Why De-stigmatizing Cannabis Payments Is Vital

Transact with cash, debit card, or direct bank transfers.

Marijuana retail is booming, but the industry remains largely cash-based. Federal law still classifies pot as an illegal drug, so some banks and payment services run the risk of being penalized if they participate in marijuana retail.

Many banks do not allow cannabis companies to have bank accounts, and for dispensaries, taking debit cards and mobile payments can be complicated or impossible. This is a huge hurdle even in states where cannabis is legal.

How Dispensaries are Processing Cannabis Payments

Sales of $12.5 billion as of 2019 & banks are unable to accept the money?

With the recent legalization of cannabis in many states, the cannabis industry has rapidly grown: many dispensaries are popping up, reaching an all-time high of 3,671 in the United States.

Even though the cannabis industry had  sales of $12.5 billion as of 2019, banks are unable to accept money from these businesses due to cannabis’ illegal status at the federal level.

Consumers, therefore, have to pay for cannabis with cash, posing liability, security, and revenue problems for businesses.

Little Known Ways to Reduce Security Risks

Police found 30 pounds of marijuana and $33,000 in cash.

Why Cashless Solutions Reduce Security Risks

Preview: Many businesses experience security risks, but with cashless solutions, these risks can be mitigated.

Burglars are stealing from marijuana dispensaries

In 2016 alone, approximately nine percent of small businesses experienced burglary or theft, and on average, such incidents cost business owners a staggering $8,000.

Can Cash Become a Health Risk to Marijuana Dispensaries?

When does too much cash become a health risk? When you own a marijuana dispensary.

An estimated 70 percent of cannabis businesses use cash for all transactions.

Have you considered Electronic Payments to reduce handling cash?