THELOGICALINDIAN - US cannabis merchants could anon acquire a above new account to acquire payments application bitcoin which would abstain the federal ban on cannabis businesses application coffer accounts
Also read: Washington State Bill to Ban Bitcoin for Pot Fails
Funding Acquired
Singlepoint Inc.
is a about traded captivation aggregation based in Phoenix, Arizona, that focuses on accepting undervalued companies in arising markets, including cannabis. On Tuesday, the aggregation appear that it has bankrupt a $1 actor allotment accord with an institutional investor.
This allotment will advice abutting abounding accretion deals which are already in the pipeline, according to CEO Greg Lambrecht, abacus that “we accept abounding abstruse developments that are accessible to launch.” According to the announcement, several companies accept already been acquired in the cannabis industry and discussions are underway with alike more. In addition:
The administration believes that the basic aloft will accredit the aggregation to “move actual bound to advance a cryptocurrency band-aid and abide acquisitions in the cannabis space.”
Growth in the Cannabis Payments Industry
The cannabis industry has been growing rapidly as the acknowledged bazaar expands in the U.S. and Canada. In 2016, North American marijuana sales grew by 30% to $6.7 billion, according to Arcview Bazaar Research.
However, cannabis business owners in states that accept absolutely legalized marijuana still accept difficulties accepting payments due to federal law prohibiting banks and acclaim unions from demography marijuana money. “In Colorado, anybody complex with the state’s acknowledged cannabis industry has a cyberbanking problem. Businesses can’t get loans, barter accept to pay in cash, and accompaniment tax collectors are processing accoutrements of bills,” wrote The Pew Charitable Trusts aftermost year.
A cardinal of these businesses after turn to accepting bitcoin payments instead. In March, Bitcoin.com reported on fintech startup Posabit, which has been allowance dispensaries in Seattle acquire the agenda currency. This followed the State of Washington giving marijuana dispensaries approval to acquire bitcoin for cannabis sales. Payment belvedere Indospace has additionally been helping cannabis merchants acquire bitcoin.
Singlepoint’s Solutions for the Cannabis Industry
Singlepoint provides acquittal articles and casework for the cannabis industry through its subsidiary, Singleseed.
In January 2024, Singlepoint began alive on a bitcoin acquittal solution. Since then, appeal for bitcoin as able-bodied as its accepting as a adjustment of acquittal has developed significantly. The aggregation noted:
Singlepoint partnered with blockchain technology provider First Bitcoin Capital earlier this ages to break the acquittal problems in the cannabis industry application Bitcoin and blockchain technology. The brace will accordingly “develop a proprietary band-aid accurately for high-risk acquittal verticals including the cannabis industry,” the aggregation appear at the time, acquainted that this “will advice break the cyberbanking affair in the cannabis industry and added high-risk markets.”
The two companies accept planned four developments based on bitcoin, ethereum and blockchain technology. In addition, Singlepoint is additionally alive on a abeyant Initial Coin Offering (ICO) that “would abutment affairs on the blockchain accurately for cannabis and added high-risk industries.”
In Tuesday’s announcement, Singlepoint explained that it has been alive on award solutions for the cannabis industry for abounding years:
The aggregation is additionally planning to absolution a all-encompassing web development and online business band-aid for dispensaries. Some of the allotment aloft will be acclimated for an online business arrangement to drive barter to Singleseed, Tuesday’s advertisement revealed.
What do you anticipate about Singlepoint’s efforts to advice cannabis merchants? Let us apperceive in the comments area below.
Images address of Shutterstock, First Bitcoin Capital, Singlepoint, and Singleseed
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