Cephas Brings Bitcoin to Medical Marijuana Market
July 10th, 2014
News, Top Story
Cephas Holding Corp. [stockquote symbol=CEHC], a provider of bitcoin-related services to a variety of end markets, recently released an application that allows medical related businesses to accept bitcoin. In particular, the company is targeting medical marijuana, medical tourism, and disease testing with its BitMD.co service, which offers a secure and inexpensive way to handle payments.
In May, the company announced the launch of its Bitcoin Vending Network targeting individuals, retailers, and commercial landlords interested in selling bitcoin via vending machines and point of sale terminals. Management’s goal is to become a leader in the distribution of automated retail solutions that market bitcoin – an anonymous and distributed currency that has risen in popularity.
In many ways, bitcoin is ideally suited to the medical marijuana industry. Many dispensaries and other operations are not permitted access to the legal banking sector, forcing them to store large amounts of cash. Earlier this year, the Department of Justice conceded that these trends were dangerous in that they could encourage burglaries, prompting them to try and relax standards.
Unfortunately, it is unlike that banks will lend to the marijuana industry in any meaningful way until federal regulations change. Marijuana is considered to be a Schedule I Controlled Substance by the federal government, which means that banks could be implicated in money laundering and similar charges if they handle transactions, forcing many of them to stay at arms-length.
Bitcoin has risen in popularity among both consumers and businesses, despite some hiccups along the way due to a lack of regulation. Unlike credit cards, bitcoin are an anonymous currency in terms of tracking individuals, but the payments chains themselves can be easily tracked to enable verifications. These attributes make the currency ideally suited to markets like the medical marijuana industry.
Shares of Cephas Holding Corp. rose 60% to $0.0016 in mid-day trading on Thursday, July 10, 2014 following the news.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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