We live in an age and belong to a people who have begun breaking taboos constantly. GloBee prides itself on being part of a revolution, the cryptocurrency revolution. Crypto goes pretty well with the leafy greens and here's why.
Why the Cannabis industry?
The Cannabis industry is one that has been around for longer than most people assume. It has been able to move beyond the stereotype that its sole purpose is getting high and making music about it. It has evolved into an industry that is revolutionising healthcare, creating numerous jobs and challenging the pharmaceutical industry.
Despite the fact that the medical and recreational use of Marijuana has widely been legalised, there are still challenges facing the industry.
With the USA for example, marijuana dispensaries are all aboveboard, legal, and recognized by the U.S. government. However, few banks want to offer loans or credit to a marijuana-based enterprise due to the newness of the market and the sticky legal issues that arise when states’ rights come into play. Marijuana is still not legal at a federal level, and because banks are required by law to be federally insured, it is not an industry they are keen to work with.
This means that’s the billion-dollar, legal marijuana industry ( marijuana is now legal in two-thirds of U.S. states) must operate on a cash-only basis. This puts it in the same “unbanked” situation as much of the third world.
It’s this “unbanked” situation that has created a space for cryptocurrency to step in. Cryptocurrency has demonstrated, via blockchain technology, that they present a viable alternative for people unwilling or unable to secure traditional banking accounts. Dispensaries roughly deal with $50-$75,000 per day on pure cash transactions. This is unsafe and difficult to track.
Cannabis merchants allowing their customers to make payment in the form of cryptocurrency has made transactions transparent and trackable via the blockchain and has provided security for merchants and customers whilst eliminating the third party which is the bank. It also adds an element of anonymity which is essential as everyone has the right to privacy and should be able to exercise that right.
Both the crypto and cannabis industry have a lot to prove, to the public and to regulators. The blockchain is designed for transparent, easily accountable transactions. This gives cannabis merchants some safety from government regulators looking to ensure that product isn’t being moved into the black market, and it gives cryptocurrencies credibility in terms of handling large numbers of day-to-day transactions. It illustrates that using crypto for day to day purchases are possible and convenient - why not use crypto to buy groceries or book a holiday?