WHY MARIJUANA STORE OWNERS ARE STARTING TO ACCEPT CREDIT CARDS AS PAYMENT
- December 1, 2018
In the wake of its ultimate success in the marijuana legalization movement, the State of Colorado is still far from achieving ultimate victory, due in part to the intervention of the government. In recent months, financial institutions have been growing ever more cautious towards the marijuana industry, particularly as multiple businesses have started to accept cred cards as a form of payment. In fact, some federal regulators have labeled this decision as an instigation of an “illegal transaction.” Nevertheless, the U.S. Treasury Department and Justice Department have reassured banks that they will not contradict federal laws if they conduct business in pot-legal states (no exceptions), but officials have not confirmed if these rules are official. Despite the fact that the drug has been legal in multiple states since 2012 (when it was legalized in Colorado), marijuana is still classified as a Schedule-I (controlled) substance on par with heroin and LSD. Let’s take a closer look at the growing conflict in marijuana dispensaries and see what action is being taken.
Bring in the Credit Cards!
Due to the fact that marijuana is still an illegal drug, many marijuana stores are attempting to use financial tricks to hide their activity from federal view. As a result, these dispensaries are developing side groups or hiring professionals that appear virtually harmless. Ultimately, when a person runs a credit card through a machine, the statement sent to the bank appears completely normal.
Recent investigations revealed no signs of marijuana transactions on receipts and credit card history. For example, reporters purchased products at the Ball Park Holistic Dispensary (Denver, Colorado), and the receipt for the credit card showed “Indoor Garden Products.”
Hardly Any Access to Financial Institutions
Recently, Paul Armentano (Deputy Director of the National Organization for the Reform of Marijuana Laws) emphasizes that companies require access to financial institutions like banks to experience greater success in the market. Without the help of these groups, no single business in an industry (from textiles to computers) can succeed, and Armentano believes the marijuana industry will continue to struggle if it does not receive more help.
Likewise, additional members of the cannabis community have argued that dispensary owners are putting money into multiple bank accounts because (simply put) they cannot place deposit it anywhere else.
Always remember that marijuana does not have control over your life. You do. Are you suffering from a substance use disorder or a severe form of addiction? Do you have a friend or family member suffering from one or more of these debilitating illnesses? If you do, get in touch with Asana Recovery today. Our counselors and healthcare experts are ready to walk you through every step of the detox and withdrawal process and rehabilitation and guide you towards living a happier, healthier, and freer lifestyle. While the road to recovery might not be an easy road to travel, we promise to help you every step of the way. Take the first step to stay fit, healthy, and safe.
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