What’s the buzz about Cannabis Companies turning into Cryptocurrencies. Well, let’s get everything clear here in one place. Is turning into Cryptocurrencies wrong? What’s this buzz all about. `Is there something illegal going on? You will have all your doubts cleared here. Read the full article here to know what’s actually happening.
So let’s begin!
What’s the Buzz?
So let’s begin with what’s creating the buzz. So actually what’s going on is Cannabis Companies choosing crypto over banks. As we all know a company needs to have its banking needs. But since the banks do not have a safe feeling for them, they aren’t allowing it. So now the Cannabis industry is heading to Cryptocurrencies to fulfill their needs. Now, this created a whole lot of chaos. Banks are also getting insecure about this. This may become a step of the overpowering banking sector.
What are Cannabis Companies?
So basically they are the ones dealing with Marijuana. That’s why the banks do not want to have hands with them. Remember that federal law still prohibits the sale and distribution of marijuana. However, the local legislators have different opinions on that.
Medicinal cannabis is now legal in 36 states. Also that now 17 states have allowed recreational use of it. This makes it have a little bit cleaner look too. But still, banks are not very convinced to have business with them.
Why Crypto over Banks:
Well, there are some major reasons why they chose Crypto. Investing in Crypto and dealing with them can be beneficial for them. Cannabis companies know this thing and that’s why they’re making calls. Let’s get a deeper knowledge of that now. Here are the reasons to chose Cryptocurrency over banking.
Three big reasons are – Cashless transactions, Transparency, and Low fees. Firstly since these Cannabis companies have high payments in cash, that’s trouble. The Crypto world solves the first problem right there.
Secondly, the level of transparency and low fees is unmatchable. Everything can be at your fingertips. Also, it will give companies international exposure. We all know about the trend of crypto today.
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