Bitcoins are now being accepted for pot purchases at certain dispensaries in Washington state. (Rick Bowmer, Associated Press)

Bitcoin for bud? It’s happening in Washington

Is Bitcoin the answer to the marijuana industry’s many issues with the federally regulated banking system?

Spokane, Wash., dispensary Kouchlock Productions sure thinks so. The dispensary is accepting the online-only currency at its Washington state locations because of the Bitcoin’s ease and legality. Currently marijuana businesses can’t legally work with the federally regulated banks, making for a dangerous, cash-only behemoth that is looking for alternatives.

“Anybody can buy a Bitcoin, and anybody can come spend a Bitcoin here,” the shop’s Rachel Franzen told KXLY news. “The transaction happens within 12 seconds.”

See the full KXLY interview with Team Kouchlock here.

Related — Pot-proximate ATMs: “disaster waiting to happen”?

Resources — Colorado marijuana guide: 64 of your questions, answered

Map — State-by-state marijuana laws