SpeedWeed Delivery Platform Starts Accepting Bitcoin
SpeedWeed wants to ditch cash by opening the door for Bitcoin payments
SpeedWeed, the only legal cannabis delivery business in California, has recently announced that it now accepts Bitcoin. Thus, the company’s customers can purchase marijuana with crypto and have it delivered to their door.
Marijuana industry faces legal hurdles, California is among several US states that legalized pot, thus turning it into a huge business. The state of Colorado is another good example since its regulated marijuana sales surpassed a whopping $1.55 bln in 2018. In just five years, cannabis is expected to turn into a $20.2 bln industry, thus matching the growth rate of cable TV.
Despite the proliferation of cannabis, credit card companies are not ready to embrace it. The thing is, marijuana is still illegal on the federal level. It is actually classified as a schedule 1 drug, which puts it in the same category as heroin. Hence, until there are proper federal regulations, card processing restrictions will remain in place.
SpeedWeed embraces Bitcoin
Weed businesses have no choice but to tote a huge amount of old-fashioned cash. Not only does this put pot business in danger of being targeted by thieves, cash is also simply inconvenient. In order to solve this issue, SpeedWeed decided to turn to Bitcoin, the cryptocurrency that ensures safe and anonymous transactions.
By allowing members to pay with crypto, we’re able to keep our promise: SpeedWeed is the safest, most convenient way to have cannabis delivered,” SpeedWeed Director of Operations Ken Breese claims.
However, it remains to be seen whether Bitcoin holders would be willing to trade their coins for pot after the BTC price went parabolic in July.
Published: July 03, 2019
Founder & Interim Editor of L.A. Cannabis News