CannabisNewsWire published an editorial featuring Singlepoint Inc (OTCMKTS:SING), a client of firm focused on strengthening its place in the marijuana market through the investment in, or acquisition of, small to mid-sized cannabis firms.
Singlepoint is one firm that has found interesting applications for bitcoin as a way to help solve banking concerns within the U.S. cannabis industry, another investment segment that is currently growing with no end to its development in sight. Despite this, firms in the cannabis market are currently blocked from accessing conventional banking services in the United States due to the Controlled Substances Act, which states pot as a schedule I controlled substance.
Moreover, in U.S. states where marijuana has been legalized, the firms are plagued by a lack of banking alternatives, which largely forces them to perform cash transactions. Singlepoint’s cannabis cryptocurrency offering, which is now just weeks away from introducing in beta form, could assist effectively resolve the problem
The new bitcoin exchange being advanced by Singlepoint will allow cannabis businesses to execute a user-friendly process of accepting debit and credit card payments without the requirement for cooperation from the FDIC or banks.
Singlepoint is advancing an in-house solution that will enable cannabis customers to get bitcoin at any PoS and to instantly make bitcoin-supported purchases using credit and debit cards. The company is an early-mover in getting such technology to the United States, and its bitcoin application will be entirely KYC-AML compliant. Users can sign up at the point of sale or create an account online.
Singlepoint’s offering will further help cannabis dispensaries by allowing them to upload inventory-related data, like product descriptions and pictures, and digitally track their inventory. The product will be automatically deducted from the cannabis dispensary’s inventory listings, after it is bought by customer. This new payment exchange will certainly be a gain for the cannabis market.