As the legal cannabis market enjoys steady exponential growth, new start-up BitCanna aims to launch a blockchain platform and cryptocurrency dedicated to providing secure payment solutions within the cannabis industry.
BitCanna describes itself as a “decentralized payment network for the legal cannabis industry,” that aims to provide cannabis companies with a secure, cost-effective way to process transactions and track customer identification data.
“Keeping up with constantly changing cannabis laws is very difficult. So banks, credit card companies, and online payment providers either refuse to get involved in cannabis, or they charge excessively high transaction fees,” said Jan Scheele, BitCanna CEO. “That puts companies who are selling cannabis products legally in a tricky situation — they have to figure out how to take their businesses cashless and sell online without breaking any laws. That’s where BitCanna will help.”
According to a press release, the company can process transactions using its BitCanna token almost instantly, for only “a few cents.” It’ll also allow vendors to manage their supply chains while keeping track of customer identification data.
“Our customers will pay a small flat fee,” said Scheele. “We’re introducing a payment system that will make it cost-effective and safe for all cannabis companies to accept digital payments — whether they’re selling online or in-store.”
The legal cannabis market is reportedly climbing. The market reached $22billion in the U.S. alone in 2017, with the global market set to rack up as much as $140billion by 2027, according to European investment bank Bryan, Garnier & Co.
When it launches in mid-2019, BitCanna will be implemented with some of the largest online retailers, while running pilots at brick and mortar locations in cannabis hotspots like Amsterdam and Barcelona.