Bitcoin Is Helping the Pot Business Get Over Its Banking Problem

Cannabis companies are turning to the world’s most popular digital currency in an effort to get rid of all that cash.

The inability to access traditional financial institutions is one of the marijuana industry’s biggest impediments. Legal cannabis was a $6 billion industry last year and is expected to grow to $50 billion by 2026, according to Cowen & Co. But because pot is illegal under federal law, big banks and credit-card companies steer clear. That’s forced most merchants to accept cash only, a logistical headache and constant security threat.

Enter bitcoin, the cryptocurrency that consists of digital coins “mined” by computers solving increasingly complex math problems. More…

| Bloomberg

About Steve Mac Donald

Husband, Dad, Dog Lover, Blogger, (sometimes) Radio Co-Host, Free Speech Facilitator, Climate Denier, Gun Owner, info-junkie, ...
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