The governor of Pennsylvania signed a bill into law that contains provisions to shield banks and cannabis insurers from state interference for working with licensed medical cannabis businesses. The new legislation is the same as a standalone bill that had previously cleared the Senate before receiving approval in a key House committee. However, the measure’s
Retailers across various industries have long seen the benefit of offering gift cards customers can use to make purchases. Whether conventional physical cards or digital ones, gift cards provide another sales option while increasing brand awareness and offering the possibility of using them in conjunction with customer retention and loyalty programs. Such benefits could be
Cashless ATMs have proven to be a practical payment method for marijuana retailers that don’t have access to traditional banking services. Many cannabis dispensaries struggle to open normal bank accounts due to federal cannabis prohibition meaning customers cannot use debit and credit cards as a payment method in the traditional way. To circumvent this problem,
Owing to marijuana’s federally illegal status, most banks are unwilling to work with cannabis businesses for fear of federal government reprisals. This means that many marijuana retailers operate on a cash-only basis. This not only increases a business’ operating costs, it also increases the risk of robberies. As a result, many dispensaries have turned to
The federal prohibition of cannabis makes payment processing more complicated than in traditional retail industries. This is because financial service providers are reluctant to work with marijuana businesses, even in states where cannabis is legal, for fear of federal reprisals. The consequences of this for cannabis retailers are significant. Consumers generally prefer to pay by
The Internal Revenue Service (IRS) published a blog post providing advice to state-legal marijuana businesses on how to stay compliant with tax rules, given cannabis’s Schedule I controlled status at the federal level. The IRS’s De Lon Harris wrote that the rapid growth and expansion of the cannabis industry had created a complex situation with
Cannabis is becoming a more prevalent commodity in the U.S., and more and more businesses are applying for state licenses with hopes to open their gates. Entrepreneurs looking to create new ideas and find a specific niche have plenty of opportunity as more states began to regulate cannabis. But it won’t be an easy road
Credit cards have become a commonly accepted payment in the U.S. and around the world, and your cannabis business has much to gain from making this available to your customers. Research on consumer payment preferences by BAI Research and Hitachi Consulting found that 41 percent of shoppers have reduced the amount of cash they use,
Three dozen U.S. states have legalized medical cannabis and 17 states have begun to regulate adult-use as well. But even with this major market, many cannabis businesses find it difficult to obtain financial services from traditional institutions. Federal prohibition of cannabis has kept banks and credit unions hesitant to provide services to cannabis-related businesses. Regulators
