Bitcoin ATM Maker Develops Payment Solution for Cannabis Dispensaries

The legal US cannabis industry growing strong where local authorities have stepped out of its way. However, in combination with banks and credit card companies refusing to provide services to many businesses, restrictions have created a perfect opportunity for alternative systems to prove themselves. Themed altcoins, specialized ICO projects, and other types of crypto ventures, have tried to fill this niche. The latest one is a Bitcoin ATM maker with a payment solution for dispensaries.

Virtual Crypto Cannabis Solution

“Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system. Virtual Crypto has been validated in the market and is a proven technology,” stated CEO Alon Dayan. “Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”

Reducing Fiat Cash Usage

“Today with cash as the payment method of choice at dispensaries, they have quickly become a target for thieves. With tens of thousands of dollars in transactions per day, employees are faced with an unsafe work environment. Additionally, cash makes it difficult to account for the appropriate payments of taxes to the government,” explained Dayan. “Our goal is to be an alternative payment option, not to eliminate cash. We believe our technology can ultimately reduce the amount of cash moving through the cannabis ecosystem, which will help foster a safer work environment and ensure industry participants pay their taxes using an alternate payment method.”

What makes the cannabis market the best match for cryptocurrency payments? Share your thoughts in the comments section below.