A sign is seen outside a business where a Bitcoin ATM is located in Toronto, Ontario, Canada June 3, 2017. REUTERS/Chris Helgren
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Cannabis companies are turning to the world's most popular digital currency in an effort to get rid of all that cash.Legal cannabis was a $6 billion industry last year and is expected to grow to $50 billion by 2026, according to Cowen & Co.At least two financial-technology startups, POSaBIT and SinglePoint Inc., use the cryptocurrency as an intermediate step that lets pot connoisseurs use their bank-issued credit cards to buy weed.Trove Cannabis, one of the Washington stores using POSaBIT, sold $3 million of marijuana last year – in cash – and does close to 3,000 transactions weekly.If the buyer prefers the latter, the Trove employee explains that the customer can use a credit card to buy bitcoin through a POSaBIT kiosk, with a $2 transaction fee tacked on.The company also has a nine-point fraud-detection program designed to thwart criminals, and requires that its retail customers have a bank account, not necessarily a given in the cannabis industry.Singlepoint had considered using bitcoin at that time, but the currency wasn't well-known, he said.
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