Cannabis Merchants are Accepting Bitcoin

 

Seattle Cannabis Dispensaries ar acceptive Bitcoin for Marijuana Sales
Many cryptocurrency enthusiasts would like to see the Bitcoin trade be a part of in conjunction with the growing marijuana movement, that is occurring in an exceedingly few U.S. states. The State of Washington has allowed medical and recreational marijuana sales since 2014. only recently, Washington lawmakers and therefore the state’s Liquor and Cannabis Board gave marijuana merchants and payment processors the approval to utilize digital currencies for clinic sales.
Since then the startup Posabit, a credit-card-to-bitcoin payment processor, has begun operating with four city dispensaries that sell marijuana. The pot outlets operating with the Posabit system embody the Queen Anne Cannabis Company, Herb’s House, Greener these days, and 3 Uncle Ike’s locations. Posabit claims to offer cannabis merchants and alternative brick and mortar stores a better thanks to settle for credit cards and bitcoin at any purpose of sale location. what is more, the corporate says exploitation their digital processor reduces money transactions, which might be a danger for cannabis clinic staff.
Since then the startup Posabit, a credit-card-to-bitcoin payment processor, has begun operating with four city dispensaries that sell marijuana. The pot outlets operating with the Posabit system embody the Queen Anne Cannabis Company, Herb’s House, Greener these days, and 3 Uncle Ike’s locations. Posabit claims to offer cannabis merchants and alternative brick and mortar stores a better thanks to settle for credit cards and bitcoin at any purpose of sale location. what is more, the corporate says exploitation their digital processor reduces money transactions, which might be a danger for cannabis clinic staff.
Bitcoin Taking the Friction out of Cannabis and mastercard Laws
The Posabit expertise permits users to get bitcoins with a mastercard and use them to get product from a cannabis location with a Posabit cubicle. In essence, the startup says that they take away the problems of exploitation credit cards for pot sales by utilizing a legal cryptocurrency, as a result of cannabis mastercard sales ar prohibited by law.
“We ar marketing bitcoin to [individual] customers, and permit our [pot store] customers to just accept bitcoin as 
payment,” co-founder Ryan Hamlin tells city Weekly. “Obviously federal laws disallow exploitation credit cards to get cannabis,” Hamlin adds. “That’s specifically what we’re not doing.”
Three sorts of Posabit Merchants
Another profit to the Posabit system is that the business is absolutely compliant with KYC, AML, and OFAC regulative pointers, explains the startup. in addition, Posabit details its time period dealing history provides a clear news system for auditing. The startup believes that there ar many sorts of merchants that would use the Posabit infrastructure at purpose of sale locations.
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