How Bitcoin Could Serve the Marijuana Industry (With Banks Still Nervous)

 

Medical marijuana is already legal in 20 states plus the District of Columbia. It is also completely legal for recreational use in two states; Colorado and Washington State. Nevertheless, big daddy government still thinks it knows best and continues to classify the substance as a schedule one drug under federal law.

CANNABIS INDUSTRIAL

As such, the banking system, (including state banks) is simply to afraid to get involved. Legal marijuana merchants business is conducted almost entirely in cash because it is exceedingly difficult for them to open and maintain bank accounts, and thus accept credit cards. “Banking is the most urgent issue facing the legal cannabis industry today,” said Aaron Smith, executive director of the National Cannabis Industry Association in Washington, D.C. Enter Bitcoin – At least one marijuana dispensary in Colorado has reportedly begun accepting bitcoin.

Read Full Article

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: