PotCoin cryptocurrency aiming to aid Colorados cash-only pot shops

This is the digital symbol for PotCoin, the cryptocurrency aiming to solve the marijuana industry's banking woes. (Photo: PotCoin.info)

DENVER Morgan Carr, co-owner of Wellspring Collective pot shop in Denver, recently told the Wall Street Journal that after losing his seventh bank account, he hired a security firm to transport his cash to a vault in a undisclosedlocation.

The security company Brinks refuses toprovide armored cars to legal marijuana businesses in Denver to transfer the massive amounts of cash on hand at their medical and recreational dispensaries.

Thieves have already burglarized Colorado pot shops using guns, bear mace, axes and a circular saw.

Denver District Attorney Mitch Morrissey summed it up sufficiently.

You hit a 7-Eleven, youll get 20 bucks, he said. You hit a dispensary, youll get $300,000. Its only a matter of time before someone gets shot.

But what if there was a way that pot shops could head such apending incident off at the pass by bypassing the banks that still seem tepid about coming to their aid?

Enter PotCoin, the marijuana worlds answer to Bitcoin. Its founders envision a day when the necessary cash-on-hand at any and all Mile High pot shops could be as insignificant as that of a 7-Eleven.

Launched on Jan. 24 at 4:20 p.m., the cryptocurrency is already being accepted by several online marijuana vendors, including Smoke Cartel, which sells marijuana paraphernalia, Bitcoin Seedstore, which sells marijuana seeds, and Chronic Star Medical, an online store that sells edible pot.

At first, PotCoins three developers were reluctant to relinquish their identities, going simply by Hashoshi, MrJones and Smokemon514. That changed on April 9 at the CryptoCurrency Convention in New York City. Nick Iverson identified himself as Smokemon514 and Joel Yaffe as MrJones.

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PotCoin cryptocurrency aiming to aid Colorados cash-only pot shops