Thanks to the budding partnership of the crypto market data firm Brave New Coin (BNC), and Multichain Ventures, residents of Nevada may soon be able to purchase marijuana using cryptocurrencies rather than the traditional fiat currency.
As per BNC, it will supply Multichain with the appropriate data and pricing framework to establish a closed-loop and tokenized financial ecosystem that also notably fulfills the deemed requirements under Assembly Bill 466 – creating a pilot program within the Solana blockchain that freely allows cannabis firms and users to use cryptos as payments.
Fran Stranjnar, BNC founder and current CEO, commented on this by stating that most business operators today are taking conventional banking for granted. However, the US-based cannabis industry is different. Cannabis firms are forced to be creative and innovative regarding the management of their cash if they do so wish to thrive or let alone survive. The CEO then added that BNC’s esteemed data and pricing tech could more than help registered cannabis operators to do better regarding their accounting and payments.
While some may find this development unusual, it is worth noting that cannabis and blockchain within the same sentence are no longer new. In fact, several firms worldwide have now started testing and subsequently deployed blockchain-based plant trackers that readily enable users to trace their orders from its very seed to the store itself.
Considering that the cannabis industry successfully amassed more than $20 billion in sales last year, BNC and Multichain’s collaborative effort to penetrate the market may indeed prove profitable for all parties involved.