A lot has changed in the Cannabis industry over the past decade. Canada has legalized recreational cannabis use and so have 18 states and DC, Guam, and the Northern Mariana Islands. This follows many states legalizing medical cannabis use for a variety of illnesses and chronic conditions across the USA. The changes in laws are long overdue and there is still a hope that the United States Federal Government will legalize Cannabis or decriminalize it. Right now Cannabis is still a Schedule I narcotic in the US code of regulations. This means it is classified the same way as dangerous drugs including heroin and cocaine. We all know Cannabis is harmless when compared to these life-ruining addictive narcotics.
New State Legislation for Dispensaries Goes Into Effect Soon
Best Cannabis Cashless ATM
So, cannabis has been legalized in a handful of new states but the timing for recreational dispensaries to open has not yet come. As each state works out its taxation structure and system to accept and approve dispensary applications, consumers are left waiting until this occurs. In New York state, for example, where Cannabis has been recreationally legal since June of 2021, you still cannot purchase cannabis from a recreational dispensary. They simply don’t exist yet.
This means there is a growing number of entrepreneurs looking to get an application approved before the market is flooded with dispensaries. States like NY haven’t begun accepting applications yet but that time will come soon.
Cannabis Banking Remains a Difficult Subject
Despite a slew of states legalizing cannabis for anyone over 21 years of age, the banking system is still well stuck in the past. This is because National USA banks will not work with any cannabis company until federal legalization has happened. They cannot be federally insured by the FDIC and provide services to businesses that are technically illegal on the federal level. This affects current medical dispensaries as they must accept cash-only sales but will also affect recreational dispensaries when they start handing out licenses.
The problem lies here after you’ve:
- Started the recreational dispensary application process
- Provided proof of funding and investment
- Had all members pass all required background checks
- Have a lease for your dispensary
- Got suppliers and producers in place
- Receive customers lining up to make purchases
But you’ve:
- Got no legal banking system
- Must take cash-only sales
- Must make large cash deposits which pose risks when transporting
What Do You Do if You Can’t Get Normal Banking Services?
In the past, dispensary owners would have no choice but to stick with cash-only sales. In a world where people carry cashless and less, this is problematic. You also have to make large physical cash deposits at the bank which pose risks for theft and organized crime targeting. What is a solution? A Dispensary Cashless ATM is the only safe and secure way to offer debit card transactions to your dispensary customers.
Here are some of the benefits:
- NO set up costs, NO monthly costs
- NO personal information or financial documents are required for approval.
- Card present pin-based transactions effectively reduce chargebacks (customer disputes) or the chance of fraudulent transactions.
- Unlike traditional merchant accounts, there are NO rates or fees for any Cashless ATM transaction. The Cashless ATM transaction cost is charged to the customer in the form of
This is the best route you can take to get your dispensary’s payment system on track from the get-go.
Find the Best Cannabis Cashless ATM and start accepting debit card purchases today. Call us today and let’s discuss your business and processing needs. We are proud investors in the Cannabis industry and have specialized in medical and recreational dispensary transactions for nearly 10 years.
