Two months ago Bitcoin.com reported on the State of Washington giving marijuana dispensaries approval to accept bitcoin for cannabis sales. Now, thanks to a fintech startup called Posabit, a few cannabis merchants in Seattle are utilizing the decentralized currency in their business operations.
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Seattle Cannabis Dispensaries are Accepting Bitcoin for Marijuana Sales
Seattle-Based Cannabis Merchants are Accepting Bitcoin for Pot SalesMany cryptocurrency enthusiasts would love to see the Bitcoin industry join together with the growing marijuana movement, which is happening in a few U.S. states. The State of Washington has allowed medical and recreational marijuana sales since 2014. Just recently, Washington lawmakers and the state’s Liquor and Cannabis Board gave marijuana merchants and payment processors the approval to utilize digital currencies for dispensary sales.
Since then the startup Posabit, a credit-card-to-bitcoin payment processor, has begun working with four Seattle dispensaries which sell marijuana. The pot shops working with the Posabit system include the Queen Anne Cannabis Company, Herb’s House, Greener Today, and three Uncle Ike’s locations. Posabit claims to give cannabis merchants and other brick and mortar stores an easier way to accept credit cards and bitcoin at any point of sale location. Furthermore, the company says using their digital processor reduces cash transactions, which can be a danger for cannabis dispensary employees.
