Cryptocurrency and cannabis can walk hand-in-hand
Cannabis and cryptocurrency are similar in several ways. They’re both still viewed by many as outcasts and they both have limited federal oversight. Where they truly match up is with the money. Both are extremely popular, with millions of dollars being poured into both industries.
The cryptocurrency and cannabis industries also have difficulty being accepted by banks. This obstacle makes them a perfect match. Since the cost of opening a dispensary can be expensive – some say it can cost as little as $250,000 or as much as $750,000 – entrepreneurs wanting to capitalize on marijuana’s popularity are having a difficult time securing financing. They’re turning to private investors to quickly receive an injection of funds that will help them grow their business.
Cryptocurrencies are increasingly seen as a way to invest in fields that traditional finance institutions won’t touch. According to the co-founder of the Future Money Trends newsletter, Daniel Ameduri, “Blockchain can unclog the backflow of capital that wants to bank the cannabis industry in the states that have legalized cannabis. It also speeds up the payment process, in that large amounts of capital can be sent instantly, rather than waiting multiple business days for payments to clear.”
Because both marijuana and cryptocurrency are still relatively young, regulations will more than likely be introduced that can affect one or the other, or both simultaneously. With Canada now having approved recreational marijuana use, and the U.S. more than likely close behind, now is the time for the industries to partner up to help them mutually grow and mature.
