Virtual Crypto Technologies, a developer of software and hardware for the purchase and sale of cryptocurrency via PoS systems, ATMs, tablets, PCs and mobile devices, is developing a proprietary solution specifically developed for cannabis dispensaries.
This is set to be released in Q4 and will be available in the United States. Currently, there are nine states that have legalised recreational marijuana, while 30 (plus the District of Columbia) have legalised medical marijuana. However, not many banks are willing to provide loans or credit to enterprises operating in this area; this is for a variety of reasons, including the inherent legal issues that arise when states’ rights come into play. Thus, the sector is heavily reliant upon cash.
“Our cannabis payment solution is building upon the foundation we established with our first generation PoS system. Virtual Crypto has been validated in the market and is a proven technology,” says Virtual Crypto Technologies CEO, Alon Dayan. “Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”
To purchase cannabis via the solution, a user scans a QR code that appears on the dispensary’s PoS screen’s interface, which represents a series of unique variables regarding that specific transaction. The store owner will then receive confirmation in accordance with the number of goods sold. Virtual Crypto says that the solution provides real-time transactions and ensures the best exchange rate at the lowest commission offered on the market.
“Today with cash as the payment method of choice at dispensaries, they have quickly become a target for thieves. With tens of thousands of dollars in transactions per day, employees are faced with an unsafe work environment. Additionally, cash makes it difficult to account for the appropriate payments of taxes to the government,” says Dayan.
“Our goal is to be an alternative payment option, not to eliminate cash. We believe our technology can ultimately reduce the amount of cash moving through the cannabis ecosystem, which will help foster a safer work environment and ensure industry participants pay their taxes using an alternate payment method. The Virtual Crypto solution is a win-win-win for dispensary owners (and farmers), consumers, and individual states, resulting in accountability, ease of use, and increased tax revenue to the state.”
High Times
Last month, Coin Rivet reported that cannabis brand High Times had become the first ever stock offering to accept cryptocurrencies. High Times, a New York-based monthly magazine, was founded in 1974 and has featured original works from such counterculture and literature big hitters as Truman Capote, Hunter S.Thompson, Charles Bukowski and William Burroughs. Nowadays it is also in the websites, apps and live events business. Its equity-crowdfunding process, under Regulation A+, has begun the process of bringing in Bitcoin and Ethereum.
High Times CEO, Adam Levin, said: “We have been at the forefront of popular culture for more than four decades. Now we’re taking another step into the future, not only as one of the first cannabis-related brands to go public on the Nasdaq but also as the first to allow Bitcoin and Ethereum as part of our public capital raise.”
The company has filed its latest Reg. A report, detailing almost $29 million in reduction of negative equity, significant decreases in operating losses, and a debt reduction, with the US Securities & Exchange Commission.
No to ICO
“Cryptocurrencies have created a new investor base across the world—we’re just giving them more stable opportunities for investment,” said Levin. “Beginning with our Reg. A+ crowdfunding, we’ve been focused on giving everyone from retail investors to long-time fans more ways to own a piece of High Times. While we didn’t believe that the ICO process was the right move for our brand, it would’ve been foolish to leave this emerging investor base out as we continue to transform into a diversified media, events and merchandise giant.”
Investors can purchase shares at HighTimes.com/Invest.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.