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Home 🌿 Marijuana Business News 🌿 Is BitCoin an Answer to Marijuana's Banking Needs? No Way, No How 🌿Is BitCoin an Answer to Marijuana's Banking Needs? No Way, No How
There has been quite an uptick in the discussion of BitCoin as an alternative to fill the banking need for cannabis.
I do not believe it is even a temporary solution to the problem.
Since Colorado created a “for profit” model for cannabis distribution, every aspect of this industry has been subject to invasive government oversight. “Seed-to-Sale tracking,” which I helped to develop, created a paradigm that uses technology to cover every movement of the plant on its way to market.
To add an alternate currency at the end of the transaction further muddles the legitimate sale of cannabis.
However since every state is legitimizing adult use differently, the potential need for an alternate currency exists, especially for the black and gray markets. BitCoin will not provide any protection from drug trafficking prosecution, or seizure, but is popular for exactly that.
Every dollar needs to be transparent and accounted for...
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