The GreenMed token facilitates debit and credit card transactions between customers and dispensaries. When customers attempt to purchase legal marijuana through the GreenMed app they will be asked to input either their credit card information or their banking information. Customers will then need to authorize a transaction for an amount of GreenMed tokens equal to the current USD value of legal marijuana they are trying to purchase. The GreenMed token is then sold on exchanges for USD, which is then transferred to the merchant’s GreenMed account. The merchant can withdraw via an EFT to a bank account or using the GreenMed debit card.
As of January 2017 there was nearly 3000 legal marijuana dispensaries in the US. This growing market, as well as the states that will legalize in the near future, will set the stage for impressive growth over the next five years. By 2021, it is projected that annual retail marijuana sales in the United States could top $17 billion, which would represent a 300% increase from 2016. This constitutes a significant market with a tremendous potential for growth considering that there is no credit card processor for the legal marijuana industry.
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