Ask anybody in the cannabis trade and you will hear some of the most unbelievable horror stories of police ‘raids’ and intimidation. It might rock your core set of beliefs about how the justice system actually works. For those who do venture into the marijuana biz, like the gold prospectors before them, you will most likely end up broke.
A Midwest dispensary owner (who we will not disclose) struggled to keep his operation afloat. Interference from law enforcement, city officials, state regulators and inconsistent farmers (bugs) caused most of his challenges. His largest problem was banking concerns.
Banking is the biggest hurdle for the cannabis industry. Merry Jane, a publication for the cannabis community recently reported how the Marijuana Policy Project (MPP), the nation’s largest marijuana legalization lobby group had their bank account shutdown by PNC Bank.
Fortunately for our struggling dispensary owner, he had found Ethereum as an alternative currency to park his money. Timing is everything. Ethereum went from $8 in January to nearly $360 this month. You do the math.
Cryptocurrency, like Ethereum, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Many speculate that digital currency could become an acceptable form of transaction for the marijuana industry. Some feel that digital currency is the future for all transactions, public or private.