There’s a recent article posted on the Cannabis Business Executive (CBE) called, “Is BitCoin an Answer to Marijuana’s Banking Needs? No Way, No How.” The opinion-editorial written by the author gave certain reasoning to why the digital currency was unfit for the marijuana industry. However, it seems the journalist also didn’t do his research like so many others before him.
Bitcoin and Cannabis
Unfortunately, in legalized states such as Colorado, banks are unwilling to take cash coming in from cannabis businesses. Financial institutions are scared to accept this money as it comes into these companies in large amounts. This is highly evident in the Netflix documentary, “High Profits,” where hundreds of thousands of dollar bills are awkwardly managed by businesses on film.
Unaccountability is the CBE author’s problem with Bitcoin being used within the marijuana industry. He explains, “I do not endorse BitCoin for cannabis