Firm To Let Marijuana Dispensaries Use Digital Tokens For Cash
A financial services firm known as ALTA will exchange cash at marijuana dispensaries for digital currency. State Attorney General Mark Brnovich approved the company’s operations.
ALTA uses blockchain and geofencing technology to protect clients’ payments and transfers.
Sarah Wessel is a co-founder of ALTA.
"Think of it as a digital casino chip. Members now with their digital tokens on either their app or their desktop can pay taxes, utilities, payroll, and, most importantly, each other. When they're ready to cash out their tokens, they simply sell them back and proceeds from the sale of the digital commodity now can be banked anywhere they choose," Wesse saidl.
Wessel said banks and credit card companies generally do not provide accounts to companies in the marijuana industry.