The biggest news to hit Canada in the past year is the major change towards full cannabis legalization for recreational use. This is a notable difference from the previous medical marijuana regulations which came into effect several years ago. Now, users and businesses alike can purchase, sell, and consume marijuana and all of its derivative forms in a completely safe and legal manner. What originally had created a problem for banks and other government organizations was the fact that cannabis was still seen as a scheduled illegal substance. This is no longer the case.
The trend is one that has its routes in the early days of hippies and pot smoking peace lovers, to now the modern day cannabis consumer from all walks of life. The new generations have had a far different view of marijuana than generations past and it comes as no surprise that Canada is one of the first nations to completely legalize marijuana for recreational consumption, extending the medical laws that were already on the books. So, what does this mean for everyday users? It means that you can now legally purchase edibles, flower, oils, and other cannabis or hemp based products like CBD oil, soaps, creams, and even pills for pain and anxiety. The industry is one that is growing in a huge variety of ways, from investments in the Canadian cannabis stock market increasing on a daily basis, the space has become quite robust but also quite competitive as corporations and individual businesses try there best to cash in on the cash crop.
So, what is different now for marijuana dispensaries? Whether selling cannabis for medical or recreational purposes, consumers would have to pay businesses in cash. You could not accept credit, debit, or checks if you were a dispensary because of the legality concerns of Canadian national banks. That concern is now over and the doors are open for dispensaries to operate as any other business does. Taking cash, credit, and debit transactions with normal direct deposit and banking systems to receive their payments and operate. No longer are these businesses considered “high risk”, this means if you operate a dispensary you can now offer your customers and patients and more formal way of making purchases. Also, this means the rates per transaction is down to the normal rates of 2-3% just as all other businesses enjoy. Originally the credit/debit solutions considered marijuana and CBD businesses high risk and had rates per transaction of over 8% with high reserves as well.
If you own and operate a cannabis distribution or dispensary business, now is the time to take advantage of these monumental changes and make the most of the new legality that will help your business grow. For the best in Marijuana Business Merchant Services Canada, look no further than an expert and investor in the industry right here at BrotherProcessing.com