Virtual Crypto Technologies Inc. has announced plans to develop a cryptocurrency payment product for cannabis dispensaries. The company intends to offer this product to address financial challenges in the dispensary market, such as a lack of support from traditional banks, according to a press release.

The product will enable customers to pay for cannabis products using cryptocurrencies, including bitcoin. The user scans a QR code that appears on the dispensary's point-of-sale display in order to pay in cryptocurrency. Virtual Crypto's NetoBit software predicts whether a particular transaction will be authorized by a blockchain, ensuring faster transaction verification, according to the release.

"Our goal is to be an alternative payment option, not to eliminate cash," Virtual Crypto Technologies CEO Alon Dayan said in the release. "We believe our technology can ultimately reduce the amount of cash moving through the cannabis ecosystem, which will help foster a safer work environment and ensure that industry participants pay their taxes using an alternate payment method. The Virtual Crypto solution is a win-win-win for dispensary owners (and farmers), consumers, and individual states, resulting in accountability, ease of use, and increased tax revenue to the state."