Even the Weed Industry Isn't Safe From Automation
It’s no secret that cannabis has a cash problem. Even though pot is now legal in 28 states plus DC, banks and credit card companies are still wary of working with cannabusinesses since they traffic in wares that are illegal on a federal level. This means that nearly all cannabis-related businesses are cash only and must find alternative ways to store this cash if they’re unable to open up a bank account. But when you’re a $6.7 billion dollar industry, all that marijuana money isn’t exactly going to fit under a mattress.
The cannabis industry’s unique financial difficulties have created a whole micro-industry dedicated to creative banking solutions for pot brokers, which range from bank-to-bank phone apps to blockchain powered peer-to-peer transactions. The latest trend in this industry is the automated kiosk, which promises cannabusinesses and their customers transactional ease, while providing banks with a guarantee that these weed sales are legitimate...
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