Bitcoin and other cryptocurrencies have changed consumer’s relationships to banking and money. In an interesting twist, the cannabis industry, which faces serious banking issues, is leaving its mark on the financial sector. Countries like the United States with banking restrictions and in some cases prohibitions for cannabis transactions have made it difficult for these very businesses to handle money seriously.
Most marijuana stocks have to resort to cash only transactions which present challenges for businesses and consumers. While some may view these challenge as a barrier to entry to the cannabis stock market, others have converted those challenges to produce innovative solutions for high-risk businesses like cannabis.
According to Cannabis Newswire companies are responding to this problem and “saving vendors from the need to operate exclusively on cash.” These solutions have changed how pot stocks handle their finances while impacting the financial community as a whole.
Cannabis Newswire reports that “[f]inancial services are undergoing a period of change as high-risk businesses, often excluded from conventional banking systems, search for alternative ways to process payments.” Check out these four companies who are redefining the way the cannabis industry banks.
SinglePoint Inc. (OTCQB:SING), is a “technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration.” The Arizona based company has been “aggressively seeking opportunities in the cannabis market” since 2014 according to the company’s website.
They recently announced that they “integrated a stand-alone point-of-sale terminal designed to give merchants the ability to accept Bitcoin as a payment option.” Customers can now “use their credit or debit card at the counter instead of through a web-based app” as announced by the company. The integration…