The recreational use of cannabis, although legal in several states in the U.S (including California, Washington, Oregon, Colorado, Alaska, Maine, Massachusetts, and Nevada), is still not legal on a federal level. This causes multiple issues in the cannabis industry, where banks are still being cautious about dealing with the Schedule I prohibited substance due to federal oversight which means that cannabis dispensaries are typically cash-only and all product sales are processed in physical fiat currency. Since all product sales are processed in physical cash due to the aforementioned federal regulatory environment, many companies are forced to store large sums of fiat and to retain the cash receipts in onsite vaults. These risks are unfair for both companies and customers who are inconvenienced by this cash-only policy. Fortunately, the Tokes project is leveraging blockchain technology to build a solution that will not only lift the burdens of dealing with physical cash from companies
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