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Payment Options in the Cannabis Industry

The surge of states legalizing cannabis continues to gain momentum as more states realize the significant economic impacts of legal cannabis. Although many states are legalizing cannabis the federal government has not moved on the issue, and marijuana remains a Schedule 1 drug under the Federal Controlled Substance Act. Leaving many cannabis businesses with roadblocks when it comes to payment options. In the age of PayPal, credit cards, apple pay, and more many cannabis businesses are cash only. Harry Brelsford of the CannaTech Group meets with Vik Devjee of CIMA to chat about the current landscape of available cannabis payment options.

Alternative payment methodologies in the cannabis vertical

The Cannabis Industry continues to grown with states legalizing recreational and medical marijuana use regularly. Despite remaining a federally illegal substance this industry continues to flourish and gown. In 2020 the US Marijuana sales reached $17.5 billion, with research showing it is likely to continue to grow. Despite the states legalizing cannabis, the industry continues to face many hurdles including the inability to alternative payments (currently primarily a cash industry).