GreenMed Launches Cryptocurrency-Based Credit Card Processing App For Legal Marijuana Industry

CALIFORNIA: Pro-cannabis cryptocurrency startup GreenMed has become the world’s first one-stop shop for electronic payments in the legal marijuana industry. The platform enables customers to pay for legal marijuana with credit and debit cards. Apart from allowing card payment at dispensaries, the platform also allows users to pre-purchase for quick pick-up over its app.

GreenMed is the first platform to implement an ERC20 Ethereum token-backed application for the convenience of both customers and legal marijuana dispensary operators. The platform uses cutting-edge electronic payment processing technology in conjunction with Ethereum blockchain to execute credit card transactions.

Due to strict federal regulations, banks have been unable to partner with legal marijuana dispensaries, leaving cryptocurrencies like Ethereum as one of the only options to help the $5 billion industry accept mainstream electronic payments like credit/debit cards and electronic fund transfers. They can also choose to pay with digital currencies.

While the GreenMed application allows patients to pay for their legal marijuana with credit cards and cryptocurrencies, merchants can be issued GreenMed debit cards which enable them to withdraw accumulated funds directly from any ATM. The GreenMed debit cards can also be used at PoS and online payment gateways to make purchases, just like any other debit card.

In addition to convenience, GreenMed also provides a secure option for legal marijuana dispensaries to handle their earnings. In the absence of such a solution, the dispensaries are forced to conduct all transactions in cash which not only increases the risk of theft but also cuts into the margins due to high operational costs involved in securing and transporting cash.

These 'Bitcoins For Marijuana' Try To Solve Legal Weed's Big Heist Problem

Bitcoin isn’t the only digital currency changing the way we pay for things. Two new cryptocurrencies aimed at allowing people to safely buy drugs — legal or illegal — may provide new payment alternatives to the largely cash-only industries.

Their developers promise safety and security — and they just may change the course of the drug war in the process.

PotCoin and DopeCoin won’t be the first digital currencies to follow the headline-grabbing, wildly fluctuating and unregulated Bitcoins that took the digital world by storm last year. But they’ll be the first dedicated solely to the drug marketplace, which has been largely shunned by traditional banks, even in its legal forms in some U.S. states.