The growing cannabis industry in part has been inhibited by lack of banking access and with the inability of financial institutions to provide banking access to the cannabis industry limited by diligence requirements. To add fuel to the fire, according to a report from New Frontier Data, its forecasted that tax revenues in states with legalized marijuana will reach $1.8 billion, of which $1.4 billion will be from cannabis specific taxes. North American legal marijuana sales totaled $6.7 billion in 2016, and in another report by cannabis market research firm New Frontier Data projects the industry will top 255,000 jobs by 2019 and reach $24.5 billion in sales by 2025.
Recently, Bitcoin has been massively and widespread adopted. So, wouldn’t it be innovative for the marijuana industry to pursue opportunities to leverage bitcoin payment technology and develop a proprietary solution specifically for high-risk payment verticals ?
Looks like SinglePoint, Inc. (OTC:SING), an acquisition-based company with a focus on emerging markets is working on an innovative solution to the ever growing banking needs of the marijuana industry. SinglePoint, Inc. (OTC:SING) today announces its initiative to develop a bitcoin payments solution in partnership with First Bitcoin Capital Corp. (OTC:BITCF). The two companies signed a Joint Venture agreement to develop and distribute a viable payments solution using block chain technology. According to the press release, First Bitcoin Capital is an industry leading Bitcoin and blockchain technology provider and SinglePoint has a deep history in distribution. The two companies believe this partnership will enable each company to focus on their core strengths to build and supply the best Bitcoin solution available.
Not only north american marijuana industry players such as Cannabis Sativa Inc (OTCMKTS:CBDS), United Cannabis Corp (OTCMKTS:CNAB), OWC Pharmaceutical Research Corp (OTCMKTS:OWCP), Cannabis Science Inc (OTCMKTS:CBIS), and Marijuana Company Of America Inc (OTCMKTS:MCOA) take advantage of a bitcoin-based payment systems, but also Canadian marijuana companies such as AURORA CANNABIS IN COM NPV (OTCMKTS:ACBFF), APHRIA INC COM NPV (OTCMKTS:APHQF), NEW AGE FARM INC COM NPV (OTCMKTS:NWGFF), and CANOPY GROWTH CORP COM NPV (OTCMKTS:TWMJF) could pioneer in the emerging Marijuana financial sector.
It would be interesting how the story unfolds. We will keep you updated as and more information is available.
