The US cannabis industry is growing by leaps and bounds. Certainly, with regulations easing on the cannabis industry, it has enjoyed a massive surge of investment. However, in facing the enterprising burst of growth the US cannabis industry is enjoying, there have been some challenges.
As a matter of fact, traditional payment processors like credit card companies, as well as banks, are reluctant to offer services to cannabis dispensaries. Nevertheless, when a door closes, another opens. That is the cryptocurrency door opening for the medicinal plant industry. Specialized ICO projects, themed altcoins, as well as a diversity of cryptocurrency projects are setting up camp industry-wide to fill the payment void.
Virtual Crypto Technologies Ltd. (VCRP) Leading the Way
Moving on, one of the leading crypto ventures to set sight on the cannabis industry is VCRP, which stands for Virtual Crypto Technologies Ltd. (OTCQB: VRCP). Based in Israel, they develop Bitcoin (BTC) ATMs, as well as cryptocurrency point-of-sales systems. VCRP has voiced its ambitions of building a proprietary cryptocurrency payment solution primarily dedicated to the industry of this wonderful plant.
This special payment solution has its release slated for the fourth quarter of this year. With this infrastructure in place, authorized US dispensary operators can easily exchange their products for coins. According to the purported design, all one needs to buy cannabis is to scan a QR code which displays on a point-of-sale interface. After this, within seconds, the cannabis seller gets his confirmation. Isn’t this sleek and convenient?
Cryptocurrency Solutions to Suppress Cash Usage in the Cannabis Industry?
The developers are aiming at reducing the volume of fiat cash payments currently littering the industry. The penetration of cryptocurrency is not expected to entirely flush out the usage of cash payments. Though, it will strive to slash such cash usage down to 30%.
“Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse,” says CEO of VCRP, Alon Dayan, “Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system.“
In another development, Alternate Health has entered into an agreement with Liberty Health Sciences. This partnership would see the launch of Florida’s unprecedented portal for medical cannabis. Alternate Health Corp provides the medical cannabis industry with innovative software solutions. On the other hand, Liberty Health Sciences is one of America’s foremost manufacturer and dispenser of this relaxing plant.