Bitcoin and Legal Marijuana

[Chin Cheng]

Bitcoin does have a bad reputation for its connection with dark web, but on the other hand, legal marijuna is one of the fastest growing industries in the US and bitcoin becoming a part of this growth would definitely be a boost for it.

I am not sure about the rest of the news and how it will make a difference but one thing i know is that marijuana and cultivation of Cannabis plant in the legal states have become a multi billion dollar market and if bitcoin can make any difference to the billion dollar market then it will be a positive thing for the bitcoin industry because of the amount of investment coming into it.

[Reid]

But aint it going to look like more illegal?
We can't avoid the fact that parents are still not open minded with the marijuana thing. Adding the bitcoin recipe as a means of payment and transaction could lead to another problem right?
Two bad images for different people will make it explode.
Just saying. But I do vote for medicinal marijuana.

[audaciousbeing]

Cannabis for recreational (9) and medicinal purposes is legal in 29 states in the US, but the federal system still considers it as illegal and because of this pot industry is facing a crisis since banks have refused to offer their services to pot merchants. Marijuana sales totaled $6.7 billion in 2016 and the industry is expected to be worth $50 billion annually by 2026. Pot merchants are now opting to deal in bitcoins rather than cash and two startups, POSaBIT and SinglePoint have made this process easy. POSaBIT allow users to buy weed using bitcoin through their credit/debit card.

Trove Cannabis, one of the Washington stores using POSaBIT, sold $3 million of marijuana last year — in cash — and does close to 3,000 transactions weekly. Trove became a POSaBIT customer in February after being on a waitlist for six months, according to Yin-Ho Lai, Trove’s founder and chief executive officer. Since doing so, about 13 percent of customers have chosen to pay with credit or debit cards, Lai said, and those who do tend to spend more.

On the other hand, SinglePoint is working on blockchain technology to support cannabis transactions without much involvement from the banking system. They are also working on a potential ICO.

Bitcoin does have a bad reputation for its connection with dark web, but on the other hand, legal marijuna is one of the fastest growing industries in the US and bitcoin becoming a part of this growth would definitely be a boost for it.

http://www.thecannabist.co/2017/06/19/cannabis-industry-bitcoin-banking/81860/

The fact that the Federal government not legalising it does not mean they dont know the medicinal effect of the commodity but the issue of it getting into the wrong hands. Over here marijuana is also considered illegal as it causes more harm than good to the people who engage in its use without even understanding the basic facts about it. The excessive use of this has equally sent some people to the rehabilitation centres at the cost for government. I wont have any issues of it being bought using bitcoin but only if it can be regulated to only if its necessary in other to reduce social menace.

[olushakes]

Over here the set of people who uses marijuana have made everybody forget the fact that it can be used for medicinal purposes because they just continue to misbehave and that's why its frown  by the society over here. If it is illegal and its still causing much harm in our society, I wonder what will happen if its now legalized or can be gotten freely across the street or through bitcoin with some form of home delivery this will create more harm than good in the society.

[Flying Hellfish]

What most people forget is that weed in the US is not legal Federally.  Banks adhere to Local, State and Federal regulation. Dealing with weed vendors could open them up to Federal prosecution.  Exchanges would likely fall into the same category and any exchange dealing with converting "BTC from a weed company" to fiat could land them in a world of Federal hurt.

The risk/reward ratio for Banks and legitimate Exchanges just doesn't make much sense at this point.

When the Feds get off they're asses and smarten up I would expect the Banks and Exchanges to welcome those new clients with open arms!

The road from drug cartel to thriving new business customer is just a Federal bill away!

[CoinBimBop]

I would like to open a shop after January and if I am successful, I will accept bitcoin as payment.

[Wa(t)ch_night()]

I would like to open a shop after January and if I am successful, I will accept bitcoin as payment.

We must understand that no one can have problems due to the fact that unrealistic drugs are unrealistic for them. Therefore, Bitcoin users may suffer. I think that we should think about this issue.

[CoinBimBop]

I don't even know what you mean by that. But, I'm in a legal state & have plenty of connections to get me to where I need to be.