Gather, a cryptocurrency and blockchain community, is launching a new strategic collaboration with a chain of cannabis dispensaries operating in the greater New York area.
Why It Matters
Gather Enterprise seeks to solve a significant problem that cannabis industries across the United States face: banking.
Since cannabis is still not legal at the federal level, banking options are limited. This is why Gather created an alternative banking solution, using its technology to help bridge a gap by way of Points of Sale using an existing BTC ATM network.
Gather Enterprise will be helping cannabis companies by taking their legal profits from sales and converting them from dollars to crypto. The money can then be converted back into dollars and placed safely into companies' bank accounts.
“At Gather Network, we look to solve big problems, and that is what we tried to do here with cannabis business sales,” said Raghav “Reggie” Jerath, CEO and founder of Gather.
The project is still in the pre-production phase. The system is expected to be implemented in 12 dispensaries in less than a year.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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