Colorado Credit Union Goes National to Solve Cannabis Banking Problem

Due to the federal government’s stance on cannabis (schedule I drug), most cannabis business owners operate without access to traditional banking services. A Colorado-based credit union may have the solution. They have created software that allows for secure cannabis banking and are creating a network of financial institutions that are looking to cash in on cannabis banking.
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Blockchain in Cannabis

Marijuana is currently classified as a schedule I substance, the same class of heroin making the legal sale of cannabis a federal crime. This loophole creates a system where large commerce stakeholders like banks and credit card companies refuse to collaborate with the cannabis industry. Without conventional partners, many business owners are sidelined and alternatively work in a nearly all cash business. The lack of security and transparency is problematic for regulators and those in the industry. Blockchain technologies, however, create a more open and reliable means of trade.

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