How a Blockchain Startup Is Going to Free the Cannabis Industry from Banker Control
In states where cannabis has been legalized, dispensaries and retailers still operate in a legal gray area due to the federal prohibition of the plant.
One of the biggest issues faced by the cannabis industry is the fact that it is still strictly a cash business since they are unable to collect credit card payments and are blocked off from traditional banking. Cryptocurrency offers a great solution to these problems, and many cannabis businesses are beginning to adopt the technology out of necessity.
Since blockchain technology is still developing, the point of sale options for retail locations have been slim, but a new platform called Alt Thirty-Six is hoping to change that. This week, Alt Thirty-Six announced a partnership with the cannabis software company WebJoint, which they say will allow for more widespread cryptocurrency adoption in cannabis retail locations.
“Our goal at Alt Thirty-Six—to bring secure digital payment solutions to the cannabis industry—perfectly aligns with WebJoint’s innovative, cannabis-specific software technology. We’re thrilled to have the opportunity to partner with [WebJoint], providing more cannabis businesses with access to our platform and changing the way the industry as a whole handles payments,” Alt Thirty-Six CEO Ken Ramirez said in a statement.
WebJoint Founder and CEO Christopher Dell‘Olio said he believes that this could be the solution to the industry’s banking woes.
“We are excited to work with Alt Thirty-Six to solve a major issue that the cannabis industry has been facing for quite some time,” Dell‘Olio said.
“I believe this partnership will take cannabis tech to the next level and help all companies across the supply chain accept cashless payments. I have full confidence in Alt Thirty-Six as well as our WebJoint team to execute and offer a reliable merchant solution to our 200+ cannabis POS clients.”
WebJoint already provides services for more than 200 cannabis retailers in California, and it will soon be expanding into Arizona and Nevada. All of the locations that are serviced by WebJoint will accept cryptocurrency payments through Alt Thirty-Six.
AUTHOR BIOGRAPHY:
My name is John Vibes and I am an author and researcher who organizes a number of large events including the Free Your Mind Conference. I write for numerous alternative media websites, including The Free Thought Project @tftproject and The Mind Unleashed. In addition to my first book, Alchemy of the Timeless Renaissance, I have also co-authored three books with Derrick Broze @dbroze : The Conscious Resistance: Reflections on Anarchy and Spirituality, Finding Freedom in an Age of Confusion and Manifesto of the Free Humans
I just won a 3-year-long battle with cancer, and will be working to help others through my experience, if you wish to contribute to my medical bills, consider subscribing to my podcast on Patreon.
I never understood why cannabis businesses never started just taking cryptos directly from customers via tablets and smartphones? It's not exactly rocket science to setup a crypto wallet.
Because the middle part is easy. Its the ends that are impossible.
You have to pay suppliers and you have to pay employees/overhead.
I am sure, that in only a little while, all of those people will accept cryptos,
however, right now the stores need a way to convert a lot of cryptos to cash.
They could probably do some bang-up business with a bitcoin-ATM
Usdt conversion?
USDT is just another cyrpto currency.
Still needs to be converted to cash. And most businesses (suppliers) will start accepting bitcoin before they ever do USDT.
And, if that all it took, Bitshares was way ahead of them.
Absolutely, very well said. Personally i think this summer will be interesting to see how many move over to the crypto side in one form or another as credit dries up and fiat fails. Good vibes your way 👊
My biggest bet, (ray of hope) is that chinese companies will be more than joyous to accept bitcoin for chinese manufactured goods. And then, so much hassle for importing is removed. And, it can quickly go, end-to-end crypto transactions.
Exactly. It streamlines everything. Thats one of the biggest differences ive noticed with crypto versus traditional proceedures.
it's pretty hard to do when you are high
I talked to the dispensary I goto the other day, and they said that its because they arent allowed to use banks at all, and they need to buy their flower with cash, so they arent sure how they would be able to turn crypto into cash without a bank
paying for trees with crypto is the future for sure
Very cool! Thanks for the heads up!
it is still strictly a cash business since they are unable to collect credit card payments and are blocked off from traditional banking thanks to Obama's Operation Choke Point. It's nice to finally have a forum where mentioning Operation Choke Point does not get my post deleted. Thank @ned for Steemit!
Always good to see the use of crypto being expanded.
I guess they will accept cryptos like btc, and ltc?
It would be cool if they accepted steem :P
Thanks for the post! Followed, upvoted :)
Well let's hope it's gonna happen! Cannabis industry needs it badly!
Thanks for taking time to make this post, Sir. I am new your followers :)
This sounds like the key ingredient to the success of it... i think it will be huge!
Great article and thank you very much for sharing. Im thankful to see a positive solution for this problem that has plagued the industry since 2012 after going rec. As a newb to the block chain but am learning at every moment possible and am excited to see what this paradigm shifting gift does to the world. Cheers steemiams. 👊🍻.