Cannabis is one of the fastest growing and most lucrative industries in the world today. Poised to become a $31.4 billion-dollar industry, cannabis is now medically available in 29 states in the United States, and totally legalized (for recreational and medical use) in nine states and the District of Columbia. All but four states have approved access to non-psychoactive cannabis extracts, produced for medicinal use.
With the shift in legality around cannabis, we are also observing a shift in culture. If you’re in Los Angeles, dispensary and cannabis delivery billboards are everywhere. In Colorado, dispensaries and cannabis businesses are frequented by tens of thousands of customers, daily. The entertainment industry, too, is taking notice, with new shows popping up regularly that explore the in’s and out’s of the marijuana realm. However, in spite of all the statewide changes and enormous public support, marijuana is still federally illegal. Cannabis products that are produced in FDA approved facilities and taxed by the government, still can not cross state lines. And in Texas you could be arrested for having the exact same product that is medically and recreationally celebrated in your home state.
While federal policy appears to be softening and federal laws may soon shift, they have not shifted yet. Dispensaries, even in states where cannabis is legal, find it near impossible to work with banks, or find merchant processors that won’t shut them down for selling marijuana.
Many of these businesses went from processing just a few orders — in cash — to having a huge boom in sales. This dramatic increase in sales requires a more sophisticated payment processing system. However, federal laws governing fiat currency have conspired to make that incredibly difficult. Because both banks and merchant processors are governed by unique sets of federal guidelines and restrictions, they are, in many cases, legally unable to accept deposits or process transactions for legally operating cannabis businesses. To address this problem, CannCo's is creating a blockchain-powered ecosystem that will provide the following services for the cannabis industry and eventually other developing and underbanked markets:
Transparent supply chain management Business banking and merchant processing Trade finance Direct consumer-engagement solutions
With the launch of our native token, the CannCoin, we will to revitalize and restructure the cannabis market by offering robust financial services that have been largely unavailable until now. Given the successful track record of those behind CannCo and our unique blend of experience in the cannabis market, product and software development, and financial markets, we believe we are poised to deliver essential products and solid returns to our investors.
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