Cryptocurrencies and Cannabis: A walk into the future
Cryptocurrencies can regulate and revive financials of the legal cannabis industry in the US
In the United States, cannabis is sold in 10 states for recreational purpose and 33 states for medicinal purposes. Even though cannabis is illegal at the federal level, Cannabis sales in the US are expected to reach over $25 Billion by 2025. Banks in the United States operate under federal laws, which disallows them to create accounts for marijuana retailers. So, all cannabis sales and transactions are conducted in cash. Banks, who indulge in managing pot business-oriented money are charged with money laundering. Hence marijuana dealers and traders are forced to use cash transaction mechanism. Cash transaction mechanism opens the door of tax evasion and unregulated flow of cannabis. Cash transaction worth 25$ billion is also a greater risk to the economy. Moreover, holding too much cash in hand is a risk too for traders in terms of legal regulations.
Cryptocurrencies here plays a major role in reviving the financial regulations for the growing cannabis industry. The trading based on cryptocurrencies can open a new door for the legal cannabis industry. A question arises in our mind, what is a cryptocurrency?
What is Cryptocurrency?
According to CoinTelegraph, Cryptocurrency is a virtual currency designed to work as a medium of exchange. Cryptocurrencies use cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Most cryptocurrencies use a revolutionary technology called blockchain to manage entire crypto trade network.
Here are some cryptocurrencies that are already making their mark in the cannabis industry.
PotCoin is an ultra-secure digital cryptocurrency solution for the $250 billion-dollar global cannabis industry. PotCoins are digital coins you can send via the internet, which allows cannabis enthusiasts to interact, transact, communicate and grow together.
HempCoin is a cryptocurrency operating on a lightning fast, decentralized, immutable blockchain. HempCoin was one of the first 30 digital currencies developed in 2014.
DopeCoin is a decentralized, digital currency and payment system similar to Bitcoin.
The CannabisCoin is a peer-to-peer cryptocurrency for the Cannabis Community. Cannabis has an instant real-world payments mechanism. Cannabis coin is also Dispensary Tested.
GreenMed was created to give choice to our patients. We have designed a unique online menu and mobile app to choose your favourite cannabis products, straight from your home.
ParagonCoin (PRG) is the cryptographic token used in the Paragon ecosystem. With PRGs, it’s possible to quickly, easily, and verifiably transfer funds B2C or B2B.
Tokes (TKS) is the native cryptocurrency of our payment solutions. Riding on one of the fastest blockchains, the Waves network, Tokes serves as the transactional token for our products as well as any tokenized applications we integrate or build into our ecosystem.
Growers International ($GRWI) offers unique new technology, products and services for legal cannabis growers worldwide. It is built on unbreakable encryption to provide the growing community with an unparalleled resource for buying, trading, sharing and learning on their own blockchain.