Despite the recent surge in interest in the cannabis market, new firms still face challenges when it comes to getting started.
Cannabis firms, like crypto institutions, have trouble getting financial services from banks and other payment providers. These companies would either be denied financial services outright or charged high costs to obtain them.
BitCanna, a global blockchain technology firm, uses blockchain and bitcoin to provide a cashless payment option.
Alternative sources of capital for cannabis businesses
As previously said, BitCanna assures that cannabis businesses have access to financial services via blockchain. Cannabis organisations can receive payments with BitCanna Pay, an application that provides quick, international access to payments, rather than dealing with the constraints imposed by credit card issuers and banks.
BitCanna transactions take an average of five seconds to process and cost less than a tenth of a penny thanks to the Cosmos blockchain (ATOM). The network is powered by the BCNA token, which is used to allow payments by both users and cannabis businesses.
Not only that, but BitCanna uses blockchain technology to help the cannabis sector and users track and trace cannabis-related products. This is to assure quality and origin transparency, as well as to provide information on product standards.
BitCanna is creating a nonfungible token (NFT) collection called Buddheads to advertise its services. Buddheads will serve as an onboarding tool for newcomers to the BitCanna community. There will be a total of 8,420 Buddheads, with many of them being airdropped to Bitcanna and Stargaze members who match certain criteria. On the Cosmos blockchain, Stargaze is a layer-1 NFT platform. Any Buddheads that remain after the airdrop will be mintable on the Stargaze platform.
BitCanna will convert 50% of its NFT sale profits into BCNA, the project’s token, which will be airdropped to Buddhead owners. The remaining 50% will go to the BitCanna team and the chain’s future development and functionality.