Net Element (NETE) Stock on its Grind After Announcing New Pot Payment System
Just a few years ago, paying for pot online used to be forbidden and taboo. Now the marijuana business is booming — and states like Massachusetts or Colorado need a way for consumers to swipe their cards.
Today, Net Element (NETE) shares shot up 54% faster than Jack’s magic bean sparking right into a giant beanstalk. The reason? The payment processing technology company announced the launch of Unified Payment, a global system that makes electronic payments for legal cannabis possible. Since the herb is illegal nationwide, it has been difficult for payment processors to exist. Now, more states are welcoming weed to their economy and Net Element is going to rake in the cash profits from it.
“We are excited to launch a legal cannabis payment acceptance solution to meet the needs of sales partners and merchants for this emerging market,” said Vlad Sadovskiy, president of integrated payments for Net Element. “Addressing the needs of our merchants is our No. 1 priority and we work closely with various vendors to bring our merchants state-of-the-art payment acceptance solutions.”
Experts forecasted the cannabis market to become a $20 billion industry by 2020, but market research company Brightfield Group thinks the cannabinoid (CBD) market will hit $22 billion by 2022 all on its own. And that’s just a sector of the cannabis market.
CBD is a property found in marijuana that is used to alleviate pain and can be smoked, vaped or consumed in candies or other edibles that are made with CBD oil. It used to be that you could only get your hands on it in specialty head shops – but now its making an appearance in natural food and beauty supply stores as well as in medical offices.
It’s yet to be seen how the industry will grow from here, but one thing’s for sure – people are going to need to pay for their pot.