Why are cannabis dispensaries cash only?

Ever walked into a dispensary and wondered why they’re cash only?💰 Believe me, it’s not because they asked for it. 2019 was one of the first years since legalization, that we saw a major push for cannabis banking. This is because cannabis is STILL considered a schedule 1 drug by the United States government.

Why are cannabis dispensaries cash only? Where is all the cannabis banking?

According to creditcards.com, major credit card networks do not allow merchants to use their cards for marijuana purchases, they don’t even have a merchant code for such purposes, and will shut down any account they find out of compliance with this policy. You can see how this may pose a threat to most major banks, scaring them away from doing business with a dispensary. Sure, some dispensaries do accept plastic, however, those are typically processed through a 3rd party card company, and they most likely charge for the service. On top of that, these 3rd party card processors often get into legal trouble for attempting to skirt around the law, and get shut down in the end. This can mostly be blamed on Jeff Sessions (of course- who else?) after he made the decision to toss out the Cole memorandum, an Obama-era policy that gave the marijuana industry a significant degree of shelter from banking prosecution. However, there is some light at the end of the tunnel for the industry. Congress is now considering a bill known as the S.A.F.E. banking act, which seeks to make banking accessible to dispensaries and protect them, as well as the banks who choose to do business with them! Hopefully, we see more progress in 2020! . . . #fuckjeffsessions #legalize #cannabis #cannabisheals #safebankingact #weed #themoreyouknow #knowledgeispower #weedfacts #bigfacts #420