Marijuana Tokens


or nearly a decade here in Arizona the medical marijuana industry has been a cash-only business but that could soon be changing news for Tucson zarok pink guess tonight’s story banks can’t do business with marijuana dispensaries because under federal law the possession and sale of pot is still illegal so that means this business is all cash but now enter Alta a Digital payment club that allows pot dispensaries to pay their bills with tokens instead of cash when our dispensaries are buying large amounts of product they need to buy fifty thousand dollars two hundred thousand dollars worth of worth of some service supply then transporting that kind of cash can’t get quite risky so having an electronic transfer system that can be automatic doesn’t have exorbitant fees and eliminates the security risk sounds great to us right now pot dispensaries pay their employees and their vendors with cash Arizona Attorney General mark burnovich okayed a two-year test program allowing Alta and dispensaries to work together tim sultan the executive director of the arizona dispensary association says using this digital system will add a security measure in a risky business we don’t want to have our employees feel like just because they work in in this industry that they’re less safe than they would be if they worked at a bank or if they worked in a pharmacy or somewhere else you know they’re good people who shouldn’t be exposed to danger just because there’s a lot of cash and a lot of valuable stuff around but at the moment Adriana Tyson with Tucson downtown dispensary is skeptical we don’t yet have a list of vendors who are working with Ulta and until we have that information we can’t really say if our vendors would be willing to actually take this digital currency so it seems like a little bit of a gamble right now tyson hopes by 2020 Congress will pass the safe Banking Act allowing banks to work freely with the cannabis industry in the states where marijuana laws are on the books I’m Eric Fink news for Tucson

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