Cash is still king in the medical marijuana industry. But the industry is growing desperate for a change – a change to mainstream credit card use.
Accepting credit cards for medical marijuana is spotty at best. Some small, regional banks have the ability to process transactions for such, but certainly not without an element of fear. The progress toward such is undeniable, however. Since the state of California legalized marijuana use for medicinal purposes in 1996, 29 states and the District of Columbia followed (eight states have legalized marijuana use for recreational purposes).
Still, mainstream, universal credit card use for medical marijuana remains elusive.
Instabill CEO Jason Field attended the 5th Annual Marijuana Business and Conference Expo Nov. 16-18 in Las Vegas, and payment solutions for medical marijuana merchants remained a big issue. It seems to be every year.
Marijuana remains a Schedule I substance – along with heroin, LSD and ecstasy – which categorizes substances that are at high risk for abuse (Schedule 5 drugs such as Tums or Robitussin have the least potential for abuse). In the eyes of the federal government, marijuana is still illegal to grow, sell or use.
Legalization on the state level is progress, and the Feds have deferred to state governments to oversee themselves. Two things need to happen, however:
Back to our point about progress in the use of credit cards for the purchase of medical marijuana. Here’s why we’re optimistic:
Through an international banking partner, Instabill has a credit card processing solution or medical marijuana merchants. Find out more about it by speaking with one of our merchant account managers at 1-800-318-2713.