The financial issues of the burgeoning marijuana industry highlight some very important problems for a lot of small businesses in the United States. First, it’s cash-heavy, which makes it vulnerable. Second, the clash of laws and regulations makes it difficult for banks to service them. And third, it’s costly for them to verify their source of product.
One solution to many of these issues could be the blockchain, which offers a cheap solution to verifying source, and provides a payment system that can eliminate an overreliance on cash.
This week, I host the show with Jason Henrichs (host of the Fintech5 podcast), Penny Crosman (editor at large for American Banker) and Jessica Versteeg (CEO of Paragon and ParagonCoin), a cannabis blockchain and cryptocurrency aimed at solving some of the issues as the cannabis industry grows.
– This podcast is reproduced with kind permission. Some minor changes may have been made to the text to reflect BankNXT style considerations, but the podcast itself is always unchanged. Listen to more here. Image by Sinisa Botas, Shutterstock.com