Bitcoin and Legal Marijuana

[krishnapramod]

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/

[Kakmakr]

The same thing happened with Backpage a while ago, when some payment services stopped payments for this site. < Classifieds > So Bitcoin stepped in and provided a alternative payment option for people to continue as normal. https://news.bitcoin.com/paxful-boarding-new-bitcoin-buyers/ Paxful was one of the services that stepped up and helped people to continue doing business, when all other options was closed to them. ^smile^

[slackcryptoz]

Even after states legalizing marijuana banks objecting the payment is simply a bad decision. Also the same has paved path for the users towards bitcoin for their requirement because the banks were unable to fulfill the legalized necessity. The same will help in the growth of bitcoin, though it's related to darkweb.

[Iranus]

Lovely to see another ICO to fill the gap of cannabis-related coins.  I was getting worried that PotCoin and MarijuanaCoin wouldn't be enough to satisfy all those merchants that sell weed and nothing else (almost none of them), and who love tiny coins with no liquidity or security (none of them).
Bitcoin is there for people who can't use the banking system, are against it or a few other things.  If marijuana is legal, the main appeal of Bitcoin will just be to people who already know about it or deal with other drugs using it.

[meliodas]

Nothing new in marijuana legalization in the other states in the america and some country in the world,bitcoins on the other hand may get more time to get legalize becuse of the current financial system in our government.I tjink it will be harder than marijuana getting legalize alll over the world

[iamTom123]

I am more in favor of the medical marijuana as it is almost proven that marijuana extract without that hallucinogenic properties can help people (especially kids and maybe old people) to deal with many medical challenges and to control or manage pain.

Right now, there are many studies confirming the validity of the use of hemp and how they can come up with products which people can use everyday over the counter.  There is a big market for this side of the marijuana equation and this is more noble.

We already witnesses how Bitcoin and other altcoins (like Monero, Potcoin, Cannabiscoin, HempCoin) come to the rescue when banks closed their doors for this fledgling industry. And indeed this is just the start...when hemp will continue to boom in the coming years expect more and more cryptocurrency start-ups to focus on this big market.

As they say, where there is money expect more people to come in bringing with them better technology and infrastructure.

[The Sceptical Chymist]

I am more in favor of the medical marijuana as it is almost proven that marijuana extract without that hallucinogenic properties can help people (especially kids and maybe old people) to deal with many medical challenges and to control or manage pain.

Right now, there are many studies confirming the validity of the use of hemp and how they can come up with products which people can use everyday over the counter.  There is a big market for this side of the marijuana equation and this is more noble.

We already witnesses how Bitcoin and other altcoins (like Monero, Potcoin, Cannabiscoin, HempCoin) come to the rescue when banks closed their doors for this fledgling industry. And indeed this is just the start...when hemp will continue to boom in the coming years expect more and more cryptocurrency start-ups to focus on this big market.

As they say, where there is money expect more people to come in bringing with them better technology and infrastructure.

Yah, it's a fantastic drug, no doubt.   I know a guy who swears it helps his diabetes.   Lol

Banks will come around to supporting drugs eventually, when it becomes obvious how much money they're giving up by not doing so.  It's a similar fight with kratom, which is another amazing plant with medicinal properties.   Credit card companies don't want anything to do with processing payments from kratom dealers.

[kuyaJ]

Marijuana is a kind of medicine but i don't know why some country fight that it's illegal. Marijuana can save life, it can use in dangerous kind of cancer and some scientist prove it so why other country like Philippines didn't use it as medicine.

[DoublerHunter]

Cannabis and bitcoin is like the same because some of the people in the world hate it because of the possible bad effects that will receive of its users and as well as marijuana but i think if they will just study hard about these two things then they can easily understand what are we trying to point out here and that is they are both good for us and we should accept and don't complain anything because we should try it first before saying something.

[cafucafucafu]

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/

I think that the banks not supporting marijuana trades even though it is fairly legalized right now is a mistake for them. The global legal marijuana market is expanding fast as people start to realise that the image associated with weed is oftentimes misleading.

There are altcoins that support the legal and medical marijuana industry, however a lot of them are simply used for pumping and dumping. So the fluctuations that they bring to the sellers will simply be unusable. Weed is sort ofa commodity, and selling anything that can be resold easily on the streets for credit cards is a high risk. And the fact that they mention people who use credit cards to purchase generally purchase more is extremely alarming to me.

If bitcoin can be accepted in major dispensaries across the US then i would think that it would not only benefit the sellers and buyers themselves as it adds a layer of anonymity, convenienc and security, it'll also promote legal bitcoin usage in a far wider scale.

[Klausi]

Cannabis and bitcoin is like the same because some of the people in the world hate it because of the possible bad effects that will receive of its users and as well as marijuana but i think if they will just study hard about these two things then they can easily understand what are we trying to point out here and that is they are both good for us and we should accept and don't complain anything because we should try it first before saying something.

I don't believe that some people hated bitcoin and it's certainly a rumors, because those you are mentioning they hate bitcoin is those who are lazy guys that don't work hard to earn bitcoin. Cannabis compared to bitcoin is totally different due to it's an addictive type of herbal plants property used as downers being abused by african people, and the effect is not good to users who depend on it. While we define bitcoin to be legalized, I think it must be done in the future rather than addictive drugs to be having sense compared from marijuana. Bitcoin is a sustainable currency which can be a source of living for people who invest using this type of currency.

