Cannabis Networks Engaging With Cryptocurrencies Have a Good Reason To Do So

With discounts offered for using cryptocurrency in cannabis communities, find out why Bitcoin may not be the best solution for the cannabis industry.

As the bond between cannabis and cryptocurrencies continues to grow, both seem to be feeding off one another. The result is exponential growth in both markets across the globe, with investors champing at the bit to get involved. This latest move by a prominent Israeli community-based cannabis market¹ hints at the real potential behind blockchain networks and the cannabis industry.

An Israeli Cannabis Network Is Accepting Bitcoin

Using the messaging platform Telegram, Israeli cannabis community “Telegras” will be accepting Bitcoin as a viable means of payment. In fact, they’re even going so far as to offer merchants discounts for using the payment method.

Telegram is unique because it offers an incredibly secure communication platform. Every message, call, or group is subject to end-to-end encryption, which makes it the ideal place for cannabis companies to conduct business without the risk of compromising the personal details of members. It’s unsurprising that Telegras has thousands of members. Telegras enables merchants to list their products and for prospective buyers to make contact, an act that is usually subject to attention from the authorities. However, a recent data breach resulted in much division within the community.

The Market Is Thriving

Decriminalisation of recreational cannabis is still a slow and arduous process, not least of all in Israel. However, like much of the world, legal cannabis production is experiencing a boom. A recent publication of forecasted figures² put Europe as the largest single cannabis market in the world by 2028. It will come as no surprise that other countries and continents are seeing the projected revenue and asking themselves how they could get a slice of the action.

To that end, Israel has seen a surge in agricultural companies and high-tech cannabis farms all focussed on creating a ready supply for worldwide pharmaceutical businesses.

Is Bitcoin The Answer?

The move by Telegras is yet another example of how blockchain payment solutions are filling the void in transactional exchange for the cannabis industry. A void still waiting to be filled by traditional financial institutions. Sadly for conventional banks, it looks like they may have missed the boat as cryptocurrencies offer a more practical solution. Although Bitcoin is a standardised choice in the crypto market, it is still not a very well-understood blockchain network, at least from a consumer point of view. Nor is it very easy for consumers and businesses to buy and sell with Bitcoin — not without first relinquishing large amounts of personal data like bank account details.

Why BitCanna Is The Better Solution

For communities like Telegras, or any cannabis community-based marketplace, BitCanna³ is the superior option. Rather than taking a cryptocurrency like Bitcoin and trying to mould it to the requirements of the industry, BitCanna has been built from the ground up with a straightforward mantra; it is a blockchain network powered BY the cannabis industry FOR the cannabis industry.

The BitCanna Alliance is a collective of e-commerce businesses, communities, and high street vendors who have all signed up to utilise the network. This way, consumers get incentives and rewards for using BitCanna as a payment method in each respective store. Bitcoin may, for now, represent a relatively stable cryptocurrency, but BitCanna’s custom-built toolset and intuitive features will undoubtedly overtake other crypto offerings in the cannabis industry. While the question of recreational legality in Israel has yet to be settled, one thing we can be sure of is that BitCanna provides a far more streamlined solution to the issues faced by communities like Telegrass.

References

1. Bitcoin.com. Largest Cannabis Community Market in Israel to Accept Bitcoin Payments. https://news.bitcoin.com/largest-cannabis-community-market-in-israel-to-accept-bitcoin-payments/

2. Prohibition Partners. 3rd Edition European Cannabis Report. https://www.prohibitionpartners.com/

3. BitCanna Homepage. https://www.bitcanna.io/


BitCanna will provide a Decentralized Payment Network, Supply Chain and Trust Network for the legal Cannabis Industry.

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Team with over 15 years of experience in the cannabis industry.

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10 International media partners
Supported by well-known international media partners.

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