2018 marks a milestone for the cannabis ecosystem as legalization becomes wide spread throughout North America and the rest of the world. The expansion of the market will be followed by a boom of cannabis related businesses that will require distribution infrastructure to achieve their success. However, a major ongoing operational challenge in the marijuana industry is the difficulty businesses face in achieving global reach and overcoming international regulations.
On the other spectrum, ‘cryptocurrency’ the word that has taken headlines all around the world is pressed with challenges of its own. Investors aren’t able to liquidate their holdings and very few retailers are accepting cryptocurrency other than bitcoin as an alternative payment method. This leaves investor confidence low and tokens practically valueless in the sense of utility.
GrowPayment is leveraging the technical challenges of the cannabis industry and cryptocurrency economy to develop a multivendor marketplace for marijuana related products that supports both fiat money and cryptocurrency transactions. This is all made possible with the development of our payment processor that allows peer-to-peer transactions between traditional applications such as VISA, PayPal, etc. with blockchain wallet platforms.
The GrowPayment business model is derived from our vision to boost the cannabis economy and support marijuana related business. Our Marketplace platform (Green Market) will feature applications such as live POS market data, consumer insight, embedded international trade regulations, advertisement solutions and GROP token backed loans for reputable vendors.
The platform will support all major cryptocurrency formats (BTC, ETH, LTC, XRP, etc.) However, we are putting efforts to promote the use of GROP tokens on the platform by building a system that rewards both the vendor and consumer through shopper discounts, vendor fee reductions, advertisement cost reductions, and loyalty token rewards.
The legalization of marijuana will open unprecedented opportunities around the world, GrowPayment will play a critical role to the industry development by strengthening businesses and increasing consumer experience.