When you’re talking about generating life-changing wealth through investments, the formula is actually pretty simple. Find a major problem, invest in the right company that solves the problem, and wait.
But just because it’s simple, that doesn’t necessarily mean it’s easy. That’s where “the right company” comes into play. Just because a company proposes a solution for a problem, that doesn’t mean that it’s the right solution.
You have to evaluate it to know for sure, and what looks good on paper may not always work as well in the real world.
One industry with a big problem just begging to be fixed is the United States legal cannabis industry. Since cannabis is still federally illegal, companies can’t access traditional banking services, and dispensaries are forced to be cash-only businesses.
That makes them prime targets for robberies, just like pawn shops and convenience stores, except it’s worse because dispensaries are loaded with cash. Consumers spent $25 billion on legal cannabis last year, and they’re on track to spend 32% more in 2022.
Being cash-only businesses also creates barriers for consumers who want to purchase their pot legally, forcing them to deal with ATM fees and withdrawal limits, among other issues.
Enter PotCoin (POT) – a cryptocurrency that’s supposed to help solve the cash-only problem by allowing users to pay for cannabis in dispensaries with its own token.
The idea is that with PotCoin, customers wouldn’t have to fiddle with finding an ATM, being charged extra fees, or being limited to whatever cash they have on hand. Likewise, dispensaries wouldn’t have to worry so much about overflowing cash registers that make them especially vulnerable.
The convergence of the booming cannabis sector with the red-hot cryptocurrency market seems like a win on paper.
Here’s the thing, though: you want to sell it if you have it, and steer clear if you don’t. It fails a crucial test in my crypto investing…
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