With all the federal banking issues cannabis dispensaries have to face, how have you seen cryptocurrency used in the industry?
“I haven’t seen it as more than just a marketing gimmick at one or two expos. Right now, banks are becoming a little bit more available to the dispensaries. At this stage, I do not believe that cryptocurrency has enough traction for dispensaries to actively engage in receiving such transactions.”
What are your thoughts on the safety of cannabis businesses using cryptocurrency? Is it better than cash payments?
“Cryptocurrency is definitely better than cash payments. Anything that will allow us to simplify transactions is right for business. We are totally for any simplification of the transactions. With cash, we deal with taking the bundles of cash, packaging it into bags, etc., and it can be very challenging. It looks like the banks are considering options such as reverse ATM transactions in which the payer puts money into an ATM and the bank then transfers it to the intended recipient. When it comes to cryptocurrency in general, I am not seeing a huge demand for it in the states.”
How do you think cryptocurrency might be used in the cannabis industry in the future?
“Because the customers will start carrying cryptocurrency wallets, I believe sooner or later we will be able to receive and transact cryptocurrency. It will strictly depend on the number of customers who are able to agree on one or two popular cryptocurrencies, so the cost of acquisition of this method of payment in dispensaries will not be overwhelming. We are now in a culture of cash transactions slowly moving toward reverse ATM transactions, where you can tap into the debit cards and accept debit card transactions at the point of sale. I hope that in the near future it will be just a regular credit card transaction. Keeping that in mind, it will be interesting to see the development of the cryptocurrencies in general.”
Serge Chistov is the financial partner for Honest Marijuana Company, which uses all-natural cultivation methods to produce only the finest organic and eco-conscious cannabis products. Their marijuana is packaged in Earth-friendly recyclable tin cans with pure nitrogen to ensure only the highest level of integrity and quality. The company also recently launched their new Honest Blunts, the first organic hemp-wrapped, machine-rolled cannabis blunts. Serge is well-versed in all aspects of the marijuana industry, having been involved in the development and launch of Honest Marijuana Company. He regularly contributes on political, economic, and financial topics as they relate to the cannabis industry. Visit the site at https://honestmarijuana.com.