Cannacoin was developed for use in the cannabis industry by grower, processor, retailer, and consumer as a unit of account, a medium of exchange, and a store of value for cannabis. Because cannabis is still illegal on a federal level in the United States, cannabis businesses are unable to open business bank accounts and can only operate on a "cash only" basis. This is very inconvenient and also very dangerous. Cannacoin and more specifically our "CannaPay" system removes the danger of having large amounts of cash on hand and adds a layer of convenience to the process of exchange.
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