MOONROCKS EXCLUSIVE LAUNCH ON MOONPAD.
BEYOND SAFE BANKING
Safe banking for the cannabis industry is going to move forward whether cryptocurrency is involved or not. Crypto isn't a replacement to safe banking; rather, it should be considered a tool to open financial possibilities for cannabis producers and retailers.
For cannabis businesses, crypto provides the opportunity to lock in access to capital - something hard to come by through traditional financial institutions. Moreover, as consumer behavior changes, many want the ability to use their crypto assets for tangible purchases. Having the ability to accept cryptocurrency unlocks new customer channels and considerable sales potential.
For crypto, partnering with the cannabis industry also offers the ability to satisfy the requirements of the IRS through global reporting. By using blockchain or an immutable ledger, all transaction data and activity that happens at a business is locked into place, so what has been done in the past can't be undone, and all activity can be easily audited.
CREATING A TRUSTED ENVIRONMENT
No one likes over-regulation, but without the right rules and oversight, no one is protected. At the end of the day, building a business is about reputation and mitigating reputational risk, and that starts with compliance and transparency.
Managing risk and avoiding reputational blunders is critical for a business's long-term success. Certainly, any business can produce a great product, but rarely do people want to do business with a company that carries a poor reputation for sketchy or nefarious business practices.
Dropping crypto into the highly regulated environment of cannabis isn't just a best-case scenario to launch crypto into the mainstream; the move would also ensure crypto assets are being used in a legitimate and controlled regime, avoiding illegal activity.