A new bill filed in the Washington State Senate is seeking to prohibit local marijuana businesses from using bitcoin.
Under the proposed rule, businesses that work in the local marijuana industry would not be allowed to either pay for goods with digital currency or accept those kinds of payments from customers.
The bill also includes a definition of “virtual currency” that explicitly targets “digital representation[s] of value used as a medium of exchange, a unit of account, or a store of value”, but excludes the “the software or protocols governing the transfer”.
This is just one more reason MRBs will remain a cash intensive business. It’s unfortunate lawmakers are not embracing virtual currencies, but the reality is cash will remain king for the foreseeable future for MRBs.
In a cash intensive business risk mitigation services are necessary to protect your patients and your profits. At Cannabis Cash Solutions we offer a turnkey risk mitigation system designed specifically for MRBs.
Contact us today to learn more about how we can help protect your cash today.