The world of cannabis has long been considered to be on the fence of what is legal and what is illegal. This fight has also been seen in the market on cryptocurrency. The past few years have seen both of these markets skyrocket into the top of the world economy. With both markets seeming to take different trajectories into the future, it seems like they may have more in common than they do differences.
One of the exciting pieces of news to come out in the recent times has been a partnership between the two industries. The company Global Payout Inc. (OTC:GOHE), has stated that they are working to create a cryptocurrency that would effectively be for use in the cannabis industry. The company has stated that they would like to “bank the unbankable.”
This idea stems from the state of cannabis’s legalization standing in the U.S. For quite some time, cannabis has been a Schedule I narcotic as far as the federal government is concerned. This scheduling means that not only does cannabis have a high rate of addiction, but it also has no medicinal potential. Both of these claims have been refuted by popular science in the most recent times, but despite all of the work that has been done, the fight for legislation is still very much in progress. GOHE has been working to get into the multi-billion dollar of cannabis by helping them to have a bank standing. Since cannabis is federally illegal, companies that work in the cannabis industry are unable to get bank accounts, and thus have to do all of their work in cash. This leads to a very dangerous situation for the cannabis industry and has long been a big problem in the market.
The CEO of GOHE stated that “The MTRAC-Token is something that I truly believe will be first of its kind in the cannabis industry. With the way we are currently structuring this security offering, accredited investors who may have been reluctant to invest in something within the cannabis industry will be given a unique opportunity to pave the way to provide financial solutions for an underserved industry.” The hopes are that this token will help to give cannabis-related companies a sense of security when it comes to their money and how they handle it. MoneyTrac has also announced ways in which they will meet several regulatory measures to ensure that they are going on the correct legal route.
The cannabis industry has long been considered one of some sense of illegitimacy. This sense of illegitimacy comes from a longstanding world of propaganda that has made the world of cannabis viewed in a bad light. Although a large amount of research has been done to show the viability of cannabis as a medicinal product, many of the large government institutions are still hesitant to get in on the action. Because of this, 29 states have put legislation forward to legalize cannabis for medicinal use with nine of those including Washington D.C. legalizing cannabis for recreational use. This has helped to create a paradigm shift in the industry, showing that the population of the U.S. is very much in favor of legalizing cannabis.
As we near the next coming years, it will continue to be interesting to watch as the battle for legalizing cannabis unfolds. With several people in the government working to overturn this legislation, others are working hard against that very principle. The world of cannabis is one that will continue to grow on a massive scale despite legislation, which is what is currently happening in the industry. The hopes are high that the near future will see some change in the nationwide laws so that the people can get the cannabis that they need and want.