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Crypto and cannabis; two subjects that were once considered too controversial to mention over the dinner table are now taking the world by storm. Both currently take the lead as the fastest-growing industries in their sector. It’s no secret that once upon a time they both took their turn upholding hostile reputations and continue to suffer the consequences of such backlash.
But what about today? No matter your stance, there is no denying today looks very different from the traditional bank-loyal, marijuana-criminalizing days. It can be debated all day long where this revolution started, but one thing is certain; neither crypto nor cannabis’ distorted reputations outweigh the benefits they both contribute towards a potentially better future for all.
Let’s discover more about processing crypto payments for the cannabis industry and how it brings them together in this brave new world.
Similar Demographic
Aside from both industries taking a hit on their reputations, there is also another key factor both industries share: demographic.
According to an article written by Forbes in November 2021 of the crypto consumers in the USA, 43% of them are males between the ages of 18 and 29. Similarly, in an article written by Oracle in late August 2021, a study shows that 51.5% of cannabis product consumers in the USA are millennials between the ages of 23 and 38, with 67% of them being male. This is an interesting correlation when looking to the future. Both prove the younger generation is taking the lead in both fast-growing industries. It seems like they’re here for the long haul.
Paying For Cannabis With Crypto
Cannabis backlash has a lot to do with recreational use and little to do with its medicinal, agricultural, and material values. Today those values outweigh the backlash and have allowed cannabis to take center stage as one of the highest growing demands across the globe meaning it moves a lot of money.
From CBD cocktail bars to luxurious marijuana dispensaries, and everything in between, cannabis consumers can now pay for their products with crypto. It’s still in its early stages, but it’s coming in quickly.
Crypto Payments In Practice
Last year we spoke with a ForumPay merchant, Cory Mitchell from Flower Power Botanicals. He had some interesting insight about both industries and their merging power. As someone who works tightly with his local university, Cory shared a lot of interesting perspectives on the millennial generation adopting both crypto and cannabis. Read more here or watch the video below for a brief look at what he had to say.
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