As cannabis legalization continues to sweep across the United States, the subject of payment is being discussed more frequently.

There’s no denying the fact that legal roadblocks are preventing cannabis companies from carrying out transactions with banking institutions in the same way that regular mainstream businesses can. 

This is especially true considering the fact that The SAFE Banking Act recently died in Congress. Fortunately, amid the rise of NFTs and Mark Zuckerberg’s beloved Metaverse, numerous cannabis brands have learned how to tap into the digital trend. 

This is where cryptocurrencies come into the picture. Also known as “crypto”, this form of digital currency gained substantial global attention last year and, if things continue as they have done, crypto for cannabis will likely evolve into a preferred payment option for the industry at large.

Crypto presents cannabis dispensaries with pros and cons 

Utilizing blockchain technology, crypto offers cannabis buyers – not to mention the buyers of various other products – a secure ledger that tracks each step of the supply chain. Due to compliance predicaments in the cannabis industry, crypto presents dispensaries with a time-saving option.

Notwithstanding the benefits, it’s important to note that crypto tends to be more time-consuming than traditional cash payment methods.

Why? Simply because crypto is not taxed in the same way as standard cash business income. Aside from the transaction itself, crypto must be tracked against the dollar for each transaction.

On the plus side, cannabis cryptocurrency transaction costs are affordable and the digital currency can be used to pay for goods pretty much anywhere on the planet. Not only can cryptocurrencies be stored in a computer-managed digital wallet but also,  from a cell phone or even a hardware wallet.

Unlike banks, which require personal information, cryptocurrency for cannabis does not demand personal data. What’s more, transactions can be carried out anonymously.

One cannabis company has launched a CBD Metaverse dispensary

A prime example of a cannabis company that is capitalizing on cryptocurrency is Higher Life CBD. Headquartered in Indianapolis, the company is striving to integrate Metaverse payment options for real world transactions.

“The Covid-19 pandemic has forced many companies to think about safe alternatives when it comes to communicating with employees and customers. For some, that means looking beyond the physical world and thinking outside of the box,” said company CEO Brandon Howard.

Cryptovexels, an ethereum blockchain-powered virtual world and Metaverse, is being adopted by Higher Life CBD.

“We see great potential in the virtual reality world. VR and AR have changed the game on how we will go about buying things in the future. Shopping in the metaverse and then being able to receive your items on your doorstep is groundbreaking and the next big thing. It’s a place where NFTs, cryptocurrency, and the cannabis world will coincide,” added Howard.

Cryptocurrency for cannabis is already being implemented at Helping Hands dispensary in Colorado and People’s Remedy in California. Online crypto payments have also been welcomed by Delta 8 THC company D8 Holdings since April 2021