Cannabis Users In Nevada Could Purchase Marijuana With Crypto

The cannabis users in Nevada now have the option to purchase marijuana with crypto thanks to Brave New coin and its new partnership that will make this happen as we can see more in our latest crypto news.

Cannabis users in the state can now pay for marijuana with crypto according to the report by the Brave New Coin and blockchain company MultiChain Ventures that will use the data and pricing infrastructures to fulfill regulatory requirements for all cannabis businesses in the state of Nevada. The recreational and medical use of marijuana is legal in Nevada since 2016 but a new bill introduced to the state’s legislature two years ago, demands registered cannabis businesses to own a cashless payment system.

The bill said that this new measure is meant for all regulators to “monitor and facilitate the financial transactions of marijuana establishments, medical marijuana establishments, consumers and holders of registry identification cards.” Also, the cashless system will lower down the risks of safety and public welfare. The legislation doesn’t specify that the payments have to be made in crypto but requires that the Nevada State Treasurer will have to establish a pilot program first for a closed-loop payment processing system. Brave New Coin said that the customers purchasing cannabis will be able to convert their cash into tokenized credits and use it to make their purchase. CEO Fran Stranjar said:

“Most business operators take traditional banking for granted, but the cannabis industry is cut off from most financial services in the U.S.Operators have had to be particularly innovative when it comes to managing their cash.”

In the US, recreational cannabis and medical cannabis use are illegal in most areas but individual states often mandate laws depending on the federal government. The sales across the country surpass $20 billion in 2020 with Nevada’s cannabis dispensaries reporting about $600 million in sales. Many companies across the world already test blockchain technology to track cannabis purchases and allow users to trace the supply chain from seed to store.

Speaking on the blockchain technology, The New York-based Ethereum ConsenSys Quorum partnered with the Blockchain-based Service Network to bring the enterprise ledger to the nationwide blockchain project-BSN. As a part of the partnership, Quorum which is an open-source protocol layer that serves as the basis for businesses to build ETH-based applications and will be available in about 80 different cities via BSN’s public city nodes in mainland China.