WHY DOES THE CANNABIS MARKET NEED CRYPTOCURRENCY?
GROWTH IS IMPOSSIBLE IF YOU CAN’T GET PAID
The cannabis industry is already worth billions, but there’s one big problem; antiquated laws have made it virtually impossible for canna-businesses to collect non-cash payments if they’re upfront and honest with their payment processors. In today’s world, that’s the biggest obstacle to growth.
Even though the majority of people are in favour of legalising cannabis and many countries are changing their laws to reflect popular opinion, it is still illegal in most parts of the world to sell, possess, produce, or transport cannabis. For that reason, the US has deemed cannabis sales, both legal and illegal, in the same category of “money laundering” within the banking industry. The rest of the world has simply followed suit.
To shield themselves from the fines and other penalties that come with money laundering, banks, credit card companies, and almost every other payment processor specifically states in their terms of service that they will not work with any business that sells cannabis or cannabis seeds. To get caught breaking those terms of service means closed accounts, hefty fines, and loss of funds. Sometimes, the end result is bankruptcy.
Here are some of the problems the cannabis industry is facing right now:
• The vast majority of canna-businesses cannot open a bank account even if their sales are perfectly legal in their country/state.
• Credit card companies like Visa, Mastercard, and American Express will not process payments for businesses in the cannabis trade. Neither will Paypal or most other alternative payment processors.
• Unscrupulous brokers prey on naive or desperate business owners by promising offshore bank accounts or credit card processing. These accounts come with high processing fees, hefty rolling reserves, slow payouts, and exorbitant fines cutting into profits or even causing the business to operate at a loss.
• Companies working in the cannabis industry have little-to-no viable options to offer non-cash payment solutions to their customers, whether they operate a brick-and-mortar or e-commerce shop.
• Most companies in the cannabis industry are forced to work with huge amounts of cash since no one will process their hard-earned money. This is a security hazard for business owners, their customers, and the public at large.
BitCanna will allow for private and independent transactions within the cannabis industry that are safe and secure. The money will not be controlled by banks, credit card companies, or any government body, but will instead be processed through a decentralised network. There will be no risk of fines, penalties, or account closures due to the legal sale of cannabis.
THE CANNABIS MARKET IS BOOMING WITH AN ANTICIPATED 1,000% GROWTH RATE
Over the last few decades, the global attitude towards cannabis has become increasingly positive, and the public is demanding changes to the current legal system.
Medical cannabis has been legal in various countries for years, but full legalisation is starting to happen as well. Uruguay fully legalised cannabis in 2017, Canada will follow this year, and the US currently has 9 states where cannabis is completely legal for recreational and medicinal use.
These positive developments demonstrate that the global cannabis industry has significant potential, and even though current sales are very encouraging, the market has barely been tapped. The total economic impact on the US economy was roughly $22 billion over 2017, while it is predicted that market will double to $44 billion in 2020. Comparable estimates are made for the Canadian market where recreational marijuana sales are estimated to reach $6 billion by 2021.
Globally, the legal cannabis market is predicted to grow over 1,000% in the next 10 years—according to Bryan, Garnier & Co. This EU-based investment bank estimates that the global market could reach over $140 billion in 2027.
WHY BITCANNA INSTEAD OF ANOTHER CRYPTOCURRENCY?
Apart from cryptocurrency itself, no other industry is changing and growing as explosively as the cannabis sector. Therefore, a combination of the two is a perfect fit. We believe this is why there are so many cannabis coins already out there. However, BitCanna is the only one that satisfies the most critical requirement for a payment solution: global adoption.
BITCANNA PARTNERSHIPS ENCOURAGE GLOBAL ADOPTION
Global adoption is easier said than done. The BitCanna team is committed to making our coin stand out from the rest. In addition to an aggressive marketing plan that includes clear incentives for using our solution, we have proactively established partnerships with the biggest e-commerce shops in the industry so that BitCanna will be up, running, and in use immediately upon launch.
Zamnesia, Royal Queen Seeds, and Cibdol have agreed to accept BitCanna. With reputable industry players like these joining, we are convinced more will follow.
THE BITCANNA TEAM IS MADE UP OF SEASONED CANNABIS EXPERTS
Our team’s hands-on experience in the cannabis industry gives us an advantage over other cryptocurrencies. Combined, our entrepreneurs, marketers, and senior developers have worked in the cannabis trade for decades. With our shared experiences, we know that all companies within this sector run into the same problem: both banks and payment providers don’t accept the business that they’re in.
Although the cannabis industry is a multi-billion dollar one, we feel that there is a big market that isn’t served correctly. We also believe that we know how to solve this problem better than anyone else. Here are some ways we will make that happen:
INCENTIVISE BITCANNA ADOPTION & USE
Shops that accept BitCanna will be able to encourage their customers to use this form of cryptocurrency by offering an attractive reward system that adds special gifts or bonuses to their order when a minimum purchase amount is reached. This proven sales tool is a great incentive to use BitCanna over cash.
SOLUTIONS FOR BOTH ON & OFFLINE USE
Brick-and-mortar shops can use a hardware-based payment solution for instant transactions while wallets and plug-ins will provide fast payments for e-commerce sites. There will be no clogged networks or latency issues because BitCanna has been designed to be a closed ecosystem for use solely within the cannabis industry.
LOW TRANSACTION FEES
Credit card processors charge monthly fees, transaction fees, commissions, fees for refunds, and they always find a way to tack on a few extra charges. Compared to that, BitCanna is practically free. Each transaction will cost you a few cents at most, which makes it extremely attractive for larger sales.
PROTECT THE FINAL CUSTOMER’S ANONYMITY
No one takes privacy and security more seriously than the cannabis community. BitCanna gives the customer the option of making their transaction more anonymous.
PUT YOU IN CONTROL OF YOUR MONEY
Banks don’t possess your money, you do. You can even stake your coins to earn interest in tokens, instead of accepting the ridiculously low interest rate banks offer. It will also put an end to government overreach and intrusive bank audits.
BITCANNA’S MAINNET WILL LAUNCH IMMEDIATELY AFTER THE ICO
BitCanna has been in development since Q1 of 2018 and is currently in the Alpha testing phase. We aim to launch the mainnet before years end. If you invest in BitCanna, you will not be given empty promises that are never fulfilled; you will own a working piece of the cannabis industry’s future.