With the US cannabis industry plagued by problems accessing banking services, GrowwLand is aiming to offer a solution with the launch of its new cryptocurrency GrowwCoin.
US banks are tightening up on their regulations and processes on the cannabis companies that are trying to open a bank account. With the US national cannabis industry is expected to be worth over USD$30bn alone in 2022, many companies are now looking to cryptocurrency as the answer to their problems.
GrowwCoin is looking to be a revolutionary solution. It is designed as a straightforward coin cryptocurrency, and can do whatever any other coin cryptocurrency can do.
Co-founder Jiangsu Wongpec, commented: “The world is changing rapidly, the cannabis industry and cryptocurrencies are disruptive markets that will help with this paradigm shift. Welcome to a new era.”
Big industry profiles have already expressed their excitement about the innovative solution, and have been quick on getting behind it.
How to get involved
People can get involved in GrowwCoin as either a consumer or a hemp/cannabis company.
For business to consumer use, the wallet must be downloaded in order to buy GrowwCoin. The coin can then be used at a dispensary to pay for goods. GrowwLand has stated that, over time, more and more businesses will accept this payment method but it will start with the consumer.
For business to business use, businesses within the industry, from dispensaries, manufactures and all the way up to seed salesman need to make the move of accepting GrowwCoin from customers.
Negotiate with suppliers to use GrowwCoin. Pay employees with GrowwCoin (they have bank accounts). GrowwLand has stated that, while doing these things won’t completely solve the problem, doing them will take a significant portion of business away from needing a bank account.
GrowwLand has stated using GrowwCoin can shield from inflation – a significant current issue with fiat currency.
The wallet is available for iOS and Android from the App Store (iOS) and Google Play (Android).