People’s Remedy Accepts Cryptocurrencies: Is Crypto Right for Cali Cannabusinesses?
People’s Remedy, a popular California cannabis chain, has announced that they are now accepting cryptocurrencies as a payment method. The legalization of marijuana in the state of California has made it easier for people to get their hands on these products. But with so many dispensaries and retail shops available, how does one decide where to purchase from?
Many cannacompanies have been hesitant about using traditional banking services for cannabis purchases, if they can even obtain the option. This is why some experts believe that cryptocurrency could make sense for Cali cannabusinesses.
The company has already incorporated training for its employees to use crypto. It’s even gone so far as to create a manual for this reason. All twenty-two of the company’s cash register terminals are now accepting Bitcoin Cash, Litecoin, Dash, Bitcoin Satoshi’s Vision, and Bitcoin Core. But the company’s favorite option is the Bitcoin Cash network because it has low fees, which enables customers to buy inexpensive products like $4 pre-rolls without paying beyond the product’s price in fees.
Here are some reasons why California cannabis operations should begin accepting crypto as payment:
Benefits of Using Crypto for Cannabis Businesses
Bypass Bank Legality Problems with Crypto
Traditional banking services aren’t so accessible for cannabis operations. With this in mind, many cannabusiness operators are embracing cryptocurrency.
Crypto does not require bank approval. Cannabis transactions through crypto don’t violate federal laws, meaning it’s possible to make these transactions without worrying about the banking issues.
Bitcoin and other cryptocurrencies are not monitored by any government, bank, or centralized authority, which means they’re unregulated. This is beneficial for cannabis businesses because it allows them to avoid a bureaucratic process that can be time-consuming and expensive.
Crypto transactions are completed through peer-to-peer networks. This means that transactions are more secure because they don’t require any third-party involvement.
Cryptocurrencies can be exchanged for fiat currency, meaning that cannabis businesses who want to avoid the verification process and reporting requirements of banks may still have the ability to sell their products on a national level.
Many customers who use cryptocurrencies appreciate this form of payment because they’re heavily invested in the future. These individuals may be more willing to purchase cannabis products from a company that accepts crypto. This is because they see their investment in cryptocurrencies as an opportunity for growth, and would therefore want to support the cannabis companies accepting it.
Simply put, crypto payments allow companies like People’s Remedy to access markets where traditional banking systems can’t go.
Encourages Cannabusinesses to Scale
Location-based payments are a thing of the past when businesses accept crypto. Once you start accepting crypto, your options are limitless, meaning you can perform online transactions with people globally.
Global transactions open cannabusinesses to a larger market. This means that accepting crypto allows cannabis companies to sell their products in a way they couldn’t before and reach more people – which could lead to new customers.
Offers Faster & More Secure Transactions
Transaction data is your own when you use crypto as a form of payment. You no longer need to worry about this data, which usually takes hours to validate or have credit payments posted.
With cryptocurrency, cannabis operations make and receive payments lightning fast. This also reduces the threat of fraud as it uses a decentralized and distributed digital ledger.
Offers Transparency & Privacy
Transparency and privacy are essential for most cannabis operations. Whether you or your customers are looking to make anonymous purchases or prevent transaction tracking, crypto is the answer.
Since privacy is a priority for crypto transactions, it’s the best choice for cannabis operations. Also, it’s important to note that transparency encourages fast transaction verification.