More and more states might be legalizing cannabis, but until the federal government addresses marijuana prohibition head-on, dispensaries will continue to face issues when it comes to clean money. U.S. laws currently prohibit regular banks from getting involved with dispensaries. However, there’s a solution that involves the rise of cryptocurrency.
Per BeinCrypto, RocketFuel, a prominent crypto payment provider, is bringing a crypto payment option to dispensaries across the country. RocketFuel announced that qualified cannabis businesses will be able to offer crypto-payment solutions at licensed dispensaries and other types of merchants.
Generally speaking, RocketFuel is focused on providing incredibly tight security to prevent the breach of data. And, it provides even more security in the cannabis industry at large. The adoption of RocketFuel’s blockchain in dispensaries and cannabis-related businesses, like companies that sell child-resistant mylar bags, will help push out unregulated growers, wholesalers, and distributors from muddying the waters with illegal practices.
RocketFuel’s announcement certainly seems like it’s applying pressure on the federal government. Blockchain technology and crypto payments will certainly shift the industry for the better, especially since most dispensaries have relied on cash-only payment methods. Most marijuana shops have been left without options. Transitioning into e-commerce has been increasingly difficult for local shops during the pandemic because of the U.S. federal laws.
“RocketFuel’s payment solutions are a game-changer for the cannabis industry which has long been denied access to traditional banking facilities like opening businesses accounts and having access to credit/debit card facilities,” said Peter Jenson, CEO of RocketFuel. “The growth of cryptocurrencies, however, has leveled the playing field for the industry and has given the control of transactions to merchants who no longer have to depend on banks for handling their financial transactions.”
RocketFuel is hopeful about bringing its technology into cannabis as a way to decrease transaction fees and boost payment security. Not only will local brick-and-mortar stores be able to accept crypto payments from private wallets or exchange accounts, but blockchain technology will also be used to provide better and more secure online sales.