SinglePoint and First Bitcoin Capital (FBC) signed a Joint Venture agreement to develop and distribute a proprietary payments solution which will allow large-scale, risk-free use of credit and debit cards within the Cannabis industry.

Although the buying and selling of cannabis for medical and recreational use have been legalized by State governments in several US states, payments are mostly still restricted to cash. US federal law, which states that ‘marijuana’ is illegal to manufacture, distribute, dispense, or possess, prohibits banks and credit unions from taking these proceeds and thereby prevents cannabis dispensaries from accepting payments through credit or debit cards issued by banks. Due to federal law, almost everyone in the Cannabis industry has a banking problem, cannot get loans, and customers must pay in cash.

SinglePoint and FBC aim to solve this problem by offering a custom payment solution that routes credit and debit card payments through bitcoin, using blockchain technology to eliminate banks from the process. They believe they have found a way to do this while keeping the customer experience unchanged at the point of sale when paying with a credit or debit card at medical and recreational cannabis dispensaries. SinglePoint already offers a tailor-made payment method for dispensaries called SingleSeed Payments which offers cashless ATMs, text message marketing platforms, and mobile payment platforms developed specifically for cannabis businesses, but it does not use Bitcoin or blockchain. The new solution will utilize the benefits of digital currency to build a foundation for convenient card payments with bitcoin.

SinglePoint, Inc is a company that develops and sells mobile business platforms and related business technologies. Its primary products allow businesses to accept mobile payments, conduct text message marketing, and host mobile auctions. SinglePoint has also recently forayed into the medical sector by creating a subsidiary that offers these technology