2022 is fast approaching! Another year in the bag, and it was another filled with growth, uncertainty, and an ever-changing Cannabis space. New states in the USA legalized recreational cannabis and that means dispensaries are just around the corner. If you’re in the CBD or Cannabis space or are looking to get involved in this budding opportunity 2022 can be a big year.
Let’s take a look at what you can do to make 2022 monumental for the CBD and cannabis industry.
USA State Recreational Legalization is Big
Cannabis Credit Card Processing Companies
Despite no movement on federal law regarding marijuana, states have taken it into their own hands to pass state-wide Cannabis legislation that fits the facts. It has been proven again and again that marijuana consumption is far less dangerous than alcohol consumption and can even offer mind and body benefits in the long and short term. It is no wonder so many states in the USA have legalized it for recreational use and Canada has done so on a federal level several years back.
But not all state governments see eye to eye when it comes to anything, let alone cannabis legislation. That means being careful when looking to get involved in the industry. The banking side of the cannabis space has yet to catch up with the legalization that has occurred on a state-by-state basis.
Federal Laws Prevent Major Banks from Jumping In
One of the biggest problems within the USA is the varying views on cannabis from state to state and from the state to the federal level. When a state like Massachusetts has legal recreational cannabis sales but it is still federally illegal, national banks are unwilling or unable to offer typical business banking services. The problems arise from the fact that most large national and international banks are beholden to federal law. They do not have separate divisions to work with CBD and cannabis companies on the local level. Instead, they simply refrain from offering any services like cannabis credit card processing, or CBD business banking, cash management, or anything else.
So, companies in the space must look towards smaller regional banks willing to work with them. The problem then lies in the fact that cannabis being illegal on a federal level prevents many regional banks from getting involved. This leaves CBD and cannabis farmers, producers, distributors, sellers, and users in a bit of a limbo.
Who Does Offer Marijuana Merchant Services?
If you’re looking to get into the industry or are operating already without your banking in place, you’ll likely be looking to find a Cannabis merchant service provider. One who understands the difficulties of operating within an industry that is still federally illegal while maintaining full compliance on every other state and local level. This is no easy task!
Every state has different laws regarding marijuana and even townships and counties can vary within a state. Having a regional bank that understands all of these moving parts and can provide adequate services can seem daunting.
Brother Processing is Leading the Way
We are proud investors in the Cannabis industry and have been focused on helping businesses of all sizes get cannabis credit card processing companies, debit card processing, cash management systems, and more set up and running. We’ve partnered with several regional banks in the USA and Canada who understand the pitfalls of operating within this industry and are customer forward. No longer should you get turned away for providing a legal product or service to your local area or via the web. Contact us today and let’s discuss your business and how we can help you get set for 2022.
Call Us Today! 1-800-891-8965
