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We recently had the pleasure to sit down with Cory Mitchell from Flower Power Botanicals to discuss his views on cryptocurrency in regards to the rise of the marijuana industry in the USA. Both the cryptocurrency and marijuana worlds continue to receive backlash due to the reputations both have received from hostile perspectives through media and uneducated markets. When Flower Power Botanicals decided to implement ForumPay into its business we knew the insight Cory could provide would unveil the benefits both marijuana and crypto payments can truly bring to the future of both industries – and he delivered! Find out more from our interview below!
ForumPay:
In their own ways, both cryptocurrency technology and the marijuana industry are pioneers in debunking what has been known as true until now – two concepts that have received wide backlash due to the “lack of evidence” supporting their purpose. What do you consider the future holds for both industries and what has helped them continue to surge, despite continual skepticism?
Cory Mitchell:
We live in a volatile world at the moment, so it’s only fitting that both my industry and crypto have parallel paths driven by innovation and resistance. Both initiatives are very synergistic, especially when it comes to facing challenges and finding ways to overcome them. I believe that both industries will see more adaptation and utilization moving forward. Crypto and legal cannabis face a common juggernaut (Big Banks and legislation/regulation concerns), but at some point, I do believe the legislation will become more friendly and adhere to the mass popular opinion of both industries to allow more flexibility to businesses such as ourselves. It’s a movement at this point, it just takes time.
FP:
You mentioned being involved with your local university – I am curious to know a little bit more about your role there and the adoption of cryptocurrency amongst the students – would you say there is a little bit less hostility towards digital currency within the younger generation – and if so, would you mind elaborating a little bit on that?
Cory:
I did both my undergraduate and master’s programs at Colorado State University, so I was very excited and motivated to find a way to work with them now that we are in Ft. Collins. I have been communicating with their student-run media department, which is awesome that they allow their students to have such hands-on real-world experiences. We are one of the first dispensaries they have worked with to this extent, so they are pushing the boundaries a bit more than is typically “allowed”, which we are grateful for. We are sponsoring the “Cannabis” section on the university website for the university newspaper, The Rocky Mountain Collegian, and also have some advertisements both digitally and printed which is helping us reach more college students. From my experience, most of the people I know and have talked to about crypto are under the age of 30. It’s definitely a good target market for us to try and gain support from while supporting the local community.
FP:
When deciding to accept crypto payments at Flower Power Botanicals, what was the most important advantage when partnering with ForumPay and how did ForumPay stand out from other crypto payment solutions?
Cory:
While searching for a merchant partner to work with on this project, I kept coming across the same problem across the board, horrible customer service and no one would return my emails and questions. The first company I tried, BitPay, wasted 8 weeks of my time with our application sitting in “pending” status, with no answer to why it was taking so long, and eventually, they just stopped responding and canceled my account, which was incredibly frustrating. I felt like I wasn’t asking for much, just someone to talk through the process with me, explain it thoroughly, and build a trustworthy business relationship that wouldn’t create additional headaches for me. ForumPay has been exceptional with communication and functionality, I am thankful I finally found a merchant partner for this venture.
FP:
What are your hopes in the coming years as far as crypto playing a role in the marijuana industry?
Cory:
I see crypto as a way to allow customers to not feel wrangled into constantly having cash on hand to be able to purchase products. I see a lot of potential here. With banks taking advantage of high transaction fees and essentially not allowing credit cards (very steep fees), it’s a solid alternative to cash with minimal fees. I believe it will make even more sense when our county eventually adapts home delivery and online payments. Currently, customers can place pickup orders online, but the transaction itself must take place in the dispensary on camera. Getting this system in place before legislation change was my priority, I wanted to be ahead of the game, which I think will pay off when those changes are made.
FP:
Before we go, there is one question we like to ask our guests; Which is your preferred cryptocurrency and why?
Cory:
My preferred crypto would be Ethereum. It’s personally my largest holding, mainly because I think it has a legitimate chance to overtake Bitcoin in the future. I also like some of the smaller projects like ADA, Matic, and Sandbox. I think the projects that will be around long term are the ones that continue to be innovative and serve a unique utility purpose. I’m continually impressed by the rapid evolution of crypto, and the virtually endless possibilities that are out there for the future.
FP:
Is there anything else you’d like to share or mention?
Cory:
Thank you again for partnering with Flower Power and allowing our customers another avenue to shop with us. The future of cryptocurrency and innovation is bright, and I’m happy to be one of the only dispensaries that offer it to our customers.
Feel free to visit our website, flowerpowerbotanicals.com, and other platforms for people to check us out!
LinkedIn: Flower Power Botanicals
