Legalization of Marijuana in US can BTC help sell weeds?

[kanazawa]

It could be good to trade only inside US, like in netherlands, uruguay, etc. It will be great to trade marijuana globally and use Bitcoin as the trade money. Bitcoin is cool to don't pay tax to government, if legal marijuana would be traded like in many NL places it will be very helpful to the market. Hope many countries legalize it too.

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[franky1]

though i personally dont like drugs it has to be said

although a state may allow drugs to be sold by retailers legally[in certain states]. the bank is not state owned. most banks would still trat weed as illegal because their regulation is based on another state/nation/international law.

it has already been shown that weed retailers have had trouble getting access to a bank account due to the banks national/international AML/KYC policies.
http://uk.businessinsider.com/americas-marijuana-companies-cant-put-money-in-banks-2015-11

Though this is all completely legal [in state] revenue, most banks won't take cannabis cash.

That's because marijuana is illegal under US law, and banks have to comply with federal regulations. While it's possible for banks to accept pot cash without violating federal law, they have to take many additional steps to ensure they're in compliance.

Rob Rowe, the Vice President of the American Bankers Association, told the Huffington Post in April that if banks do choose to process funds from marijuana companies, and something turns out wrong, the bank will risk losing its charter.

For many banks, it's not worth it. Just 220 of America's 7,600 banks and credit unions accept money from pot businesses, Bloomberg reported in October[2015]. Effectively, this means legal pot is a cash-only business.

so bitcoin will actually benefit these weed retailers as a method to store value securely instead of hiding it under the mattress.

[Doamader]

If marijuana has become legal bitcoins wont be used for that purpose, im not saying bitcoin is used just for dark marketplaces, but several people does use bitcoin to purchase all kind of ilegal stuffs, i do believe now others countrie may follow such behavior, and who knows someday they legalize almost all the drugs ending the black market of it.

[franky1]

If marijuana has become legal bitcoins wont be used for that purpose, im not saying bitcoin is used just for dark marketplaces, but several people does use bitcoin to purchase all kind of ilegal stuffs, i do believe now others countrie may follow such behavior, and who knows someday they legalize almost all the drugs ending the black market of it.

bitcoins involvement in illegal usage/blackmarkets is less than 1%
in short. theres only a few blackmarkets but there are OVER 300,000 legitimate businesses

bitcoin moved away from the blackmarket dominance around 2012 and has gained more popularity for legitimate reasons.
EG banking the unbankable. international remittance. offering average people a sort of offshore trustfund without paperwork/consultation fees

bitcoin is not reliant on blackmarkets. just like the dollar is not reliant on detroit suburbs(fiat drug havens) or red light districts

[Wind_FURY]

Legalization of Marijuana could also be bad for Bitcoin because that is one less product that can be bought with BTC online at the darketnet market places. People will start buying it thru regular means once legalization starts.

You all have to remember that too much regulation also subsidizes Bitcoin because it is what the people turn to to make payments at market places which no payment processor or bank are willing to deal with.

[franky1]

Legalization of Marijuana could also be bad for Bitcoin because that is one less product that can be bought with BTC online at the darketnet market places. People will start buying it thru regular means once legalization starts.

You all have to remember that too much regulation also subsidizes Bitcoin because it is what the people turn to to make payments at market places which no payment processor or bank are willing to deal with.

what if i told you that yes one black-market wont sell weed for bitcoin..
but due to the banking issues of federal regulations..
http://uk.businessinsider.com/americas-marijuana-companies-cant-put-money-in-banks-2015-11

THOUSANDS of white-markets will sell weed legally and allow it to be paid for using bitcoin LEGALLY

[mlbs]

it is so unfortunate for the Bitcoin to be used for illegal activities. such as buying and selling in the blackmarket. but if the legalization of Marijuana in the US be impose,then this may bring some other side effects for the country. since if transactions are done through bitcoin, you no longer knew who you are transacting with. since theres no need to have personal information in sending or receiving money. what if the person you are transacting wont use Marijuana in a proper way. so how will the police trace that person right.

[Huge Black Woman]

Now that it is legal, bitcoin has no more role to play than it has in the sale of any other goods.
It might remove the middleman and save transaction costs, but nothing further.

What is you talking about?   There still is going to be a silk road for all them other drugs and there's still sex and gambling.  Put that all together in mama's cooking pot with hash brownies, and you got yoself a fine American stew.  God bless the weed.

[MONKEYJUNK]

I think the people use more bitcoin to buy seeds when marijuana was prohibited.

Now you can just buy with fiat currency in this states, don't know where the bitcoin can enter here.

[Leonard2016]

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

if Marijuanna were legal then you could buy it with fiat and legally with no problem, there would be absolutely no need for any use of bitcoin ar any of the cryptocurrencies for that

[QuestionAuthority]

It certainly helped Ross Ulbrich sell weed.

