Re: [ANN] CannabisCoin [CANN][X11][Official][420] Developments & Discussions.
I think this coin is the best way for MMJ shops to operate. shit even illegal drug dealers will start to accept cannabiscoin for weed... its so much better than dollars. i actually think this Coin will revolutionize the whole weed industry in america, maybe even the world in the near future. Can't wait until Holland jumps on board this then I can drive up there n get some free weed 
I just wish i would've known about this coin earlier and had a better mining rig to support the hashing.
YES WE CANN!
I just wish i would've known about this coin earlier and had a better mining rig to support the hashing.
YES WE CANN!
Damadegyptian,
I also think it could be ideal for MMJ shops outside of Arizona (particularly California!!), but my concern is specifically related to Arizona Dispensaries.
The Arizona Department of Health Services Medical Marijuana Regulations have requirements for accounting principals that dispensaries must follow, amongst other requirements. The regulations aren't clear as to whether an Arizona dispensary CAN accept Cannabis Coin and then exchange it for USD.
Remember, Arizona dispensaries are also required to pay TAXES to the State of Arizona in addition to any taxes implemented by the county and city.
Dispensaries are also required to track and report each and every transaction with every patient to the AZDHS, including what strain the person bought, how much marijuana was purchased, and how much money was exchanged. (So that the State can electronically keep track of how much marijuana you buy, so that you can't possibly buy more than 2 1/2 Ounces every 14 days) So the idea of an Arizona Dispensary holding on to their Cannabis Coins would likely not be possible as the Dispensary is required to report the value at the time of the electronic transaction inside the dispensary.
Arizona Department of Health Services Medical Marijuana Regulations: http://azsos.gov/public_services/Title_09/9-17.htm
The fundamental problem is that Arizona's Medical Marijuana regulations we're written by an agency that didn't want medical marijuana in the first place. The Arizona Department of Health Services actually lobbied AGAINST the Arizona Medical Marijuana Act prior to it's passage. And let me remind you all that the Arizona Medical Marijuana Act was approved by a vote of 50.2% of Arizonans. No, that isn't a typo. The regulations were NOT written for the patients' best interest. It is generally accepted in the Arizona medical marijuana industry that our medical marijuana is awful.
Also, I wanted to know is there an incentive for an independent dealer to accept only Cannabis Coin and not just accept ANY form of crypto-currency like Bitcoin AND Cannabis Coin? (Or whatever coin the person happens to have for that matter)
Thanks and lots of love to you all!
I think some of your questions have more to do with you not fully understanding how cryptocurriency works. As far as accounting, utilizing the block chain to analyze transactions answers almost all of your concerns. Every transaction is received and verifies by other CANN holders and as a result is 100% transparent and auditable. If correctly integrated into a pos system it could easily be the "database" that records and address all of your accounting concerns.
I would invite you to explore more about the fundamentals of how crypto works before you make blanket assumptions.
From your experience it sounds like you are frustrated with the way mmj has progressed in AZ. Why would you not welcome, or at least be open minded to a fundament revamping of the way mmj is dispensed. I live in a state where it is still 100% illegal, but I hope as we come to our senses, maybe someday I will be able to open a CANN franchise here. D9 and his team have done some great work so far and I have no doubt with their help and my CANN holdings I could easily open shop here some day.
To see the bigger picture will require some time and research, but if you are legitamatly interested in the CANN movement I would encourage it. We can never have to many well spoken, calm community members.
And dispensaries can accept any payment they want, the reason they don't is because there was no payment platform that was industry specific. It can be difficult to use bitcoin because transaction can take 15-90 mins to confirm. Cannabis coin is more like 90 seconds...
I apologize in advance for spelling/grammer. I'm sending from my S4. Fell free to PM me if you you have any specifoc questions I could help with.
DJ
TheCoinMonster,
Thanks for a logical response!
You are likely right that my lack of knowledge with regard to cryptocurrency has left me handicapped. That's why I thought it would be wise to ASK these questions on the forum.. I'm baffled that everyone is so upset that I'm asking these questions.. I find it to be incredibly bizarre to be honest...
Perhaps the accounting issue will be no issue at all. I stated what I did know about what the AZDHS requires dispensaries to report when selling marijuana to a patient. Provided that the dispensary can report a USD value to AZDHS, it may be no problem at all. My concern was that dispensaries may not be able to hold on to the coin to allow it to gain value. (Because then the dispensary wouldnt be paying the full tax of the actual value of the coin)
For the record, I do welcome a new and innovative way to pay for medical marijuana. But I put the patients first. Right now, we can't encourage seriously ill medical marijuana patients to convert their USD to Cannabis Coin when only 1 dispensary accepts Cannabis Coin. So my point is simply that in order for the Cannabis Coin to be good for patients, it needs universal acceptance.
It is the COMPETING DISPENSARIES that will not welcome a form of currency that is created by one of their competitors. It is the fear for loss of business and revenue that will prevent dispensaries from uniting to accept this form of payment.
It isn't I who rejects the idea, it is the Arizona Medical Marijuana Industry that rejects the idea.