Why Dispensaries are Turning to Cryptocurrency

Flickr user BTC Keychain

If banking is not an option, how can a business pay wages
and get loans? Easy—by avoiding the dollar altogether. Cryptocurrency is a
digital unit of money that’s cryptographically secure. It’s protected from
counterfeiters and hackers. Since banking systems in America will not cooperate
with dispensaries in the cannabis industry, they have turned to bitcoins. Mary Jane Coin is the choice of bitcoin for
many cannabis dispensaries and it’s about to sweep the nation.

A bitcoin is the most common form of cryptocurrency.
Bitcoin’s values are determined by supply and demand, much like gold bars.
Other bitcoins like PotCoin and CannabisCoin have also risen to the occasion.
But how do you back up a bitcoin that’s custom fit for the medical and
recreational cannabis industries? Only Mary Jane Coin is backed by one gram
solvent-free bubblehash—a constant unit of measure. The value of a gram of hash
in dollars is between $10-35. The peg value will be eventually phased in and
may differ from dispensary to dispensary.

Gabriel Ballerini, who prefers to go by Jahvinci, is the
developer of Mary Jane Coin and told Coin
Telegraph he created the company out of necessity stating that dispensaries
in an industry like this cannot reasonably operate in cash. It’s just too
dangerous. Jahvinci draws a conclusion: “The end of prohibition is going to
coincide very nicely with the rise of bitcoin. I could not ask for a better
scenario. The cannabis industry is one of the industries that is truly begging
to be disrupted by cryptocurrency.” Jahvinci plans to ease clients in by making
ATM machines with Mary Jain Coins. So far, Mary Jane Coins are spendable in
Boulder and Denver. With so many dispensaries complaining about the cash
problem, more dispensaries are expected to follow.

Gary Andresen, a bitcoin giant, described to Forbes the
cryptocurrency trend as a “decentralized currency of the people.” Essentially, Mary
Jane Coin holds the power to transform the cannabis business, possibly being
our answer in combatting centralized banks who haven’t yet embraced the
legitimacy of the industry.