Adapting Crypto To Your Cannabis Business
Ready to unlock your cannabis business potential? In this article, we explore how cryptocurrency can help you navigate the ever-changing cannabis industry landscape.
The cannabis industry is growing by leaps and bounds. More and more states are legalizing both medical and recreational marijuana, and the industry is expected to continue to multiply in the coming years. As the cannabis industry expands its horizons, so does the need for new and innovative business methods. One such way is by using cryptocurrency.
Cryptocurrency systems now offer a streamlined route into the legal cannabis market by allowing customers to pay with their cryptocurrency instead of cash or credit. With stringent regulations in place, businesses seeking growth can use cryptocurrency as an efficient way to adhere to new laws while also reaching larger audiences.
How To Incorporate Crypto into Your Transactions
While it’s still early days for cryptocurrency adoption in the cannabis business, there are already a few ways retail cannabis stores can start incorporating crypto into their business transactions.
1. Educate yourself and your staff on cryptocurrency.
This is the first and most crucial step when it comes to setting up crypto for your cannabis business. If you start accepting crypto as a form of payment, you and your staff must be well-versed in what it is and how it works. There are plenty of resources available online that can help with this.
2. Set up a cryptocurrency wallet.
Once you’ve educated yourself and your staff on cryptocurrency, setting up a cryptocurrency wallet is the next step. This is where you’ll store the crypto you receive as customer payments. Many types of wallets are available, so research is essential to find one right for you and your cannabis business.
3. Start accepting crypto payments.
After setting up your wallet, you’re ready to accept crypto as customer payments for all of your transactions within your cannabis business! It’s essential to research to find what works best for you and your business. Consider setting up an account with a service that allows customers to pay with crypto without going through an exchange.
4. Use a service to convert crypto into fiat currency.
While there are plenty of benefits to accepting crypto as a form of payment, one downside is that the value of crypto can be incredibly volatile. As such, consider using a service to instantly convert received amounts into fiat currency (i.e., USD). This way, you can avoid potential losses for your cannabis business if the crypto’s value plummets before converting it.
Crypto Options for Your Cannabis Business
Incorporating modern technology into the marijuana market has become a tipping point for many commercial farmers, who are beginning to witness just how AI is transforming the cannabis industry.
Four options could be considered to streamline operations: DopeCoin, HempCoin, PotCoin, and CannabisCoin.
DopeCoin is being recognized as a hidden gem in the world of marijuana cryptocurrency. Its mission is to offer the cannabis community an additional layer of security through invisible business transactions. In addition, investors get an exciting reward with 5% annual interest rates.
Users can make any purchase safely and efficiently without fees or unexpected costs. The ultimate objective here is to have a trusted currency for buying real-world products and services related to marijuana. And best of all - once you complete a purchase, it’s permanent. Currently, more than 117 million coins are circulating in the network.
Making its debut in 2014, HempCoin stands out from other weed coins with its unique approach of not limiting itself to the cannabis market. This network is changing the game by delivering a secure transaction platform for agricultural and recreational industries.
With access to additional resources thanks to their partnership with Komodo, HempCoin has become more than just cryptocurrency; it’s a multi-faceted tool that works to streamline roles across all different types of business sectors.
PotCoin has been a revolutionary force in the cannabis industry since its launch in 2014. With more than 408,000 network participants to date and over one billion U.S. dollars traded across the blockchain, this innovative digital currency is quickly becoming the norm for weed finance worldwide.
By offering both security and transparency through their decentralized, open-source platform, users of all kinds can access PotCoin for whatever their needs may be. Never before has invested with cannabis been so simple and secure – it’s no wonder PotCoin is leading the way as we move towards an even brighter future for cannabis finance!
CannabisCoin has carved a niche of its own in the marijuana cryptocurrency world. It prides itself on being the weed bitcoin, promising real-world payments instantly according to blockchain protocol.
With 77 million coins circulating and a single coin being worth a gram of specially grown cannabis, it’s no wonder CannabisCoin is making waves amongst professionals - as well as those more experimental investors looking to dip their toes into something new. But whether it will be a profitable venture remains to be seen.
Why Consider Crypto in Your Cannabis Business
The legal cannabis industry is booming. With the sector multiplying, now is the time to start thinking about how to accept crypto as payment in your cannabis retail shop.
1. Crypto is Quick and Easy to Use
Customers can make payments using their mobile phones, and transactions are processed almost instantly. This is a significant advantage for businesses venturing into the cannabis industry, as it means there’s no need to wait for days or weeks for payments to clear. Plus, there are no chargebacks with crypto, so you'll receive the total amount after your transaction.
2. Crypto is Secure
Another significant benefit of using crypto is that it’s secure. When customers make their cannabis purchases using crypto, their personal information will not be shared with the merchant. So there’s no risk of identity theft or fraud. Furthermore, all transactions are verified and recorded on a secure blockchain, which makes it difficult for hackers to tamper with them.
3. Crypto is Private
Unlike traditional payment methods like credit cards or bank transfers, crypto payments are not subject to government regulations or financial institution reporting requirements. This means that your customers can purchase your cannabis goods without worrying about their personal information being shared with third parties.
Crypto’s Potential in Creating Diverse Shopping Experiences
Offering a diverse range of shopping experiences can help your retail store keep up in a world where online shopping is the norm.
1. Offer discounts and loyalty rewards.
One way to encourage customers to shop at your cannabis store is by offering discounts and loyalty rewards they can’t get anywhere else. For example, you could offer discounts to customers who pay with crypto when they purchase your goods or give them loyalty points that can only be redeemed for merchandise at your store.
2. Give exclusive products and services.
Another way to create a more diverse shopping experience for your customers is by using cryptocurrency to offer exclusive cannabis products they can’t find anywhere else. For example, you could sell seasonal cannabis harvest that can only be purchased with crypto, or you could offer VIP packages that include access to exclusive merchandise.
3. Accept international payments.
If you have customers who live outside of your country but wish to buy your cannabis, then you know that accepting international payments can be a challenge. But if you incorporate cryptocurrency into your store, you can easily accept payments from anywhere worldwide without worrying about exchange rates or costly transaction fees.
4. Smell Out the Opportunity
Cryptocurrency is still in its early days regarding adoption in the cannabis industry. Still, there are already a few ways retail cannabis stores can incorporate it into their business transactions.
By educating yourselves and your staff on cryptocurrency, setting up a wallet, and using services, retail cannabis store owners can start benefiting from accepting crypto as customer payments today.