Medical Marijuana legalization is spreading rapidly across the United States and the globe. Medicinal marijuana is now legal in 29 states plus the District of Columbia, and recreational use is legal in nine states plus D.C. Public opinion about marijuana is changing too. Sixty-four percent of Americans, including people with both liberal and conservative political opinions, support medical marijuana legalization. The growing amount of evidence that shows how the cannabis substance can treat a wide range of medical conditions is likely playing a large role in causing this global shift. Things seem to be looking up for the medical marijuana industry.
One solution the medical marijuana industry is currently trying is the use of cryptocurrencies such as Electroneum, as well as pot-specific currencies, to facilitate transactions.
Why Is the Marijuana Industry Using Electroneum Cryptocurrency?
Because marijuana is still illegal on the federal level, despite being legal for medical use in more than half of states, most banks will not conduct high risk transactions with medical cannabis enterprises. The number of banks that allow high risk merchants are growing and is estimated to now be around 550, but the weed industry is locked out of using the majority of financial institutions, especially the big banks.
Because dispensaries don’t have access to bank accounts, they don’t have many merchant processing services most other businesses rely on. There’s no store identification for a dispensary like there is for other types of enterprises, which means they can’t accept debit cards or credit. It’s also very difficult for marijuana entrepreneurs to get bank loans to get their companies off the ground, and youbcan’t start lines of corporate credit. Medical marijuana enterprises are often even unable to access basic banking services, like opening a simple checking account.
Ditch-it powered by Electroneum teams up with medical marijuana dispensaries in Las Vegas, NV so they can start selling fater with Electroneum. When you take a payment with Electroneum, you get your money in your wallet in seconds. No more one to two business days. Unlike many other payment processors, this comes standard—no extra fees required.
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