To date, this bill remains in discussion. If the bill gets approved, legal California marijuana businesses can instantly submit bitcoin payments to cover their taxes. These businesses can track their bitcoin tax payments on a digital ledger to guard against future tax issues. Plus, if they track the market closely, they may find ways to use bitcoin payments to save money on their taxes.
Cannabis legalization is underway across the United States. Regardless, legal cannabis retailers must consider every opportunity to promote their brands. These retailers can explore unique marketing opportunities. That way, they can launch marketing campaigns that generate widespread interest from consumers.
For example, a legal cannabis retailer can offer discounts to consumers who submit bitcoin payments. This allows the retailer to offer a distinct promotion that can draw consumers’ attention. At the same time, consumers can take advantage of the promotion to save money on their cannabis purchases.
Legal cannabis retailers must evaluate short- and long-term investment opportunities. These retailers can consider stocks, bonds and other traditional financial investments. At this point, they can assess bitcoin investments as well.
Some cryptocurrency experts are projecting the price of bitcoin to rise in 2022 and beyond. Legal cannabis retailers can buy bitcoin and add it to their investment portfolio. From here, these retailers track the results of bitcoin and their other investments. In the years to come, they may find that bitcoin delivers a significant return on investment.
Bitcoin can be purchased at any time. Yet, it is important to understand bitcoin before investing and using it for financial growth in the cannabis industry.
A legal cannabis retailer can use bitcoin to support its everyday operations. To realize the full value of a bitcoin investment, the retailer must plan accordingly.
It helps to start small with bitcoin. A legal cannabis retailer can buy a small amount of bitcoin and gradually increase their investment in it.
Meanwhile, a legal cannabis retailer can also establish a system for bitcoin payments and ensure it works properly. Next, the retailer can teach consumers about the system and be ready to respond to their concerns and questions about it. The retailer can also launch promotions to encourage consumers to pay for products and accessories with bitcoin.
Bitcoin may have far-reaching effects on the cannabis industry. Legal cannabis retailers can get started with bitcoin today. In doing so, they may quickly discover that bitcoin can help them grow their businesses.
This is a guest post by Frankie Wallace. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
