The legal cannabis industry is a relatively young one, but it is also one that grows strong. It is natural that the crypto-sphere affects it like it does with any other.
Unfortunately for the cannabis industry – it is still stigmatised by banks and various other financial institutions. They are being refused credit cards and many other services. It is only natural that they seek alternatives.
We recently wrote about Singleseed, cannabis-based B2B Bitcoin payment solution created by Singlepoint. Now – another player enters the game.
Crypto Payment Solution For Cannabis Dispensaries
An Isreali-based developer of Bitcoin ATMs, Virtual Crypto Technologies Ltd, is working on a cannabis-specific crypto payment solution.
It will allow the legal US dispensaries easily sell their product for cryptocurrency. The solution is expected to be ready in Q4 of 2018.
“Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system. Virtual Crypto has been validated in the market and is a proven technology,” – CEO Alona Dayan explained and added:
“Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”
Making dispensaries safer
Safety is an important factor as well, as Alona Dayan explained:
“Today with cash as the payment method of choice at dispensaries, they have quickly become a target for thieves. With tens of thousands of dollars in transactions per day, employees are faced with an unsafe work environment. Additionally, cash makes it difficult to account for the appropriate payments of taxes to the government,”
These are really exciting times, when you can walk into a shop, purchase marijuana and pay for it with Bitcoin.