With financial institutions shunning the marijuana industry, cannabis growers are turning to the world’s most popular digital currency bitcoin to offload piles of green bills.
Pot businesses in the US have to operate using large amounts of cash as they have no ability to access bank accounts, accept credit cards, or write checks. That’s a logistical headache and constant security threat, they complain.
Marijuana is legal for both recreational and medical use in California, Oregon, Washington, Nevada, Colorado, Massachusetts, Maine, Alaska and the District of Columbia. The sale of pot is also approved in 20 additional states for medical purposes only.