The cannabis and crypto industries are two disruptors. Cannabis, hemp, and cannabidiol (CBD) are all set out to revolutionize the pharmaceutical industry. On the other hand, blockchain and cryptocurrencies are slowly seizing the world of finance and banking and other services. While they are slowly being adopted worldwide, there are a few hindrances that prevent their full maturity.
According to Brave New Coin, traditional banks’ lack of support for the cannabis industry is certainly making it harder for dispensaries to go about with their daily functions because they can only avail limited services in banks. This results in them having to carry around huge sums of cash on hand.
Although there are only 20 states left that have yet to legalize any form of marijuana, financial institutions are still unwilling to provide dispensaries and other cannabis businesses a helping hand. This major roadblock could discourage future entrepreneurs from venturing into the sector, but this is where blockchain’s format should come in handy.
Blockchain is a publicly distributed ledger that allows transactions to occur at faster rates. It also can’t be tampered by those without any access, says Techopedia. If cannabis companies run massive transactions through blockchain, they can break free from the limits set by banks. In doing so, entrepreneurs will be more than willing to be a part of the growing industry. Blockchain’s effective structure in financing comes at a perfect time as more areas are considering the legalization of cannabis.
Cannabis industry leaders have taken it upon themselves to kickstart their own ventures into the crypto community. One that has made major steps in the disruption is PotNetwork Holdings, Inc. (OTCMKTS:POTN).
From CBD leader to crypto miner
POTN has been a dominant figure in the research, development, and distribution of CBD through its subsidiary, Diamond CBD, Inc., and it has been a huge contributor to its parent company’s rise to success. Just last month, Diamond CBD made $2.2 million in sales, which is a 152 percent increase from March 2017’s performance.
It has already established itself in the CBD industry, and it has made its move to enter the crypto community as well.
A month after revealing its new subsidiary, Blockchain Crypto Technology Corp., POTN has announced that it has bought a modern crypto mining facility that has 115 dedicated rigs. Now that it has solidified its move towards cryptos, the company manages to increase its market value drastically. Although it has yet to reveal its future plans, many are hoping that it allows crypto transactions in the future.
For now, POTN is at least able to diversify its portfolio and possibly provide bigger returns for its investors through its recent blockchain venture.
The cannabis and crypto industries are two of the hottest markets investors are setting their eyes on. Their progress has made it clear that they are setting out to be billion dollar markets in the next year. Though both are completely different industries, some companies aren’t too shy about bringing them together to create an amazing opportunity for possible investors.
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