The ongoing roadblock for legal marijuana enterprises has been a lack of banking options, which forces these businesses to conduct cash transactions. Therefore, the cannabis industry has identified bitcoin digital currency as an ideal solution to the numerous challenges of the ‘unbankable’ marijuana industry and is creating a proprietary bitcoin payment solution that can be implemented in any point-of-sale machine through a simple download, enabling cannabis dispensaries and other marijuana businesses to conduct debit and credit card transactions independent of banks and the FDIC.
One such firm, SinglePoint, offers mobile marketing services as well as payment solutions for marijuana businesses through SingleSeed payments, including cashless ATM, Pay-by-Text and text message marketing.
Another emerging technology fueling cannabis sales is hydroponics.
SinglePoint is now able to offer soil and supplies, including hydroponics products, to legal cannabis growers. It also offers consulting services relating to indoor growing and hydroponics. This acquisition has positioned SinglePoint to become a leader in online products, retail stores, cannabis consulting and equipment in California, which is home to thousands of marijuana-related businesses.
To understand the importance of hydroponics to the marijuana industry, look no further than leading lawn and garden care products manufacturer Scotts Miracle-Gro, which has been heavily investing in hydroponics via supplies to legal cannabis growers. Scotts has emerged as one of the biggest traditional business players to step foot in the cannabis industry, and, through its wholly-owned The Hawthorne Gardening subsidiary, has been busily acquiring various leading firms in hydroponics areas, including soil, lighting and nutrients.
No question, the cannabis payment potential is sky high.