[Slark]

I hate drugs, but I am also aware of stupidity of current anti narcotics laws. Drugs black market is basically created by government.
Police is spending millions every year to stop drug gangs - with legalization of drugs war would be over. But people are too blind to see this.

About bitcoin and marijuana - I don't think how these two are linked and I would advise to not engage any Bitcoin<=>Marijuana trades.
We have enough bad press already.

[pooya87]

i suppose there will be not much change and there may even be a small drop in usage of bitcoin to buy Marijuana particularly! i say this because people usually seek other means of payment for drugs especially to keep their identity from being revealed and if it is legalized then there is no point in that anymore but there is still so many other things to buy!

[carlisle1]

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

if it's already legal in the US they don't have to use bitcoin in the help to buy or sell , it's like you are hiding or evading the law now that it's legal you can go buy it in person and I think there would some pharmacy or medical shops that would sell it for medicinal purposes . but still it is a good news for people who have a big expectation for cannabis to help them cure their illness .

[davis196]

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

It would be a great idea to to sell weed and accept bitcoin as a payment method.

I don`t know how many people who smoke marijuana use bitcoin.

I doubt that they are a large number.

[Kakmakr]

Bitcoins, unfortunately, is only used to buy illegal products (like darknetmarkets) and those who can buy it legally wouldn't choose bitcoins as a payment mode as they can buy it legally in dollars. I heard about marijuana being a beneficial medical drug but it's been misused too which again makes it legality a big question so I'm not sure why it's made legal.

You have this so wrong, it's not even funny. " Bitcoins, unfortunately, is only used to buy illegal products " WTF, so you are then just as guilty of this than the other people using this technology? I buy food and drinks with Bitcoin every day, and it contains nothing illegal. ^hmmmmm^

Those who can buy any product, can chose any method of payment they want to, and if Bitcoin has features that allow them to make this easier or more private, then they would opt to use Bitcoin.

[n0ne]

The voters as a part of the reform laws for Marijuana especially under the clause of recreational cannabis means a good business for those who accept to allow people purchase medical marijuana for Bitcoins. I was pleased to hear that the state committee members of North Dakota had decided to vote for it considering its treatment for cancer and epilepsy. With California Proposition 64 in place, I think several legal vendors selling cannabis would increase sales, at the same time accepting Bitcoins as a payment would instill growth in some way. I'm sure a lot of illegal drugs are sold in the dark net with the use of Bitcoins, but if a legal reason exists for those who are sufferers of such diseases, can purchase it legally from pot sellers with their ID and Bitcoins.

As mentioned sufferers of such worse diseases feel much difficulty on buying from dark net market, because finding someone trusty in dark net market itself really hard. Now legalization helps buying with ease and when bitcoin too gets accepted scams gets reduced.

[justdimin]

Marijuana has a long and sorted relationship with the American legal system. At the turn of the 20th century, cannabis was one of the nation’s top elixirs and cure-alls, but over the last couple of generations, laws and regulations have made it a legal nightmare. It is treated as harshly as heroine and accounts for a large chunk of America’s 2.5 million citizens in prison.

On Tuesday, in addition to Donald Trump’s upset victory, Marijuana was legalized for use in seven out of eight states there was a voting referendum (Arizona defeated it.) This is a good start, but that is only half the battle. Can Bitcoin help with what comes next?

The biggest problem here is as the marijuanna is legalized most people will not use it for the medical benefit but would rather abuse everything which will consequently lead to serious social vices. Using bitcoin for the transaction will help the a lot but we do not wish to see bitcoin use in a bad things.

[CoolJakeB]

The passage of legalization of Marijuana in many states will not have any effect on Bitcoin, unfortunately. The reason why many state governments decided to legalize marijuana, either for recreational use or medicinal use, is because they realize how big the business currently is, how many people use the drug, and how much money they can make by taxing it. If Bitcoin is not able to be taxed in the United States and the government can not get their share, it will not be widely accepted.

[South Park]

There are countries where marijuana is illegal and i think BTC can help play a role for buyers of weed in those countries .

Urgh. What the. Just because it's ok in the US, doesn't mean it's acceptable/legal everywhere else.   

If it's illegal in a certain country, then don't buy it. Even with btc. That's just asking to get caught. tsk.
For marijuana, since it's already beginning to be legal in the U.S. (@OP where's the link) , other countries might follow.

I don't think BTC is gonna help with this especially in the beginning since I'm pretty sure there'd be all sorts of identification/medical documents required for buying.

(I admit I haven't heard of these "legalization of marijuana" yet, or seen any news but is this legal for medical use only? or even for recreational?)

At least in California the vote was for the legality of recreational use of marijuana since medical use has been legal for quite some time already, but even before this there were a lot of people abusing the system for medicinal use.