Bitcoin Is Helping the Pot Business Get Over Its Banking Problem
- Digital currency lets marijuana buyers pay with credit cards
- Cannabis sellers find solution to problem of too much cash
Looking for a Bubble in Bitcoin's Recent Bounce
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Cannabis companies are turning to the world’s most popular digital currency in an effort to get rid of all that cash.
The inability to access traditional financial institutions is one of the marijuana industry’s biggest impediments. Legal cannabis was a $6 billion industry last year and is expected to grow to $50 billion by 2026, according to Cowen & Co. But because pot is illegal under federal law, big banks and credit-card companies steer clear. That’s forced most merchants to accept cash only, a logistical headache and constant security threat.