Banking Loophole for Cannabis Industry

What is happening? Colorado became the 1st state in t he nation to legalize recreational cannabis. In September 2022, Colorado become the first state in the nation to allow cryptocurrency to pay tax bills in full.

Why is this important? Cannabis is a cash business as banking regulations haven’t caught up. But, paying taxes in cryptocurrency allow cannabis businesses to pay taxes without bringing loads of cash with them to pay tax bills.

How will this be important? Safety first. Cannabis businesses expose themselves to unnecessary risks when traveling with large sums of cash.

Route Fifty | Colorado Now Accepts Crypto for State Tax Payments