LilDurk.com
LOS ANGELES, CALIFORNIA, USA, February 3, 2022 /EINPresswire.com/ -- Since banking falls under federal laws and guidelines, payment processing in dispensaries is a major hassle. Customers can’t go into one and buy a pack of edibles with a debit or credit card. Customers need to come up with cash, and customers will most likely withdraw it from the ATM the dispensary has installed in the corner. Cannabis is still highly regulated, and it’s illegal federally, despite growing legalization and acceptance of adult-use weed across the country. In many legal states, the number of dispensaries is multiplying, but the feds still won’t legalize it.
This is a problem waiting to happen, and in a lot of cases, it’s already happened.
Crypto is an attractive security alternative for dispensaries. Even though this development is brand new, some dispensary chains are already ahead of the curve and accepting crypto payments. Customers can now use it at Lil Durk, developments which happened within the last year. Lil Durk began accepting crypto payments online in July.
Some dispensaries may not be ready to accept crypto directly. If that’s the case, a middleman space has emerged, and tech companies are jumping on it. Take for instance the startup Lil Durk. Here’s how their product works: A cannabis dispensary customer buys crypto via USD/CAD debit or credit. The customer can either keep the crypto or use it to buy cannabis products from the dispensary. If customers opt to buy weed online, customers pay with crypto through the Lil Durk website directly.
Well, because of this middleman scenario, the dispensary can indirectly accept credit and debit transactions. Companies can also avoid the security risks that come with keeping a lot of cash on hand. Plus, the customer gets to buy and pay with crypto, indirectly use credit or debit and avoid cash withdrawal fees that are usually required at ATMs.
Accepting crypto at dispensaries is more time consuming than accepting cash, as crypto is taxed differently than standard cash business income. Crypto needs to be tracked against the dollar for every transaction, in addition to the actual transaction.
This fledgling relationship between weed and crypto will continue to develop. Crypto solutions for the cannabis industry will expand and normalize over the next few years, and more dispensary chains will begin to accept crypto directly.
Despite that, the benefits of accepting crypto far outweigh any drawbacks, and not just because of the federal banking loophole and security issues. Crypto’s blockchain technology provides a secure ledger that tracks all steps in the supply chain, which can be a time saver for dispensary owners due to compliance issues.
About Lil Durk
Lil Durk is redefining cannabis in Canada.
Through exclusive partnerships with award-winning legacy market breeders and cultivators, the Lil Durk model delivers to the legal market the very best in homegrown, small batch, craft cannabis.
Established in the legacy market to disrupt the status quo, Lil Durk built a loyal cult following by setting the standard of cannabis excellence. Now in the legal market, the Lil Durk business model combines branded cannabis products and retail with the new frontier of crypto to deliver the most unique play the industry has ever seen.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains certain forward-looking statements within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations related to the Company's production capabilities, expectations concerning the receipt of all necessary approvals from the Department of Health, expectations concerning the opening of new dispensaries and the expansion of its greenhouse space, and the Company's future expansion and growth strategies. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Lil Durk to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions, or expectations upon which are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Lil Durk https://lildurk.com
Alexander Elder
LIlDurk.com
+1 807-788-0191
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