Flora Growth Corp. (NASDAQ:FLGC) (FSE: 7301) explores integrating Bitcoin as an accepted payment method across its business platforms, the company announced on Wednesday.
The move aligns with the Flora’s commitment to innovation and meeting the evolving preferences of its global customer base.
The news that Flora intends to streamline cannabis payments follows a decision to renew its sales orders for the Czech Republic and Slovakia through Just Brands UK's customer Mirfa s.r.o. and its third quarter financial results that revealed a 28% year-over-year drop in revenue to $12.5 million.
The company said that it is preparing the technological and operational frameworks needed to handle Bitcoin transactions securely and to hold Bitcoin as currency.
“Integrating Bitcoin is not just about staying ahead of the curve; it’s about giving our customers and partners more choice in how they transact with us,” CEO Clifford Starke said. “We see this as an opportunity to embrace innovation, attract new customers, and diversify our financial options in a way that aligns with Flora’s long-term vision for growth and accessibility.”
Flora aims to appeal to regions where cryptocurrency is widely used, viewing Bitcoin acceptance as a complementary addition to its existing payment systems.
Read Also: Cannabis Goes Crypto: How Blockchain Might Save A $100 Billion Industry
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The number of businesses using blockchain-powered cryptocurrencies specific to the cannabis industry, allowing for cashless transactions, has been growing for years.
In 2022, BankLine and B4U Financial partnered to incorporate B4U's payment solution into the cannabis industry. The collaboration aimed to integrate a global, proprietary digital currency payment system into the point of sale (POS) systems used by licensed cannabis businesses across the U.S.
The B4U payment network integrates with POS systems via API or as a standalone solution, working on any internet-enabled device. It allows Bitcoin payments for in-store, online, curbside, and home delivery transactions.
Meanwhile, Bitcoin’s price has surged past the long-awaited $100,000 mark on Wednesday, for the first time in history, as reported by CNBC.
Flora Growth’s shares traded 0.0063% higher at $1.5901 per share at the time of writing on Thursday morning.
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