- Cannabis companies and marketplaces accept Litecoin in the US, UK, and Europe.
- Litecoin is accepted by many THC vendors and sellers for payment and mining.
- Some claim Litecoin processes transactions quicker compared to Bitcoin.
On the occasion of 420, also known as “weed day”, Litecoin announced that THC businesses accept digital payments in the form their token, while some even mine the altcoin to fund their weed farms.
Litecoin is accepted at a variety of cannabis-related businesses and some even mine Litecoin using the heat to warm a grow farm.With the cannabis market and the crypto industry growing in size, and recognized legitimacy, it seems LTC is perfect for THC! Happy 420 pic.twitter.com/ntqaomERpm
— Litecoin (@litecoin) April 20, 2022
Several marijuana firms have discovered creative methods to capitalize on the digital trend amid the growth of NFTs and the metaverse. Litecoin is no exception as the token can be used to purchase cannabis on a blockchain metaverse and have the products delivered to your door.
Meanwhile, Higher Life CBD became one of the first cannabis firms to create a real CBD dispensary in the metaverse. Thus providing customers with a fun, digital, gamified shopping experience that, unlike others, translates into an actual product directly delivered to you.
Kandy Girl, a cannabis brand, has also stated that it is selling Delta-9 THC goods in the Decentraland metaverse. This was possible due to a legal loophole introduced by the 2018 Federal Farm Bill.
You can get your THC from the Metaverse!!! @kandygirl420 @decentraland pic.twitter.com/GWsCFcMBLY— Zom (@ZomDCL) December 13, 2021
Some of the CBD companies that integrate crypto payment services and technology are Plain Jain, Secret Nature, Kush Queen, Industrial Hemp Farms, Highland Pharms, among many others.
Despite the fact that CBD is now federally lawful under the Farm Bill 2018, federal banking institutions are still wary of anything cannabis-related, even if the CBD is derived from legal hemp.
Banks make it difficult for CBD companies to open merchant accounts or obtain any kind of financing. Which is why these companies are now moving rapidly towards accepting and mining cryptocurrency.
Litecoin is one of the oldest available cryptocurrencies, close to Bitcoin. While the network has lagged behind new competitors, it is considered to be a quicker option to Bitcoin.
Bitcoin and Litecoin are quite similar in many ways. Both use a proof-of-work (PoW) mechanism to verify transactions, in which miners solve computational challenges to update the blockchain in exchange for new currency.
Litecoin can process 56 transactions per second, compared to Bitcoin’s seven. And, with a market capitalization of about $7.8 billion, it is less expensive than Bitcoin.
In terms of completed transactions and user interest, Litecoin has progressed beyond Bitcoin. As a result, Litecoin is now supported and accepted as a form of payment by many e-commerce platforms.