ILGM partners with GreenMED:
I’ve been following the cryptocurrency market for a few years now – especially those related to marijuana. Over the years, I’ve seen many very good initiatives, but never something revolutionary as GreenMed.
That’s why I am excited to partner with GreenMed to help improve the marijuana industry, for growers, sellers, patients, stoners and everyone in between.
What is GreenMed?
GreenMed is a cryptocurrency company whose mission is providing electronic and credit card payments for the medical marijuana industry. Using an app based on blockchain technology, GreenMed makes purchasing weed with a credit or debit card a possibility.
Here’s how it will work. A customer receives marijuana for their money, but they are actually purchasing GreenMed tokens. The business redeems those tokens for cash via a bank account or GreenMed debit card.
Because banks will work with a cryptocurrency company, GreenMed works around federal regulations that prevent banks from working with legal marijuana businesses. With cryptocurrency, marijuana businesses can process USD-based transactions using debit cards, credit cards, and even bank drafts! Read more on the GreenMed website.
Why the industry needs this
Although twenty-eight states have legalized medical marijuana, and eight have legalized recreational use, paying for marijuana is still a hassle. If you have no cash, you may need to go to an ATM to withdraw $20 (plus fees) for a $5 pre-roll. I mean, c’mon, who carries cash?
This headache is because the federal rules make it impossible to process electronic payments or use traditional banking. Marijuana businesses are forced to take cash only. However, most consumers don’t carry cash and would rather swipe a card or wave their phone.
The GreenMed debit card allows to withdraw the funds directly from any ATM in the Visa network and even use it for purchases
In addition to being bothersome (business must also pay employees, taxes and business expenses in cash), a cash-only business also puts everyone involved at an increased risk. They need extra security to transport large amounts of cash and store it. With so much cash around, dispensaries and recreational stores (as well as their customers) are at as much risk of being robbed as a bank. I don’t know about you, but I prefer to buy my weed without the armed security guards.
As long as the industry remains cash-only, it is losing out on potential new business and revenue from the card-paying public. These businesses are also riskier and more expensive to maintain. Under this model, businesses cannot remain competitive and profitable in the long run. GreenMed is a solution to this problem.
Helping the marijuana economy grow
GreenMed is much more than payment processing. In addition to letting customers pay with a card, GreenMed makes money management easier for businesses. They can also legally transfer their Cryptocurrency to a bank account and use that to pay business expenses, reducing the amount of cash on hand.
Marijuana consumers also benefit as well. In addition to accepting payments, the app will list local businesses that accept GreenMap payments, removing the need for a trip to an ATM. For states that allow delivery, they can use it to browse local inventory, place orders for pickup, and receive medicine without searching for cash. It’s better than cash-less meal delivery; it’s cash-less weed delivery.
Basically, the GreenMed platform and application are designed to help increase the accessibility of marijuana to the public – and these are just some of the planned features! It will initially launch in California and Colorado.
Why I am excited
As the founder of ilovegrowingmarijuana.com and bergmanslab.com, I’ve helped thousands of people learn to grow marijuana. I’ve also been busy helping dispensaries learn how to get properly licensed and set up legal grow operations.
I’ve met many dispensary owners, and they are excited about it as well. That is why I reached out to GreenMed about sharing this news with others. Together, we could help bring about this much-needed change in the industry. Best of all, you don’t need to understand cryptocurrency to use it!
Of course, as soon as the product is developed, we’ll be accepting GreenMed payments at ILGM! Make sure to visit their website for more information.
Peace,
Robert
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The post ILGM partners with GreenMED to bring Crypto Currency payments to the marijuana industry appeared first on I Love Growing Marijuana.
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