The PayPal Of Recreational Pot: Startup Aims To Eliminate Cash From Washington State Marijuana business

Everyone uses cash because banks, which are federally regulated, aren't keen on the idea of getting into business in an industry that is still federally illegal.

WASHINGTON: Recreational marijuana may be legal in Washington state, but in many ways, it’s still a risky business.

The biggest risk is that nearly all transactions happen with cash. And not just customers buying marijuana, but much bigger transactions when retailers buy from the producers that actually grow the pot.

Everyone uses cash because banks, which are federally regulated, aren’t keen on the idea of getting into business in an industry that is still federally illegal.

Now, there’s a company that’s bringing electronic payments to the world of recreational marijuana, and it could be a game-changer.

Read full article @ Biz Journals

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