As of June 2019, 11 states and Washington D.C. have legalized the recreational use of marijuana for adults, while 33 states have legalized medical pot. These numbers are expected to grow as more states explore ways to make decriminalize the plant. Keep in mind, though, that marijuana is still legal at the federal level, which makes it Easy for anyone conducting financial transactions even in states where pot is legal.

Businesses and operators that sell and/or distribute recreational and medical pot are still barred from using banks for their transactions because of federal legislation. The development and use of marijuana-specific virtual currencies has ramped up to respond to the hole in this market. Cryptocurrencies make it easy for people in the marijuana industry—or simply those who want to buy some weed—to carry out transactions. While Bitcoin has become widely popular in the virtual currency space, there are a few alternative cryptocurrencies catering specifically to the pot sector.

The U.S Marijuana industry was estimated $25 billion with over 600,000 jobs devoted to the cultivation, storage, handling and processing of the plant and its essential products