Mastercard has told banks and institutions to stop allowing cannabis purchases on its debit cards. Adult-use medical marijuana, as well as recreational use, is currently legal in most New England states but remains illegal at the federal level.
in 37 states, with 21 states allowing recreational use for adults. Cannabis use remains illegal at the federal level.
In states where marijuana is legal, dispensaries have to use cash or debit cards. They're unable to accept credit cards or other forms of payment due to their product, cannabis, still being illegal under federal law. But the SAFE Banking Act, if it passes the Senate, would allow marijuana businesses to do more banking on the books and create a safer industry.
While most dispensaries operate as cash-only businesses, some allow customers to use a debit card with their PIN to purchase marijuana.American cannabis company Curaleaf said in a, “Current prohibitions on banking in cannabis are unfair to communities, law enforcement, cannabis workers and business owners."
Currently, traditional banking services are out of reach for the cannabis industry due to the federal classification of marijuana as adrug — the same category as heroin and LSD, with no recognized medical use or value. Subsequently, FDIC-backed banks have been prohibited from doing business with dispensaries, growers, distributors and other marijuana-related businesses that are operating legally under state laws.
Mastercard's blockage poses a challenge for the marijuana businesses in the U.S., leaving dispensaries scrambling for already-limited alternative financial options. The high-risk cannabis industry, which deals primarily in cash, suffered a blow last year when
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Ferrari reveal new staff structure as key figure departs for new F1 challengeLaurent Mekies is not at the BelgianGP as Ferrari's racing director prepares to leave 'this week' ahead of his future move to AlphaTauri. Ferrari Formula1 F1
Læs mere »
Keir Starmer finally gives a definition of what he thinks a woman isLabour leader Sir Keir Starmer has seemingly u-turned on his definition of a woman, saying on Nicky Campbell's BBC 5 live programme 'a woman is an adult female'. His comments come after Labour scrapped its commitments to self-identification.
Læs mere »
Top 10 PIP conditions providing more than 3m people with up to £172 each weekAdult Disability Payment has replaced new claims for PIP in Scotland and provides the same payment rates.
Læs mere »
Leon Black hit by new suit in confrontation with #MeToo law firm\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Læs mere »