CannaSOS uses Blockchain to facilitate legal marijuana transactions
With governments legalizing marijuana faster than the financial industry’s ability to support cannabis related transactions, blockchain technology is playing a critical role in the development of the rapidly growing cannabis industry.
Canada, which has allowed medical marijuana for the past decade, will legalize recreational marijuana by the summer of 2018, according to Canadian Prime Minister, Justin Trudeau.
In the U.S., 29 states including the District of Columbia, Guam and Puerto Rico offer medical marijuana programs, with 19 more states allowing limited access to marijuana-related products.
While legal cannabis already represents a multi-billion-dollar industry, most cannabis enterprises cannot open bank accounts, engage POS systems and accept credit card payments. As a result, the nascent industry has been stymied by the need to use cash as the main transaction medium.
Blockchain Supports Cannabis
Blockchain technology offers an important tool to allow the cannabis industry to prosper.
Most cannabis businesses currently use...
