Though some form of cannabis is now legal in 29 states and the District of Columbia, a lack of banking options for cannabis businesses in the United States continues to force marijuana merchants to rely solely on cash transactions. This inhibition has been a major obstacle for dispensaries and other cannabis-related businesses, but the use of bitcoin technology could be the key to overcoming the roadblock. SinglePoint, Inc. (SING) (SING Profile) has announced an initiative to develop a bitcoin payment solution for the marijuana industry, providing a much-needed financial transaction option and allowing cannabis businesses to accept credit card payments without the cooperation of banks or the FDIC. The growing popularity and acceptance of bitcoin is evidenced by the activities of companies like BTCS, Inc. (BTCS), Bitcoin Investment Trust (GBTC), Zynga, Inc. (ZNGA) and Square, Inc. (SQ) and further validates the wisdom of exploring bitcoin payment options for the cannabis industry.
Bitcoin is a digital currency through which funds can be transferred independent of banks and unregulated by governments. On April 1, 2017, bitcoin became an official payment method in Japan, with hundreds of thousands of shops expected to accept bitcoin in that country throughout…
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