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We Implemented Cryptocurrency In Our Cannabis Business. Here's What We Found.

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We Implemented Cryptocurrency In Our Cannabis Business. Here's What We Found.

Will this be the rise of Bitcoin?

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Matt Aaron

Guest Writer

Co-Founder of Crazy Calm

March 24, 2020 5 min read

Opinions expressed by Entrepreneur contributors are their own.

If you’re a cannabis entrepreneur, you already know that banking and payment processing are major issues in the cannabis industry.

There are limited payment options if you sell CBD. It is magnitudes more difficult if you are selling THC-centered products.

RELATED: How To Guerilla Market Your Cannabis Brand

Last year, banking issues in the cannabis industry reached the national spotlight when NPR published the aptly-titled article “Bags Of Cash, Armed Guards And Wary Banks: The Edgy Life Of A Cannabis Company CFO”. 

Once (or if) you can find a bank to work with, your bank account runs the risk of being shut down at a moment’s notice.

Then, you face the challenge of payment processing. It’s more difficult for startups with no payment processing history to obtain one. And if a payment processor decides to ban you, your business will be left temporarily unable to accept credit cards. 

On top of that, processing fees in the cannabis industry are significantly higher when compared to traditional commerce. We are talking between 4 percent and 6 percent, triple the average of other industries.

A solution is on the horizon.

Enter Bitcoin

Source: https://www.greenentrepreneur.com/article/347739

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