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Legal Marijuana Industry is Fastest Growing
With more states loosening restrictions on the possession and use of marijuana, a fledgling mega-industry is in the making. The legal marijuana industry—which includes marijuana sold for both medical and recreational use—has grown by 74 percent from 2013, putting its worth at more than $2 billion. With marijuana merchants seeking banking options for their businesses, will the growing industry provide more payment processing options as well?
Predictions for the Legal Marijuana IndustryInc.com reports that the legal marijuana industry is currently valued at $2.7 billion. If all 50 states approved the legalization of recreational and medical marijuana, that number would jump to $36 billion—more than the whole organic foods industry. Despite the incredibly high ceiling for this emerging industry, acquiring banks still consider it high risk, and will not provide processing options for many businesses.
The Need for Marijuana Payment ProcessingMany marijuana retailers are desperate for payment processing capabilities. Being able to accept credit card and debit card payments for their products is essential to run a retail business. Many acquirers fear that government legislation may interfere with the legality of marijuana products, so they are hesitant to provide services to those business owners. Since the future of the marijuana industry is still cloudy, it’s difficult to predict how acquiring banks will react to the growth of the industry. However, it is worth noting that just a few years ago, finding processing solutions for marijuana businesses was nearly impossible. There are some banks that are eager to work with marijuana merchants, and will provide marijuana merchant accounts to qualifying businesses.
About Marijuana Merchant AccountsAs a merchant services provider, ECS World is partnered with a wide range of acquiring banks. Many of these banks are not afraid to take on marijuana merchants and provide them with everything they need to run their business and drive profits. To inquire about our merchant accounts and other credit card processing solutions, contact us today.
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ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!