NetworkNewsWire Editorial Coverage: The cannabis market in the U.S. and worldwide continues to grow, but that doesn’t mean everyone is open to the idea of legal marijuana. The banking industry is one example, as the Federal Deposit Insurance Corporation (FDIC) has generally been unsupportive of backing cannabis-related investments. Since marijuana hasn’t been legalized at the federal level, most banks are hesitant to have any part of the $6.7 billion marijuana industry. While many industry experts expect this stance to change amid growing support for a bankable marijuana industry, 70 percent of cannabis companies currently operate without access to a corporate bank account. Industry innovators are gearing up to fill this payments gap, however. SinglePoint, Inc. (SING) (SING Profile) recently announced an alternative payment solution in partnership with First BitCoin Capital Corp. (BITCF) to develop a bitcoin payment solution for the marijuana industry. Other major players on the rising bitcoin market include price-tracking Bitcoin Investment Trust (GBTC) and a growing number of retailers, including Overstock.com, Inc. (OSTK) and mobile gaming company Zynga, Inc. (ZNGA), that are currently accepting digital currencies.
A lack of bank support hasn’t deterred SinglePoint, Inc. (SING) from aggressively expanding its market reach to the 29 states that have legalized medical marijuana. Demonstrative of its insight into the opportunities afforded by mounting acceptance and legalization of marijuana, SinglePoint recently announced its partnership with First Bitcoin Capital (BITCF), a leading provider of…
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