Cannabis industry showcased an amazing potential in growth and development over the past several years, especially with having numerous countries settling down regulations on the matter of legality of cannabis.
As there is a massive market for medicinal and recreational marijuana in areas and countries where cannabis is legalized or waiting for further government resolutions and regulations, it is considered that cannabis sector is set to double its market value in the course of the next two years.
In the meanwhile, the not-so-taboo industry is getting an unexpected ally in cryptocurrency, as crypto may push further development of the cannabis sector in California.
New California Bill to Allow Crypto-based Payments for Cannabis Businesses
The latest bill introduced by Phil Thin, the Assembly member of California, is set to allow cannabis businesses to enable payments for county and city taxes, which can as a consequence make paying taxes for local cannabis-related businesses a far safer option.
The new bill is yet to become a law, while it is expected to see the bill being approved by 2020 as reported by CBS Sacramento, which should consequently push the development of cannabis-related business and projects.
In the meanwhile, recreational marijuana has become legal in many states, including Colorado, Washington, California, Alaska, Oregon, Nevada, Vermont, and Massachusetts, which of course, provided these countries with a massive potential for cannabis growth and production.
However, institutional investors are still cautious regarding investing in this sector, while it is expected that further regulations in multiple sectors will push the adoption of cannabis-related investments in the course of the next several years.
One of the biggest problems for the industry is the fact that most of the banks, meaning majority, are not willing to cooperate with cannabis business, which is how cryptocurrency-based payments prescribed by the latest Californian bill could help further development of the industry and encourage more entrepreneurs to enter the business.