Arizona’s medical marijuana businesses will have the ability to use a digital currency system instead of cash. Dispensaries and other marijuana businesses will be able to convert cash to digital tokens offered by Alta. The tokens can be used to pay ancillary services and suppliers who also accept the digital currency.
Alta will have a 2-year trial period with Arizona marijuana businesses under the state’s financial “sandbox” program to prove their service works. Should they choose to remain operational thereafter they’ll have to become licensed by the state.
“We’d like to see a solution to this cash management problem,” said Tim Sultan of the Arizona Dispensaries