By Jenny Bloom
Cash, card or debit could soon be a reality for dispensaries in California and Colorado. This is thanks to a new app that is set to release called GreenMed. The app uses Blockchain technology to facilitate credit card and debit card payments for legal marijuana purchases throughout the United States.
If you are wondering how it works, it is surprisingly simple. You’re not actually buying marijuana with a debit card — that is still illegal. You are buying GreenMed coins which are then traded for US dollars, which is not illegal.
The app hopes to reduce the risk involved with running cash-only businesses for both dispensary owners and patients. For marijuana blogger, educator and master grower, Robert Bergman, it’s a positive use of technology that is long overdue.
“I’ve spoken with countless dispensary owners who have to shut down simply because they couldn’t meet the demands of running a cash-less business. It shouldn’t be like that. It should be about getting quality medicine to the people that need it.”
Bergman was so moved by the company’s mission, he joined the team as an advisor.
“You have to make sure someone on the team knows something about marijuana if you are going to make a real difference.”
The GreenMed application is based on the Ethereum Blockchain, which is similar to Bitcoin. Using the app, consumers can immediately purchase GreenMed coins, which are used to purchase marijuana products at participating retailers. They can also locate their nearest participating dispensary and place an order for delivery in places like California and DC.
Dispensary owners will benefit from the app as well. In addition to receiving electronic payments, they can also manage their finances, pay staff and pay bills. Since they are being paid in cryptocurrency rather than cash, money can be routed to bank accounts, or added to an optional GreenMed debit card.
“It’s going to make the entire industry safer,” Bergman explained.
The app is scheduled to be released early next year. It is currently in its token sale, which is a period of time when the company is open to public contributors. Until the end of October, the public is invited to purchase GreenMed tokens while they are available. These tokens of the company are a form of cryptocurrency that may increase in value over time.
GreenMed tokens are being sold at .20/token, and contributors are hoping to see big returns. The first Bitcoin sold for $1, but it is now worth more than $4000. Only 69,000,000 tokens will be sold, and the team is well on their way to reaching that goal. For those interested in contributing, tokens are available to purchase through the GreenMed site.
Those who simply want to use the app to conduct legal marijuana transactions can do so once it launches in the Apple Store and Google Play. The app will initially be launched in California and Colorado.
With legal marijuana sales expected to nearly triple over the next three years, contributors are hoping that GreenMed is the right solution at the right time.