SEATTLE, WA--(Marketwired - Jun 14, 2017) - CFN Media Group ("CannabisFN"), the leading creative agency and media network dedicated to legal cannabis, announces publication of an article that will take a look at SinglePoint Inc. (
There are tens of thousands of regulated cannabis dispensaries across 29 states that have legalized medical and/or recreational marijuana. While the industry is projected to reach $24.5 billion in annual revenue by 2025, these dispensaries have trouble sourcing products and services that they need, given the fragmented nature of the business. The good news is that there are several companies that are stepping in to fill the void.
What is Bitcoin?
Bitcoin is a cryptocurrency and digital payment system with over 100,000 merchants and between 2.9 million to 5.8 million users worldwide. Unlike banks and credit cards, Bitcoin is a peer-to-peer system whereby transactions take place without an intermediary. The transactions are verified by network nodes and recorded in a public distributed ledger known as a blockchain, which maintains complete anonymity and has minimal transaction fees.
Many experts believe that Bitcoin could play an important role in the cannabis industry by sidestepping federal regulations surrounding payments. Unlike a commercial bank, Bitcoin is a peer-to-peer system that doesn't have to comply with federal banking regulations. This means that Bitcoin could be used to quickly and efficiently process transaction, while providing businesses with a 'bank account' that can be easily converted into cash.
Bitcoin began as a relatively obscure technology, but since then, it has evolved into a widely accepted payment medium. In fact, Japan recently recognized it as a legal payment method while large retailers like Overstock.com already accept it as a payment method. With the cannabis industry projected to reach $24 billion by 2026, according to New Frontier, there's a significant opportunity to apply Bitcoin to the new emerging market.
Developing a Solution
SinglePoint recently announced a joint venture agreement with First Bitcoin Capital whereby the two companies will jointly develop and distribute a viable payments solution using blockchain technology. First Bitcoin Capital will contribute its extensive knowledge of blockchain technology, while SinglePoint will leverage its deep history in distribution to commercialize the technology at dispensaries and other point-of-sale locations.
The two companies didn't provide an in-depth overview of their proposed solution at this point, but they did mention that the solution would enable the customer experience to go unchanged. Customers would still be able to pay with a credit or debit card at a medical or recreational cannabis dispensary. The behind-the-scenes technology platform would effectively convert that payment into Bitcoin in order to avoid problems with commercial banks.
"In January 2014, SinglePoint announced and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency," said SinglePoint CEO Greg Lambrecht. "The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This joint venture with First Bitcoin Capital is perfect timing."
Please follow the link to read the full article: http://www.cannabisfn.com/singlepoint-embraces-bitcoin-solve-cannabis-payments/
About CFN Media
CFN Media (CannabisFN) is the leading creative agency and media network dedicated to legal cannabis. We help marijuana businesses attract investors, customers (B2B, B2C), capital, and media visibility. Private and public marijuana companies and brands in the US and Canada rely on CFN Media to grow and succeed.
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