It’s not often that a bright and enthusiastic new industry is founded on the backs of a bunch of ageing criminals who want to get rich quick. That’s the situation we find ourselves in with the blossoming world of crypto, which is based on the idea that the internet has become a giant global casino, and by using mathematical algorithms and encryption they can convert everything from game tokens to social security numbers into digital assets that can be traded and used to make money.
Meat is an important part of life, and we all rely on it to provide nutrients, energy, and to give us the sense of satiety we need to be healthy. At the same time, it is often associated with negative connotations that are based on myths, like the one about how meat leads to cancer. In recent years, there have been significant improvements in the way people are eating meat, with developing countries like China and Brazil becoming an important source of demand. This has led to a rapid increase in imports of grass fed meat from the United States, Canada, New Zealand, and Australia, and a corresponding increase in prices. In response, some countries have banned the import of grass fed meat, such as China and Brazil,
While most of the world’s governments around the world have been slow to come around to supporting or even acknowledging the benefits of Blockchain technology, there are a handful of government entities that have embraced the revolutionary technology for public good. In Colorado, the Department of Revenue has utilized blockchain technology to identify marijuana-related crimes and recover associated funds.
Since the advent of altcoins, the crypto space has seen many miracles and unexpected events. Smart contracts, the grid, DeFi, scams, bubbles and failed projects are just some of the more obvious examples. Amidst this excitement, an interesting concept emerged: The cannabis crypto-currency.
Some see these tokens as a potential solution to the cannabis industry’s banking problem, which stems from the fact that the DEA’s outdated Schedule I status for marijuana as a controlled substance makes it impossible for the entire industry to access banking institutions, essentially forcing cannabis businesses to operate outside of insured banking systems.
As such, many are wondering if cryptocurrencies could be the solution the industry is looking for. Maybe it’s a way around the conventional banking system without federal law?
Crypto-currency and cannabis
The relationship between cryptocurrencies and cannabis is currently in its infancy, but is likely to evolve and flourish in the near future as cryptocurrency adoption and technology improve.
When looking at cannabis-related crypto-currencies, the best known right now is POT Coin (CRYPTO: POT), a low-frequency altcoin that saw a huge inflow and reset after Dennis Rodman wore a POT t-shirt to his now-famous public meeting with North Korean leader Kim Jong Un. Although the T-shirt, as well as the meeting itself, caused an international stir, this appearance never made sense for a financial instrument intended to be used as a long-term currency. It is currently ranked at #1135 by CoinMarketCap.
The biggest challenges for cannabis tokens are adoption, market capitalization and targeting. Instead of bringing new technologies and innovative offerings, these cryptocurrencies are missing the problem facing the industry.
They also fail because cannabis cryptocurrencies do not offer innovation in their technology and are limited to one sector, which limits their potential market reach. The currency must be widely used and desired to be accepted by listed companies.
The fact that they are publicly associated with cannabis is not enough. The problem is that altcoins cannot be distinguished from other coins. Most companies prefer ETH, BTC, BNB, USDT or any of the top 25 cryptocurrencies.
It would be unwise for a cannabis company to rely on any of the existing cannabis cryptocurrencies.
We asked Tyler Boyerlein, Chief Revenue Officer of Hypur, why his company doesn’t use cryptocurrencies in its daily financial transactions to bypass the banking system.
Combining a highly regulated product with another highly regulated sector is not the best option for banks and regulators. A company’s reliance on cryptocurrencies can have a negative impact on its financial performance because of its many potential consequences. They may face unpredictable fluctuations in value, higher tax liabilities and even the loss of business accounts or banking partnerships, Boyerlein told Benzinga.
It is probably much riskier for businesses to use cryptocurrencies to bypass traditional banks. Cryptocurrencies must actually be held at a bank, as the funds linked to the digital assets must eventually be converted into traditional currency. Moreover, contrary to popular belief, the vast majority of legal cannabis businesses are banks anyway.
What about the future?
One possible way for the industry to adopt a particular blockchain-based token could be to establish strategic partnerships with companies that have a good reputation. This makes the token more stable and makes it easier for small businesses to adopt. Otherwise, companies are more likely to choose non-cannabis tokens or other financial instruments.
Blockchain technology also allows cannabis producers to accurately track the production process from seed to sale, allowing customers to benefit from quality control and vigilant product oversight.
Until central banks start tokenize their currencies, I think the so-called stable currencies have a chance to gradually integrate into international trade transactions because of their convenience, speed and cost savings, Franco Amati, co-founder of the NGO Bitcoin Argentina and Signatura, said in an exclusive interview with Benzinga.
As for the rest of what we call crypto, the technology will continue to evolve, but it won’t stop being a niche tool anytime soon.
Until someone finds a way to revolutionize the market, cryptocurrencies for cannabis will remain impractical for the industry. Still, pharmacies would be wise to offer cryptocurrency payment methods to customers who want to follow this financial trend.
Unlike cannabis, which has been used since the dawn of civilization, cryptocurrencies are new to humanity. As it evolves and develops, it will undoubtedly deepen its connection with the cannabis industry. For now, traditional financial services remain the best option to provide what the industry needs. So cash is still king when it comes to selling cannabis.While your average person doesn’t use currencies to buy and sell weed, blockchain technology has begun to permeate the cannabis industry in recent years. Now, these two burgeoning industries are beginning to combine in a way that could have a major impact on the way we buy weed.. Read more about cannacoin price and let us know what you think.
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