Banks, Cash and Apps for Cannabis Companies
Digital Currency for Marijuana Transactions
Bitcoin has been in the news lately, but have you tried cryptocurrencies?
Our Los Angeles marijuana lawyers have seen the development of a digital currencies that allow for an alterative way to pay for substances – legal or illegal.
The goal of this payment method is to provide a safe and secure cash alternative to industries that typically operate on a cash-only basis.
The problem for legal dispensaries has been that banks refuse to do business with them. This forces legitimate businesses to resort to large cash transactions, which are logistically difficult and more vulnerable to theft.
Two of the currencies are called DopeCoin and PotCoin, no ambiguity in the names. These currencies will be the first dedicated the business of the drug trade – these types of currencies would not be near as intriguing if the United States banking industry had not shunned legal marijuana businesses.
CanPay has introduced the first debit payment solution for the cannabis industry available to retailers and consumers in Washington, Oregon and Colorado. CanPay is currently used by 15 retail locations across Washington and Colorado, and available to retailers in Washington, Colorado and Oregon.
CanPay partners exclusively with a multi-state network of financial institutions that are banking the cannabis industry under compliance programs that meet strict federal guidelines, ensuring the continued stability and legitimacy of the company’s services.
With CanPay, cannabis retailers no longer need to hide the nature of their business in order to accept electronic payments. Instead, marijuana companies can enjoy the legitimacy that comes from doing business in their own brand name. CanPay eliminates the need for cannabis shoppers to carry large sums of cash into a store or use an ATM.
“CanPay is the future of payments for emerging industries, and is quickly becoming the preferred method of payment for cannabis businesses and banking institutions alike,” CEO Dustin Eide said. “As more and more states move to legalize medical and recreational cannabis within their borders, the time has come for a legitimate payment solution. With regulations being determined across the newly approved states, we will be expanding CanPay into each market in partnership with those institutions offering compliant banking to cannabis retailers.”
Digital Currency Regulation: What You Should Know
Whenever you buy cryptocurrencies from regulated exchanges, you should probably be aware of what they have to comply with when it comes to regulatory policy. Most Bitcoin businesses that buy and sell the digital currency must follow the rules their countries’ governments enforce. This includes the collection of certain data from marketing IPO’s and securities, Know Your Customer (KYC), and Anti-Money Laundering (AML) regulations. Understanding the requirements in your jurisdiction may give you an idea of just what you are dealing with when investing in digital currencies.
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