Money is still pouring into the cannabis sector during COVID-19…
There has been a lot that has changed since the coronavirus pandemic.
But one thing still holds true – the appetite for cannabis investments is strong.
On April 16, Greenbits, a cannabis tech company that processes $3.7 billion in sales annually, recently raised $23 million. The company’s technology is used by more than 1,200 marijuana dispensaries in 13 states, which is used to provide fast and reliable transactions.
Greenbits CEO Barry Saik said in a statement that, despite the coronavirus pandemic, cannabis sales in the stores served by his company have climbed 25% year-over-year and are up almost 35% in March 2020 compared to March 2019.
And there are two things that make this announcement so exciting for cannabis investors.
The first is what we mentioned earlier – even during these tough times, some of the smartest people in the room are still investing in cannabis. Cannabis is being deemed essential across the country, and demand is massive.
As more states legalize recreational marijuana, even more cannabis dispensaries will need to utilize the type of technology Greenbits offers.
The second reason why this is so exciting is that there is a wave of new tech being launched to help cannabis companies with their payment systems.
In fact, two dispensaries in Colorado are testing out a pilot program that converts cryptocurrency into cash payments.
Now, specific cannabis coins aren’t going to be a long-term solution.
But being able to leverage cashless payments through blockchain technology is the wave of the future.
April 17 2020