Cannabis Entrepreneurs Should Use Bitcoin as Legalization Grows

This coming election, more states are set to join the legalized cannabis campaign, opting to regulating the flower like alcohol. Just recently, it has been announced that Arizona will be voting on legalizing the plant, with Massachusetts following suit. When all these states are flooded with businesses flocking to the “Pot Rush,” there will be an abundance of cash flowing through the states, creating all kinds of dangers. As we’ve said here before, bitcoin is the perfect answer to the cash problem.

Also read: Bitcoin is Not A Safe Haven and That’s OK

Cannabis Businesses Need a Bank, but With Bitcoin They Can Be the Bank

Even though states have legalized marijuana, the federal government has not, which makes banks very stand-offish towards cannabis money. This can be seen in Colorado at the moment, with the Federal Reserve letting smaller banks know they want nothing to do with this cash.

CannabisCannabis proponents in Colorado have tried with great effort to create their own marijuana-related credit union, but have failed time and time again.

Andrew Freedman, director of marijuana coordination for Colorado said last year, “We tried to do the most with the building blocks of instructions they sent

Read more ... source: TheBitcoinNews