The global cannabis industry has been inhibited by regulatory restrictions for most of recent history, but the legal market has emerged rapidly as more governments legalize medical and recreational use. In Europe, using/selling small amounts of cannabis is not legal but tolerated in Spain, The Netherlands, and Switzerland. Due to the ‘shady’ image of the business, most banks, credit card companies, and payment providers won’t handle the money generated by the cannabis industry, even in places where it is completely legal. This leads to inefficient solutions such as cash transactions, which only add to the shady image of the industry. To address this problem, BitCanna will provide a decentralized payment network for the legal cannabis industry, by means of the BitCanna Coin (BCNA). Customers can use the BCNA to make purchases in both online and brick & mortar dispensaries, solving the current payment problems for the industry.
There are already some cannabis-focused coins available on the global marketplace.
BitCanna however, is unique in their strategy to get the cannabis industry out of the shade: 1. BitCanna has the intention to solve the current paradox in the market. By implementing supply chain management and identity control functionality, BitCanna aides legislators in creating a healthy and transparent cannabis market. 2. Mass adoption is the main challenge facing the cannabis coins currently being offered in the market — a challenge that will be much easier for BitCanna to overcome. The organization behind BitCanna already has a network in place of over 10 million unique visitors per month and hundreds of partner organizations (cannabis purchase points, both online and offline, and cannabis-related media channels). Mobilizing, enabling and incentivizing this network will lead to the fast adoption of BCNA.