You’ve no doubt heard a lot about the Green Rush – the exponentially expanding cannabis business, and the fortunes to be made therein. But make no mistake about it: It’s a weird time to be in the marijuana industry. Why is that? Because both banking services and insurance coverage are made all but impossible by the federal Schedule I classification of cannabis in the United States.
Cash-only cannabisPhoto creditThat’s exactly why very few cannabis stores accept any form of plastic – bank or credit cards. The few which do are using some loophole or other, and are regularly stymied by denial of services.Now, while some American dispensaries and legal cannabis stores are finding creative ways to establish banking with institutions willing to work with them, that isn’t really good news for medical marijuana patients, reports CannaTech.
In fact, it means more expenses for them.Banking fees for dispensaries who can even get banking services sometimes are as much as thousands of dollars per month. Those costs are obviously passed on, and largely borne by, patients.That not only means retail cannabis is more expensive. It means that delivery services, at least legal ones, are often impossible to access. For patients who often aren’t able to drive, that’s a double blow.
Think about how difficult it is to get cash from an ATM in order to pay a driver who needs cash for the delivery – and the reason you need delivery is lack of mobility.
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