Innovative payment technology finds itself at the intersection of cryptocurrency and cannabis

Photo Credit : cbinsight.com,

Virtual Crypto Technologies Inc., a developer of innovative software and hardware for the purchase and sale of cryptocurrency via point-of-sales systems, ATMs, tablets, PCs and mobile devices, announced the development of a proprietary crypto payment solution specifically developed for cannabis dispensaries.

The innovative technology, projected to be released in Q4, will provide dispensary owners, in the United States, with a solution that will enable them to allow users to purchase cannabis products with cryptocurrency, including Bitcoin.

Within the United States, the legalized production and consumption of cannabis is growing. Currently, there are nine states that have legalized recreational marijuana, while thirty states (plus the District of Columbia) have legalized medical marijuana.

Even with legalization, financial institutions are raising their eyebrows in regard to this market and are creating difficulties for new enterprises entering the cannabis industry. In fact, legally established dispensaries are unable to collect payment with credit cards.  As a result, many dispensaries open bank accounts under an alternative identity, while others operate almost exclusively in cash or use other workarounds.

The Virtual Crypto solution will facilitate transactions with local dispensary shops where marijuana dispensaries are legal and recognized by the U.S. government. The company provides a financial solution which allows for a more efficient and effective way to collect payments. Virtual Crypto has is designing a customized payment method specifically for the marijuana industry, which can also be used by the farming industry in this sector as well as medical and recreational dispensaries.