Growing Medical Marijuana Industry and the Impact of Cryptocurrencies on it

Mar 18, 2018 at 14:36 // PR

The medical marijuana industry is one of the fastest growing industries when it comes to the world of medicinal science. Over the years a number of scientists from across the world are now discovering the positive effects of medical marijuana. It is being used in various treatments of a large number of ailments such as the fight against cancer and a number of other ailments which involve chronic pain.

Medical Marijuana is now legal in 29 states in the US, as well as the district of Columbia. Recreational use of marijuana too, is getting increasingly popular and the US Govt allows it in nine states, as well as Washington DC. At a time when an overwhelming majority of people (64% of Americans) support legalizing marijuana - science is making significant progress towards finding out newer benefits of medical marijuana. 

While this field is indeed progressing more than it has in the past, the medical marijuana industry still needs to grow to reach its full potential. There has been a significant improvement in the research levels in the recent past - but they are nowhere near the goal. The biggest problem that this industry faces is the lack of funds. While a number of philanthropists and legalization activists have been donating in large numbers towards this cause - the funds simply aren’t enough. 

The medical marijuana industry is worth $7.7 Billion at the time of this writing, and is expected to grow to a massive 31.4 Billion USD over the next three years. The medical marijuana industry is now turning to cryptocurrencies in hopes of funding. Considering the way cryptocurrencies have been booming, with some currencies like Ripple growing by over 36,000% in the past year - cryptocurrencies appear to be a viable source of generating funds for promoting research in the field of medical marijuana. 

Another major reason that cryptocurrencies are being used to fund the medical marijuana industry is because banks often tend to refuse to fund marijuana related operations. It is difficult for entrepreneurs working in this direction to get loans - and sometimes even basic services such as opening a current account with the bank are denied to these businesses. In times like these, cryptocurrency fundings are what they turn to.

A similar example can be seen in Australia where KPR Medical Solutions, in association with Renewable Mining Australia, has now started off with an Initial Coin Offering for the KPR Coin, which will help raise money for growing high quality medical marijuana for the country, as well as for the world. 

The company aims at raising $30 Million in the ICO - which will help them start off their operations, including buying the land and setting up the mining and power requirements. This is an Ethereum based ICO where users can invest their ETH tokens to get the KPR Coin in return. For more details on this ICO and the plans the company has, log on to https://www.kprms.com.

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