As Decentralized Finance Flourishes, Can the Legal Cannabis Industry Benefit?

in #weedcash2 years ago

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The legal cannabis industry is growing in leaps and bounds. According to a study, the USA cannabis industry was valued at $11.3 billion, and is rising at around 14% per year!

The cannabis industry is at a standstill with traditional financing options, and the SAFE Act, which would allow the legal cannabis industry access to traditional banking would be a godsend for the industry as legalization efforts continue.

Could decentralized finance help? Decentralized finance is financial services without a central authority. As the cannabis industry grows, it is currently cash only due to money-laundering laws that make it a federal crime for banks to provide services to the cannabis industry until it is legalized nation-wide.

Decentralized finance operates on a blockchain, and could be made auditable and trust less. It would enable fairness in pricing, sourcing and payroll.

Make sure you follow all financing rules where you live and all cananbis laws.

Sources:

Picture from Pixabay.

https://www.grandviewresearch.com/industry-analysis/us-cannabis-market

https://blockgeeks.com/guides/demystifying-defi-ultimate-guide/