The lack of a viable financial system no longer makes sense on multiple levels.
The lack of a viable financial system no longer makes sense on multiple levels. First of all, many consumers continue to view cash and checks as their primary payment options. In addition, there are still some businesses that only take checks for payments! Finally, there is a segment of the population that does not have access to a bank account, a requirement for funding an e-wallet or most other mobile payment options.
“Only a handful of institutions support this growing industry in an otherwise compliant manner that meets BSA, FinCEN and other federal and state requirements.”
Multiple countries and U.S. states have moved toward legalization. Major non-cannabis industries are investing heavily in cannabis related products and cannabis-based companies. With U.S. Attorney Jeff Sessions out, his strict stance against marijuana perhaps no longer holding, many are suggesting that now just might be the right time to legalize marijuana at the federal level.
Let’s review the action of late and see where that leaves us in terms of legal marijuana payment services for businesses and consumers.