Republished with permission from Weed News; Read the original article HERE.
Legal marijuana dispensaries have struggled with not being able to accept cards (such as credit card or debit card) payments for their products. While dispensaries are perfectly legal in certain states according to state law, taking electronic payments for them (specifically debit card and credit card payments) are not possible since the federal law still prohibits marijuana.
This has been such a big problem for many smaller, up and coming dispensaries that several have actually had to close because of it. American consumers are used to using their cards for everything, and the exception of cannabis takes a real hit on those businesses.
GreenMed to the rescue
Luckily, a solution is in store: a new app using a type of cryptocurrency could be the way to solve this problem. The app is called GreenMed, and it’s a completely legal way of allowing people to pay for their legal cannabis products at a dispensary without using a credit or debit card.
While it may sound complex at first, it’s actually a simple solution to a major problem. Consumers download the app, pay for the GreenMed coins, and buy products with those coins. The dispensary then trades those coins for actual currency (dollars).
If you’re thinking this sounds rather familiar, that’s because it is based on some tried and true cryptocurrency methods: Ethereum Blockchain and Bitcoin. Like these cryptocurrencies, GreenMed allows users to purchase coins in real time, allowing for smooth and entirely digital transactions.
That’s not all the GreenMed app does for users, however. It also allows people to locate their nearest dispensaries (assuming there are some legally located nearby), as well as providing the option of deliveries (for places where it is possible legally and logistically). In other words, GreenMed is the legal pot lover’s dream come true. Furthermore, a GreenMed debit card will be available to users who want it — otherwise, the app itself works just fine without. A debit card will not be required to make digital transactions with GreenMed.
GreenMed is also advantageous for the business owners and operators of dispensaries, besides bringing in customers who don’t have cash. The app allows employers and owners to manage their money, including carrying out payroll, bill paying, and tax paying. In other words, this multi-use app brings money management all into one place.
How to get involved
GreenMed will be fully operational in California and Colorado by the early part of 2018. Until then, however, interested people can already get their hands on some of this cannabis cryptocurrency.
GreenMed is currently selling 69 million “tokens.” Once they run out, no more will be available. Until then, however, anyone can buy tokens for $0.20 apiece. If anyone paid attention to the Bitcoin phenomenon, they already know this is an excellent way to invest in an area that is bound to do well.
When Bitcoin first started out, they were selling coins for $1 apiece. Nowadays, each coin is worth more than $4000 apiece! That means that, if you had invested a mere $10 in Bitcoin, you would now be able to sell those coins for a whopping $400,000.
While one can never be sure exactly how the numbers will look, GreenMed is poised for success. The legal marijuana market is projected to increase threefold within the next three years, making apps like GreenMed even more valuable than they are today.
Buying tokens from GreenMed now is like the cryptocurrency version of buying shares in a company. Not only does it help the company’s development, but it is also extremely likely to pay off for investors. To make things even better, tokens are currently being matched for early birds. In other words, a small investment could pay off tremendously.