Now that states are slowly legalizing recreational marijuana who can growers, distributors and sellers turn to for payment processing?
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CCBill ? -
Local banks, credit unions and cash is always king.
Edit: Nevermind. I guess you're asking for an online payment processor.Comment
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Going to be pretty tough. Maybe something outside the US, because pot stores are still struggling to do business with any banks. It is still an all cash business. That may be changing soon, but for now it is a pretty messed up situation.Comment
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At the moment is the problem that pot is still illegal on a federal level and banks have insurance and other things that are regulated by the federal government, not to mention many of them have branches outside of these pot legal states. So they don't take the money for fear they could get in trouble on a federal level.
in 2014 Obama's administration cleared the way for banks to start working with pot stores, but it has proven to take longer and be more complicated than many had thought. Basically one branch of the government is saying it is okay and the other is saying it still isn't okay.
In the end, change comes slowly.Comment
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There is still a long way to go. A major problem is that the IRS doesn't allow growers and dispensaries to have any kind of expense deductions when filing their taxes because marijuana is still a schedule 1 controlled substance.
I'd say patients should file a class action lawsuit because the lack of tax deductions inflate the price with at least 30-40%. its also likely it will increase crime rates as you can really run a "corporate" medical mmj business if you can't have any expenses.
For banks I would say you should look for one that have branches only in Oregon to avoid potential cross state business, if you or your paper trail cross state lines it's federal. I'd consults with a lawyer !I buy plugs
Skype: Due_Global
/DueComment
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It will change when the Carers Act passes
Senators Introduce CARERS ACT Federal Medical Marijuana Bill Weed | Weed Store ReviewsComment
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Even if recreational pot becomes legal in every state and on the Federal level, there will still be hesitation from banks to process those transactions...look at adult. It has been legal in this entire nation for decades, yet there are still banks who refuse to do business with adult.Comment
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With the banking thing it more complicated than just being about state lines. The Controlled Substances Act made it illegal for any financial institution that uses the Federal Reserve System's money transfer system to take money from drugs that are illegal federally. That is pretty much every bank.
The Obama administration has issued rules basically telling the justice department to not go after banks in those states that deal with pot businesses, but most banks are still very wary and have said that they will likely choose not to take pot money for as long as pot is considered an illegal drug on the federal level.
There are a few small banks and credit unions that have started working with pot businesses, but not many. There are other people working on other solutions.
One worry is that nobody knows what the next administration will do. The new president could come in, be anti-pot and tell the justice department to go after banks that are taking pot money.
I think, eventually, there will laws passed by congress that will remove the fears, but I think we are a ways away from that still.Comment
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MBank is located in Oregon. They process for MJ in multiple states.
Big list here https://www.cardpaymentoptions.com/c...ces-providers/
Skype: CallTomNow
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visa and mc both certainly do allow medical marijuana transactions, i've used my cards at several dispensaries. it's up to the acquiring banks, but both major cards allow for it.Comment
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Zombaio ....
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That whole thing is pretty funny. What good are federal laws if they mean nothing if states decide that they mean nothing? Shouldn't federal laws trump states law and it be illegal for states to legalize something that is illegal federal wise?
Does not make much sense otherwise.Comment
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