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Few Marijuana Banking Options…For Now
Instabill copywriters have long said that banks will reach a point where they have little choice but to offer credit card processing for marijuana dispensaries. Very few options exist for marijuana banking, but experts at the recent Marijuana Business Conference and Expo in Las Vegas are optimistic that banks will realize the possibilities of offering merchant accounts for marijuana businesses.
The Omnipresent RiskMarijuana businesses, medical and recreational, currently operate under the umbrella of state law. Growth, sale and possession remain illegal by federal law which supersedes state law. That means there is always the possibility the feds could shut down any business at any time. It is also the reason marijuana banking is rare. As enticing as the cash windfall of marijuana could be, banks continue to adhere by federal laws. The Feds have largely trusted states to govern themselves in the interim. The marijuana business remains unpredictable. Two weeks ago, Meta Payment Systems abruptly shut down hundreds of cashless ATMs in marijuana dispensaries throughout the legalized states of Washington and Colorado. The shutdown left merchants scrambling in search of another payment solution.
DC Legalization: A Good Sign?Last Election Day saw recreational marijuana become legal in Oregon, Alaska and the heart of federal legislation: the District of Columbia. Recreational legalization in four states is one thing, but for DC to pass legalization is another. Can marijuana banking really be that far behind? Experts at the Marijuana Business Conference and Expo feel federal legalization could happen by 2020.
What Merchants Can Do in the Meantime?First Security Bank of Nevada is among the few US banks that are taking the initiative with marijuana banking. Its CEO, John Sullivan, was a speaker at the Marijuana Business Conference and Expo and offered two bits of advice for businesses seeking proper banking resources. Primarily, retaining impeccable documents on all transactions is a must. Secondly, keeping an open mind to operational changes a bank might suggest.
Marijuana Banking Solutions With InstabillInstabill currently offers cashless ATM terminals, 48-hour approvals and competitive pricing for medical marijuana merchants. To speak with a live representative select that chat option below or simply call 1-800-318-2713.
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