Have you ever wondered why you can’t use your credit card at a collective? The answer is easy--although cannabis is legal for medicinal use, in California and a few other states, federally it is still illegal. Banks operate federally. One of the biggest inconveniences for running and maintaining a collective is not being able to have a bank account. Not only is it an inconvenience when shops are trying to order products or pay social media platforms, to name a few, but it’s also an inconvenience for patients who have to carry cash on them or use the nearest ATM for a $2-$5 ATM charge.
Inconvenience isn’t the only issue when it comes to not being able to have a bank account, it also leaves shops in a very dangerous place. Most people at some point in their lives have seen those classic movies with thugs robbing banks in broad daylight, and the reality is this is something that happens to a lot of collectives because they are vulnerable. For this reason most shops are equipped with cameras, security alarms and of course an armed guard.
The Medical Cannabis industry is set to reach an estimated $6.7 Billion in total revenue this year alone. Many out there believe that Bit coin could be a temporary solution to the problem at hand. Bit coin is not something that falls under any governmental authority and therefore would not be affected should the law change. Dispensary owners could deposit their mounds of cash at Bit coin ATMs but, the ideal solution would be for all patients to also use Bit coin; however, that would require having to teach patients to use Bit coin accounts. So what is Bit coin? Bit coin is a digital currency in which encryption techniques are used to transfer funds from one account to another and is not owned by any bank. Are patients ready to change their banking methods and learn a new way of handling their cash? I’ll let you decide.