How Cryptocurrency Takes Down the Cannabis Industry’s Biggest Barrier

Most people see the massive potential that the cannabis market offers. Yet, not enough people see the hurdles.

Yes, there are literally billions of dollars to be made. But handling those billions is emerging as a roadblock for small business owners and the investors that would back them.

For example, a very small number of banks are willing to do business with marijuana companies, and none of them are the major branches. This leaves the business owner with few options, and makes it nearly impossible to accept credit or debit cards.

Where do they turn? The smart ones turn to cryptocurrency.

Cryptocurrency and Cannabis Businesses

Cryptocurrency has really emerged as the answer to a lot of the major issues in the financial world today, and that is certainly the case in the young cannabis market.

An individual retailer cannot get the banking support or services that they deserve. Nor are they keen on keeping a large amount of cash on hand. That creates a number of issues for them, not the least of which is security.

This makes cryptocurrency and cannabis a natural fit. Cryptocurrency makes the cannabis industry more transparent and safer to operate, by taking cash out of the system. It also effectively decreases potential black market opportunities, while making legal compliance and taxation easier to monitor for regulators.

Cryptocurrency and Cannabis Buyers

So what’s in it for the buyer? Consumers will obviously save money and have a better buying experience. However, it goes much deeper than that. There is an opportunity to participate in an entire ecosystem.

For example, CannCo will offer a digital CannCoin wallet, which will be integrated into a dispensary finder application, as well as launched as a standalone app. Each wallet will be pre-loaded with an initial coin gift, more to be airdropped at a later date to help promote platform loyalty.

Users can add coins by funding them through any traditional exchange or personal bank account. They can also earn coins via loyalty rewards or be compensated through gamified achievements.

At the same time, geo-locating consumers will guide users to CannCo member dispensaries and sponsored brands.

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