By: MJ Solutions Group – It’s highly likely that Bitcoin and other alt coins will soon solve the cannabis industry’s banking challenges.
And NO, we are not referring to the ability of marijuana consumers to visit their local dispensary and purchase their cannabis products via Bitcoin.
Rather, we foresee cannabis dispensary owners, growers, vendors and suppliers inserting cash into a Bitcoin ATM or collaborating with a crypto currency wallet holder to exchange cannabis earned cash for crypto-currency that can be exchanged as a store of value.
Already you can find Bitcoin ATM’s in many US & European cities. And, mobile “alt-coin tellers” are meeting with holders of Euros and US dollars to exchange cash for Bitcoin, Ethereum and Litecoin for a handsome fee.
If the US federal authorities do not enable cannabis oriented businesses to “bank,” then the creative, entrepreneurial cannabis and crypto-currency entrepreneurs WILL figure out a multitude of “workarounds” to solve their banking problems, pay their employees – in currency rather than cannabis – pay their taxes and move on to servicing their marijuana consumers!
Banks want to make money in the cannabis space! But the FED’s will not allow them to!!
Marijuana consumers are sick of going to their local ATM for cash to purchase their cannabis products. Even mobile dispensary cannabis delivery services [Example: CannabisCareClub.org] must rely on their medically approved, California state approved, cannabis patients to have cash ready when their medicine is delivered to their home! NUTS!!
Cannabis businesses must deal with hundreds of thousands of dollars in cash to pay their employees, their taxes, their suppliers, utility providers… RIDICULOUS!
So, cannabis patients are hassled and marijuana business owners can’t focus on their business; or pay the State, the IRS…
Frankly, SOLUTIONS EXIST TODAY.
ATM’s are available for crypto. Mobile wallets are available. Cash exchanged into Bitcoin is a reality.
Of course, the armored car servicing companies do not want this known! But, se la ve. Dispensary owners pay approx. 12% of their gross sales for cash protection services!
These cannabis cash solutions are evolving DAILY! For the latest developments, Reach Out to Us!
NOTE: THIS IS NOT ABOUT AVOIDING PAYING YOUR TAXES OR MONEY LAUNDERING! It’s simply a discussion of various solutions for cannabis companies to reduce their reliance on CASH TRANSACTIONS!!