Why don’t more dispensaries accept cryptocurrency? Couldn’t that help with the whole all-cash, no-banking issue?
Cryptocurrency is one of several suggested fixes for the cannabis industry’s banking problem
, but it’s not a realistic solution for cashless dispensary transactions just yet. There are apps and services for retailers that convert dollars into cryptocurrency
, and at least one dispensary in Boulder, Helping Hands
, was accepting cashless payments that were later converted into Bitcoin, but there still needs to be a U.S. dollar involved at some point so that the state can count and tax the transactions.
Stop at your bank before hitting up a dispensary, unless you want to be stuck with ATM fees.
Cannabis businesses could theoretically convert profits into crypto instead of paying the fees that banks charge for serving a federally illegal industry, but with so many regulations and the looming prospect of federal legalization, most businesses prefer the traditional, more transparent route for now.
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