Banking solutions for marijuana dispensaries

[maverick]

Currently there is a booming business for medical marijuana in States that it is sanctioned as legal.  Yet, this business continues to largely be dominated as cash only, as no banks want them as their customers.

What if we launched a targeted marketing program to educate and facilitate these unbanked businesses to use XRP in place of cash?  Their money would be even safer with a multisign wallet like BitGo.  Typical dispensary operations today operate with a large physical safe of cash to function as their 'bank account' and carries with it many physical risks (ie robbery) and inconvenience (ie cash counting, transporting cash safely, failure to deliver funds either deliberate or accidental both which slow business).

 

[natethesnake]

There's already potcoin for that.

[maverick]

XRP is a more liquid market and widely accepted market which can tolerate larger quantities of payments than potcoin.  Many people already own XRP and its easier for them to transact with as XRP as it is best for payments which is the exact use case.  I think if more dispensaries were aware of it they would at least pilot it.

Edited August 11, 2017 by maverick

[jargoman]

18 minutes ago, maverick said:

XRP is a more liquid market and widely accepted market which can tolerate larger quantities of payments than potcoin.  Many people already own XRP and its easier for them to transact with as XRP as it is best for payments which is the exact use case.  I think if more dispensaries were aware of it they would at least pilot it.

You just want to buy some pot with your XRP 

[maverick]

I actually do not. I think this is a more general discussion about creating banking for the unbanked on a global scale.

[ThomasTheTGV]

33 minutes ago, maverick said:

I actually do not. I think this is a more general discussion about creating banking for the unbanked on a global scale.

Wouldn't Stellar be a more appropriate platform for that?

[Trisky]

1 hour ago, maverick said:

What if we launched a targeted marketing program to educate and facilitate these unbanked businesses to use XRP in place of cash?  

What's your plan?

33 minutes ago, ThomasTheTGV said:

Wouldn't Stellar be a more appropriate platform for that?

Who? 

Edited August 11, 2017 by Ripplezzzz

[MemberBerry]

The Game and ICO for a thing called other than dopecoin or potcoin or hempcoin or cannabiscoin..  who tf needs that?

[DarthTrader]

@MemberBerry marketing nothing else but an good one I mean if you can buy banana with an bananacoin?

 

But in my openium is is a non sense as well -----> better using some standards

 

 

[ThomasTheTGV]

2 hours ago, Ripplezzzz said:

What's your plan?

Who? 

Is that like cursing in the church? (Dutch pun intend)

[PhishyKris]

Everyone I know in that space uses BTC. It's widely accepted amongst vendors they do business with. Whether it's supplies or industrial or whatever.

[Hodor]

9 hours ago, maverick said:

Currently there is a booming business for medical marijuana in States that it is sanctioned as legal.  Yet, this business continues to largely be dominated as cash only, as no banks want them as their customers.

What if we launched a targeted marketing program to educate and facilitate these unbanked businesses to use XRP in place of cash?  Their money would be even safer with a multisign wallet like BitGo.  Typical dispensary operations today operate with a large physical safe of cash to function as their 'bank account' and carries with it many physical risks (ie robbery) and inconvenience (ie cash counting, transporting cash safely, failure to deliver funds either deliberate or accidental both which slow business).

 

The challenges of the new cannabis dispensaries are getting some press - traditional banks won't touch their money because it's still technically against the federal law, which is currently kind of an un-funded type of mandate.  I know they've done some "token" raids in California (pun absolutely intended), but really they leave the states alone at this point now that legalization is clearly catching on. 

The states are making amazing profits through taxation. 

However, these dispensaries still need to handle their cash.  And yeah... they do use BTC and Potcoin and (name your coin) to transact, but they still can't get it into their bank account unless they convert that into fiat.  It would indeed be nice to be able to more easily convert the crypto into fiat.  Another reason why we need bank adoption here in the United States!  I don't think it would negatively affect the XRP Ledger reputation if it's a bank converting XRP into Fiat (who knows where that money comes from?).

However, the bank will still know that the account belongs to a "pot business", so I don't know that using the XRP Ledger solves the problem? 

Edited August 11, 2017 by Hodor
grammar

[maverick]

By that logic, perhaps these dispensaries would be good bootstrapping points for people who want to buy XRP on Interledger.

[Dolgan]

That's the type of business I'd like to go into! I'll most likely begin one shortly.