Despite the recent spike in interest in the cannabis industry, startups still experience difficulties when it comes to setting up businesses.
Similar to crypto institutions, cannabis businesses struggle to access financial services from banks and other payment providers. These businesses would either be denied financial services outright or have to pay exorbitant fees for receiving them.
Utilizing blockchain and cryptocurrency, global blockchain technology company BitCanna offers an alternative in the form of cashless payment.
Alternative funding for cannabis companies
As mentioned, BitCanna ensures cannabis companies can gain access to financial services through blockchain. Instead of dealing with the restrictions set by credit card companies and banks, cannabis groups can receive payments through BitCanna Pay — an application providing instant, worldwide access to payments.
Built on the Cosmos blockchain (ATOM), BitCanna transactions take an average of five seconds to process and cost less than a tenth of a cent. The network is powered by its BCNA token, which is harnessed by both users and cannabis companies to facilitate payments.
Not only this, but BitCanna assists the cannabis industry and users in tracking and tracing cannabis-related products by utilizing blockchain technology. This to ensure transparency regarding quality and origin to provide information regarding product standards.
An NFT-powered community
To promote its services, BitCanna is launching a nonfubgible token (NFT) collection called Buddheads. Buddheads are to act as a sort of onboarding tool into the BitCanna community. There will be 8,420 Buddheads in total, and many will be airdropped to both the Bitcanna members of the Stargaze community if they meet certain requirements. Stargaze is a layer-1 NFT platform on the Cosmos blockchain. Any Buddheads leftover from the airdrop will also be available for mint on the Stargaze platform.
BitCanna will convert 50% of the proceeds from its NFT sale into BCNA, the project’s token, and airdropped to Buddhead owners. The other 50% will go toward the BitCanna team and future development of the chain and its features.
BitCanna hopes that Buddheads serve as an accessible way into blockchain and cryptocurrency. The team views its NFTs as a micro-social network, as those holding them will be a part of the greater BitCanna ecosystem.
“BitCanna Buddheads could just be the missing factor between bridging the cannabis community and cryptocurrencies,” claims the BitCanna team.
Otherwise, BitCanna has various partners and sister companies that provide access to millions of customers. These groups consist of Zamnesia, Royal Queen Seeds, Cibdol and Kannabia, among others.
In recent months, the BCNA token has been listed on the Osmosis DEX and paired with ATOM and OSMO tokens within the platform. The BitCanna team will spend the next twelve months developing its Buddheads NFT collection alongside expanding its payments solution to a global market.