Cannabis Industry May Shed Light on Future of Bitcoin

Although medical use marijuana is now legal in more than half the states and recreational use is in some others, the drug is still illegal on the federal level. As a result, most major banks shun the marijuana business.

The cannabis industry, projected to grow to $50 billion from $6 billion by 2026, has long been in need of a financial solution, according to CNBC.

Many in the industry are hanging their hopes on cryptocurrencies.

Technology companies like SinglePoint and POSaBIT are working to generate a payment method for dispensaries and consumers using bitcoin. In recent years, some cryptocurrencies have cropped up specifically for cannabis transactions, like PotCoin and HempCoin.

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