PoshCoin, the newest cannabis crypto, is the most anticipated solution for the cannabis market.
The primary medical and developmental uses of cannabis are permitted in many nations. However, according to federal laws, it is still prohibited in most countries and jurisdictions.
In this scenario, some cannabis business establishments have been blacklisted by federal banks and credit card networks. Why? Because they had cash on site. But here is some good news. Cryptocurrency has it all to issues pertaining to banking and financial operations in the worldwide cannabis sector.
In this blog, we will look at how PoshCoin, new cannabis crypto, could be the much-awaited solution for the global cannabis sector.
The global cannabis industry
In 2020, the cannabis market was worth $20.47 billion globally. According to HashCash Consultant, with a CAGR of 11.2% between 2022 to 2027, the cannabis sector will grow to a $57 billion market.
The above-mentioned growth is fueled mainly by rising demand. Cannabis has been used for its acknowledged medical and restorative properties for about a thousand years, making it an ancient substance. C. The three primary cannabis species are Ruderalis, Sativa, and Indica.
According to a survey conducted by Weedmap, 50% of cannabis consumers say their intake has increased since the global covid 19 outbreak.
According to a study done in 2022 by Eaze, there has been an increase in new consumers, 52% of whom are men and 48% of whom are women.
PoshCoin – an alternative to banks and a solution for the cannabis market
The number of banks supporting marijuana businesses is now approximately 500. However, most banks still don’t support the marijuana business.
The fact that most dispensaries lack access to common merchant services required to accept credit or debit cards, presents another challenge. Most dispensaries accept only cash because there are no retail identities for this sector.
This is where PoshCoin, cannabis crypto, proves its mettle by introducing the cannabis sector to the world of decentralized currency ecosystems.
The decentralized mechanism of PoshCoin allows users to execute any number of transactions without worrying. about the legal implications as all transactions are transparent on open-source. This feature is an alternative to banks.
From $10 billion at the end of 2013, the total market capitalization of cryptocurrencies has increased to $1 trillion in 2022. Governments are now developing strategies to introduce their digital currencies, signaling the end of the era in which crypto was under tight scrutiny.
Considering several countries have legalized marijuana, PoshCoin will revolutionize the trade of cannabis through its frictionless payment interface. In addition, it will bridge the gap in the supply chain of the cannabis trade through its trace-and-track feature.
Final thoughts
When we talk about PoshCoin being a solution for the cannabis industry, we need to remember that it is not a one-time fix. Rather the solution is a constant effort to make the cannabis sector less controversial and more accessible to all.
PoshCoin has been built to do exactly that, and we are sure that the tech stack behind PoshCoin will make it happen.
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