The marijuana industry has been desperately trying to get past the cash threshold for years now. One reason is to be taken seriously as an industry, but most importantly, dealing in cash leaves businesses vulnerable to theft. Until something like federal legalization or the SAFE banking act is put into place, dispensaries across the country have to watch their backs.
What’s making matters worse is that Mastercard, one of the companies enabling use of their debit cards for purchases, has terminated the allowance.
“The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems,” a spokesperson for Mastercard stated.
As for the SAFE banking act, it’s been stuck in limbo for years now, with the House voting to pass it numerous times and no activity in the Senate. It’s a very frustrating situation, especially considering the seeming bipartisan support for the bill.
Read the original article at Reuters.