Marijuana is legal in some countries but illegal in many others. You can’t find weed in the supermarket, or pharmacy like you can find alcohol and cigarettes. That’s because much of the world doesn’t consider cannabis to be a drug that requires regulation—it’s actually banned outright!
But marijuana has been used as medicine for thousands of years, so it makes sense that when scientists discovered it could help people with certain conditions like nausea and anxiety, they’d want to study it further. Just like any other natural medicine that isn’t regulated by governments (like vitamin C), cannabis needs testing before we understand how best to use it as medicine.
The Banking System Has High Transaction Fees
The banking system is a nightmare for any business that deals with cash. High transaction fees make it difficult for businesses to operate, and often the only way to get around these high transaction fees is to use cash—which means employees and customers are forced to deal with the risk of carrying around large sums of money, as well as the threat of theft or robbery.
If you don’t trust your employees not to steal from you, or if you’re worried about being robbed yourself—or if your business is at all concerned about keeping its finances under wraps—then using cash isn’t an option.
It’s also not safe for the government: Cash leaves no paper trail, so it’s impossible for tax collectors or law enforcement officials alike to trace how much money businesses take in (and where they send it).
And even though most businesses are required by law now—thanks largely due in part thanks due because of 9/11—to report all transactions over $10k made through their accounts, there are still ways around this requirement, too: namely by making deposits under $10k individually until eventually reaching that threshold (or just paying workers in cash). This makes it difficult for governments who want oversight over how their citizens spend their money which leads us back again to our first issue here: Only big banks have access when it comes into play here too!
Cannabis-Related Businesses are Disadvantaged by the Banking System
The banking system is riddled with problems, and cannabis businesses are at a disadvantage because of it. Banks are not allowed to work with marijuana-related businesses in the US, which means that many canna-businesses have no choice but to deal in cash.
This is inefficient, expensive, and insecure for both businesses and consumers. There are also legal issues for canna-businesses: complying with regulations like FinCEN’s Bank Secrecy Act requires extensive record-keeping that can be difficult for small business owners who lack access to traditional financial systems or accounting expertise.
Additionally, banks aren’t transparent about their policies toward cannabis companies—you might think your bank supports your business but then find out otherwise after they reject your application or close your account without warning. Even if you do open an account at one bank, there’s no guarantee that another institution won’t turn you down simply because they don’t want your money (or don’t know if they want it).
With crypto-assets such as Bitcoin tokens (BTC) and Ether tokens (ETH), however, all transactions are visible on public blockchains, so no one can hide behind closed doors when it comes time to make decisions about whether or not they’re going to work with certain customers based on their line of work — unlike in traditional banking where secrecy prevails even though it makes little sense given how easy it is these days for someone who wants access.
Government Funding is Not Allowed for Cannabis-Related Businesses
You can’t get government funding for your cannabis-related business. That’s because the federal government does not allow it.
You cannot get funding from any government organization, even if you’re in a state where recreational or medical marijuana is legal.
The feds don’t want to be seen as endorsing cannabis businesses by giving them money, so they make sure that no one else does either: governments are not allowed to fund or invest in cannabis-related businesses. This includes loans, tax breaks, and grants.
The Marijuana Industry Needs Crypto
With the marijuana industry being banned in so many countries, crypto could solve some of the important problems created by this. The most obvious benefit of blockchain technology is that it’s a decentralized system. This means that no single person or organization controls the network, and no one can shut down the entire system at once (unlike banks). This makes it much more resistant to political interference and censorship than traditional methods such as cash or credit cards.
Crypto can also be used to exchange value between parties in a secure way without any third-party involvement like banks would require. Cryptocurrencies are stored on your computer or phone instead of being held by someone else—and they’re impossible for anyone but you to access unless you give them access first! That means there isn’t any risk of fraud or theft on behalf of lawmakers who might try hiding money under their mattresses (or even worse: taking yours!).
Finally, crypto has an excellent track record when it comes down to processing transactions quickly and efficiently across borders without any government intervention whatsoever; we’ve seen just how long businesses take to pay bills using traditional payment methods like checks or credit cards before these funds clear into your account.
Crypto could solve some of the important problems created by the marijuana industry being banned in so many countries. For cannabis businesses, crypto is an excellent way to reduce fraud and mitigate the risk of government interference.
Cryptocurrencies are decentralized currencies that are not controlled by government authorities or banks. They’re also incredibly difficult to counterfeit, which means they’re a great option for reducing the risk of fraud in payments between buyers and sellers.