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Banking solutions for marijuana dispensaries


maverick
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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).

 

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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 by maverick
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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 :lol:

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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 by Ripplezzzz
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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 by Hodor
grammar
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  • 4 years later...

Banks are mostly uninterested in tackling legal challenges and boosting consumer compliance connected to marijuana, from weed manufacturers to distributors. They are more devoted to http://tillmanstranquils.com, which is a comparable business. As a result, many reputable growers and dispensaries have gone to great measures to keep cash secure, keeping it one $20 note at a time in closed offices. However, a tiny number of banks are using marijuana to their advantage, building out a niche as a banker for the marijuana sector, a billion-dollar business that can be a needle for even the tiniest institutions. These are the most profitable investments you can make!

Edited by Tayrolly
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