Crypto cannabis takes off as US becomes more cannabis-friendly

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Tokes and PotCoin are developing a new solution that will help the cannabis ecosystem grow

On the heels of the November 3 elections in the US, which brought us a new President and administration, voters in five more states have elected to ratify marijuana legalization in their states in one form or the other. One segment of the cannabis industry which has flown under the radar is the crypto-cannabis business up to this point. However, when the US House of Representatives passed a bill calling for the federal decriminalization of cannabis, the world did sit up and take notice, including two major crypto cannabis brands, Tokes and Potcoin, which just announced a collaboration in light of the increasing acceptance of cannabis in the US.

The cold hard facts are that the House-passed bill must now go over to the US Senate where consensus tells us that there is little chance for bills’ passage in that chamber. One persistent problem that the cannabis industry has come up against too many times in the past is banking. Most banks today want nothing to do with what they still see as drug money and fear reprisals from the FBI, the Internal Revenue Service and others. Therefore, it has often been difficult or impossible for operators in the industry to get even a simple checking account in many cases.

The new deal between Tokes (TKS) owners Multichain Ventures and PotCoin (POT) is set up to address some of these concerns by empowering PotCoin as a primary channel partner for the ‘wider cannabis industry- supplying merchants with point-of-sale software, eCommerce storefronts, mobile applications, and supply chain visibility tools,’ all of which were originally developed at Multichain Ventures.

With cryptocurrency as the payment methodology driving the sector, Multichain Ventures CEO Michael Wagner says that his vision for the future will see “ubiquitous deployment of Multichain’s existing financial services suite to a global, industry-agnostic audience of early adopters interested in participating in the blockchain and cryptocurrency ecosystem.”