Updated: Dec 17, 2019
At the beginning of September 2019, 33 states have legalized medical marijuana with another 11 states that have legalized recreational cannabis including Washington D.C. As the transition happens more states will follow suit on finding ways to decriminalize both hemp and cannabis. Even though, hemp and cannabis are still considered illegal at the federal level, which is making it very difficult for financial transactions to be conducted even in states where it is legal.
Operators of businesses that sell recreational and medical cannabis are still not allowed to use banks for transactions due to federal regulations from FINRA. With this in mind hemp and cannabis-specific crypto-currencies have filled these financial holes in the market. Crypto-currencies have made it easier for the hemp and cannabis industry to simply carry out transactions. While Bitcoin has taken off in other industry sectors there are very few alternative crypto-currencies for the hemp and cannabis sectors.
The current Top Five crypto-currencies in the hemp and cannabis market: