JACKSONVILLE BEACH, Fla. (420CanNews) — Mastercard just pulled a disappearing act on the cannabis community, announcing that their debit cards are now off-limits for their beloved herb purchases. They’ve zapped out the convenience of planning to purchase marijuana online. The payment services network has detracted from the green path of social threads, trading the chill sessions for a treasure hunt for cash.
According to a Bloomberg report, Mastercard recently became aware that cannabis dispensaries were enabling the use of their Mastercard debit cards for purchasing weed. Responding swiftly this past summer, it seems they took on the role of diligent school principals and firmly instructed the cannabis businesses to cease the activity. After conducting a prompt investigation à la Sherlock Holmes, they swiftly disseminated the message of halting herb debit card transactions.
New Solutions
The cannabis businesses, once thriving on secure payment services, are now seeking alternative paths for their operations. Peter Su, the director of specialty banking at Hanover Bank, known for spearheading cannabis banking initiatives and acting as a payment processing consultant for the industry, is experiencing a surge in inquiries.
People are eagerly reaching out and inquiring about green-friendly payment transactions. Last year, to add to the never-ending list of obstacles, some brilliant minds shut down cashless payment processing systems for dispensaries. Because who needs convenience when buying cannabis? So now, stoners must resort to some ancient practice called cash withdrawals to pay for their beloved herbs.
The shutdown of payment services network options has left licensed marijuana retailers with cash-only transactions to conduct their booming business with customers. Why bother with convenient electronic payment options when they can stick to archaic and inefficient methods, right? It’s like taking a giant leap backward in modern commerce.
Safe Banking Act: A Cannabis Banking Solution in Limbo
The Secure and Fair Enforcement (SAFE) Banking Act holds the potential to grant cannabis companies conventional access to business banking facilities, removing hurdles posed by credit card processing for cannabis owners. With bipartisan support in Congress and seven rounds of applause in the House, this act has garnered commendation. However, progress in the Senate has been sluggish, leaving it stranded in the perpetual “To-Do” pile.
Matt Darin, the prominent figure at Curaleaf Dispensary, a leading player in the cannabis industry, has recently made some thought-provoking remarks. He emphasizes the need for Mastercard’s debit card policies to serve as a reminder: it is high time for the government to recognize the actual value of cannabis. The Senate should take action and awaken the payment service network from its slumber.
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— Story Filed By 420CanNews Staff
Here’s More Information on the Topic:
Mastercard Announces Ban on Debit Card Transactions for Weed Purchases
https://hightimes.com/business/mastercard-announces-ban-on-debit-card-transactions-for-weed-purchases/
Mastercard Moves to Ban Cannabis Purchases on Its Debit Cards
https://www.reuters.com/business/finance/mastercard-demands-termination-cannabis-purchases-its-debit-cards-2023-07-26/
Mastercard to No Longer Allow Marijuana Transactions on Its Debit Cards
https://www.cbsnews.com/baltimore/news/mastercard-to-no-longer-allow-marijuana-transactions-on-its-debit-cards/
