One of the greatest difficulties for the marijuana industry – since its beginning – was a lack of access to banking. Federal statutes defining marijuana as a Schedule I narcotic have meant that banks agreeing to handle a marijuana company’s finances would risk criminal charges for money laundering.
As it still stands, Visa and Mastercard have made it explicitly clear they will not work with marijuana retail companies until the federal government changes the law and legalizes the drug. But that could mean opportunity for some other financial firms willing to take the risk.
Now, an app called CanPay has announced the creation of the very first debit payment solution available to buyers of cannabis in Colorado, Washington and Oregon. Continue reading