There was a great Planet Money (NPR) podcast on this a while ago:<p><a href="http://www.npr.org/blogs/money/2012/12/04/166514067/episode-420-the-legal-marijuana-business" rel="nofollow">http://www.npr.org/blogs/money/2012/12/04/166514067/episode-...</a><p>and I remember hearing another Planet Money podcast on bitcoin around the same time:<p><a href="http://www.npr.org/blogs/money/2011/08/24/138673630/what-is-bitcoin" rel="nofollow">http://www.npr.org/blogs/money/2011/08/24/138673630/what-is-...</a><p>and thinking "why don't the marijuana growers just store their money in bitcoin?" Of course volatility is a big issue, but that can go both ways. Marijuana dealers saving profits in bitcoin in 2012 and before would have made even more in appreciation. Dealers doing so from 2014 would have lost some of their profits (in dollar terms)
Instead of suggesting alternate ways to get money, perhaps some Congresspeople can be persuaded to enact a law to shutdown the Justice Department's program called Operation Choke Point and all similar programs that interfere with state approved businesses.
I'm not sure how they do it but one of the dispensaries (in California) I use actually takes credit cards. I still pay cash because I don't really want it showing up on my statement. But they manage it somehow.
Not one of the 450 MJ business owners I've talked with would use bitcoin. Lack of understanding is part, volatility is the big one.<p>Cashless ATM is popular but there are some other creative options too. Using a crypto currency for transactions is great but the conversation to/from USD needs to happen quickly
I wonder also if they're at risk of getting their money stolen by police. Would a carload of mercs be able to stand up to a single cop on the highway claiming the money by asset forfeiture?