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Banking is a serious issue in the cannabis industry. Until federal legalization becomes the rule of law, the cannabis industry will struggle with large sums of cash. Consider the possibility of using a crypto currency. In this episode we meet Charlie Uchill, cofounder of the Ceres coin, the first legal crypto currency for cannabis. Charlie shares his solution that provides a blockchain transaction network for highly regulated industries that require transparency.
Cannabis Cash Industry Challenge
Federal banking laws have essentially created a “cash & carry” marijuana industry. Banks cannot accept funds from marijuana businesses for fear of criminal liability for “aiding and abetting” a federal crime and money laundering. This is because on the federal level marijuana possession and sale are federal crimes. No credit card accounts and no merchant accounts are permitted. This has created a huge security problem for marijuana businesses dealing with large sums of cash. This situation could be fixed by the Treasury Department if it assured banks that they will not be prosecuted for taking money from legal businesses or if Congress passed a law outlining legal marijuana banking rules. So far the SAFE Banking Act has not become law.
Cannabis Crypto Ceres Coin
With more and more crypto assets on the market, it’s hard to know which ones to choose. Charlie believes that SEC-qualification under RegulationA+ is vital for long-term growth & success of the crypto asset industry and necessary for your investment strategy.
Charlie has created a dual crypto-asset ecosystem where both assets are the first registered SEC securities.
- CERES Coin (transactional) is a stable coin, backed by the US Dollar. It’s a collateralized crypto-coin providing frictionless transactions in the legal cannabis industry.
- CERES Token (investment) will be an alternative investment asset allowing CERES investors to participate in revenues generated by the velocity of CERES Coins (transaction fees) as well as revenues generated by CERES’ cannabis lending business.
All transactions are in accordance of Bank Secrecy Act with KYC (Know Your Customer/Client). KYC is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. Banks must make sure that their clients are genuinely who they claim to be.
Ceres Coin has been patented as an SEC qualified stable coin. It’s the first legal crypto currency for cannabis.
Cannabis and Other Industries Needing Crypto Transparency
CERES is reshaping the way the cannabis industry functions in the U.S. The blockchain transaction network is solving serious problems in the cannabis industry, from banking and regulation to safety and investment.
With more and more crypto assets on the market, it’s hard to know which ones to choose. Charlie believes that SEC-qualification under RegulationA+ is vital for long-term growth & success of the crypto asset industry and necessary for your investment strategy.
How To Connect with Charlie Uchill
- Email: charlie at cerescoin.io
- Website
- EDGAR SEC Filing
The Cannabis Advocate Podcast
The Cannabis Advocate podcast advocates for businesses in the cannabis industry and the explores the unique challenges they face. Despite hurdles in legislation, regulation, and culture, there are tremendous opportunities for growers, producers and sellers of cannabis products. Many of these issues are unique to the cannabis industry, This podcast speaks to these common concerns and shares stories of success.
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