[Shenzou]

Well if you have ever took a look at the dark net you will defintly see that lost of the things that are sold their are drugs, so wether or not marijuana is gping to be legal it is already sold for bitcoin, because bitcoin has an anonymmity involved into it so there is no way that you could be tracked down, however making marijuana leagal will enhance the use of bitcoin by the providers.

[Lieldoryn]

Cannabis and bitcoin is like the same because some of the people in the world hate it because of the possible bad effects that will receive of its users and as well as marijuana but i think if they will just study hard about these two things then they can easily understand what are we trying to point out here and that is they are both good for us and we should accept and don't complain anything because we should try it first before saying something.

I don't believe that some people hated bitcoin and it's certainly a rumors, because those you are mentioning they hate bitcoin is those who are lazy guys that don't work hard to earn bitcoin. Cannabis compared to bitcoin is totally different due to it's an addictive type of herbal plants property used as downers being abused by african people, and the effect is not good to users who depend on it. While we define bitcoin to be legalized, I think it must be done in the future rather than addictive drugs to be having sense compared from marijuana. Bitcoin is a sustainable currency which can be a source of living for people who invest using this type of currency.

Bitcoin is hardly a stable currency, but that's not important right now. Stating that due to the bitcoin funded by drug trafficking, weapons and terrorism is just an attempt by rivals to weaken his position. Dollars are funding a lot more bad things and nobody talks about it. The dog barks, but the caravan goes on!

[Ryan Dugan]

If you guys want to support a decent cannabis coin then support 420g ganja coin. It actually has a grow behind it and there are pictures.
There is also a shop. Here is the link to the Ann:

https://bitcointalk.org/index.php?topic=1779543.0

[Kotone]

Cannabis and bitcoin is like the same because some of the people in the world hate it because of the possible bad effects that will receive of its users and as well as marijuana but i think if they will just study hard about these two things then they can easily understand what are we trying to point out here and that is they are both good for us and we should accept and don't complain anything because we should try it first before saying something.

yes, i dont know what to answer but, i dont want to link bitcoin in marijuana. because other people are thinking that bitcoin came from the bad things especially in the deep part of internet and sometimes i think its true but the thing is , the reputation of it will be decrease because many people in this earth doesnt believes in marijuana as a cure, more many people are not believers. so i dont want to link it to each other.

[OROBTC]

...

There might be a GREAT business opportunity for someone who has lots of BTC and is well connected locally with his/her BTC community.

YOU might offer to take the MJ business's cash for BTC, or vice-versa.  Creative minds might find profitable opportunities here...

[YuginKadoya]

I am more in favor of the medical marijuana as it is almost proven that marijuana extract without that hallucinogenic properties can help people (especially kids and maybe old people) to deal with many medical challenges and to control or manage pain.

Right now, there are many studies confirming the validity of the use of hemp and how they can come up with products which people can use everyday over the counter.  There is a big market for this side of the marijuana equation and this is more noble.

We already witnesses how Bitcoin and other altcoins (like Monero, Potcoin, Cannabiscoin, HempCoin) come to the rescue when banks closed their doors for this fledgling industry. And indeed this is just the start...when hemp will continue to boom in the coming years expect more and more cryptocurrency start-ups to focus on this big market.

As they say, where there is money expect more people to come in bringing with them better technology and infrastructure.

Yah, it's a fantastic drug, no doubt.   I know a guy who swears it helps his diabetes.   Lol

Banks will come around to supporting drugs eventually, when it becomes obvious how much money they're giving up by not doing so.  It's a similar fight with kratom, which is another amazing plant with medicinal properties.   Credit card companies don't want anything to do with processing payments from kratom dealers.

Well I am one off those who is not against Medical Marijuana because it can cure illnesses such as Cancer, Epilepsy, Multiple Sclerosis, Alzheimer’s Disease, Attention Deficit and Hyperactivity Disorder or ADHD that is why it is surely convenient for people that has or if a member of the family have these kind of illness and the herb is legal in that country,

but we can not take out the bad side of marijuana because many people are getting addicted with it and we can not surely take a reason that marijuana can surely cure some of the illnesses because you can really get addicted with it, it is like a multipurpose thing there is a good and bad side to this and I think it can surely be OK if it stay illegal, but I think a doctor can surely be the one that can surely sell it to the patient, or it can be a prescription drug so that the one that is truly needing it the most can be the one that can actually can buy them from the drug store, well marijuana can surely be illegal and if the police would caught you, you can surely show the prescription the doctor has gave you or maybe you can register a sick person so he can have a waiver in having that kind of drugs just like the persons with disabilities, or a senior citizens ID that can be shown so they can have a discount on something, just like that I think we can surely have an ID for the one that needed that type of a drug, well that would surely be my opinion in the matter.

[ViceOfBTC21]

...

There might be a GREAT business opportunity for someone who has lots of BTC and is well connected locally with his/her BTC community.

YOU might offer to take the MJ business's cash for BTC, or vice-versa.  Creative minds might find profitable opportunities here...

I agree. Legal weed and bitcoin makes people less afraid than paying with cash. It may make people feeling safer when buying with Bitcoin.

[bryant.coleman]

If I am not wrong, when Bitcoin was legalized in Colorado, some of the marijuana vendors had approached BitPay to process their payments. They were facing a lot of difficulties, as the banks were refusing to open savings / current accounts for them. So they had to keep all the cash with them in the physical form, which is very risky. They went to meet the BitPay guys, but after a short meeting BitPay rejected their request. I don't know what happened after that.

[mercuriusrevolution]

I believe as legality of weed increases in the states, bitcoin will be less relevant. Most prefer the trusty USD if given the choice (legally of course)