, but before you get carried away by the excitement around crypto-currency, the companies that produce and sell cannabis should seriously look into the future of crypto-currencies.
Journal of the Corner
Many alternatives are available to these companies
One of the methods recommended for this type of business is to use a crypto-currency well established, such as Bitcoin or Ethereum, and use it simply as a method of transaction to avoid having to use banks. In this way, american companies who produce and sell cannabis are not forced to have to conduct transactions in cash. However, to convert a crypto-currency in dollars will always require a bank account. The other possible use would be to develop a new crypto-currency designed specifically for the marijuana industry. Once again, the objective would be to reduce or eliminate the use of the money, and integrate technology into the blockchain in full compliance.
The perception of crypto-currencies is a game-changer
However, the regulators consider the crypto-currencies as a real threat and current, at least in their current forms. We can see that, in a country like China, it has led to a closure of the platforms for exchanging crypto-currencies. This persecution becomes all the more important for marijuana businesses. Moreover, it is important to note that, even if marijuana remains illegal at the federal level, each State can decide whether it legalizes or not, the sale and purchase of cannabis.
Finally, although it is unfair to associate any use of crypto-currencies for illegal activities, one has “the impression” that the crypto-currencies are used to launder money, divert funds, and in the trafficking of drugs.
Source : Coindesk