Brave New Coin, a computer system in the digital asset market, could soon help Nevada residents buy crypto marijuana
According to Brave New Coin, Multichain Ventures will use the company’s data and pricing infrastructure to meet regulatory requirements for the Nevada cannabis business. Recreational and medical marijuana has been legalized in Nevada since 2016, but a bill introduced by the state legislature two years ago aims to ensure that registered cannabis companies have a cashless payment system.
The bill states that the measure is intended for regulators “to control and facilitate financial transactions with marijuana companies, medical marijuana companies, consumers and ID holders.” In addition, according to the bill, the cashless system would “reduce risks to the safety and well-being of the population.”
Although the law does not state that payments must be made in cryptocurrency, it does require our cashiers in Nevada to try a “closed-loop payment processing” program for such companies. Brave New Coin said customers who buy cannabis will soon be able to convert their money into token credits to make purchases.
“Most traditional banking operators take for granted, but the cannabis industry is insulated from most financial services in the United States,” said Fran Strenaard, founder and CEO of Brave New Coin. “Operators have to be especially innovative when it comes to managing their money.”
In the United States, medical and recreational cannabis is still banned in many areas, as some states often enact laws independent of the federal government. Nationwide green sales are likely to peak at $ 20 billion by 2020, with cannabis pharmacies in Nevada reporting sales of around $ 600 million by the end of September.
However, the plant is no stranger to blockchain technology. Companies around the world are testing and distributing blockchain-based cannabis trackers so that users can track the supply chain from seed to store.