- Legal environment for cannabis businesses remains uncertain
- Main Street banks and big tech avoid the cannabis space
- Leaving opportunities for fintech companies
Reluctance by Main Street banks to provide traditional banking services to cannabis establishments has provided a cornucopia of commercial fare and opportunity for financial technology companies like Medical Cannabis Payment Solutions (OTC: REFG). The company is now offering ‘Green’, a FinCEN-compliant payment processing system for state-licensed cannabis establishments. Through the Green platform, patients are able to link their bank accounts and debit those accounts to purchase cannabis. Presently, most cannabis dispensaries are unable to obtain payment processing services from their banks or the major card networks, such as Visa and MasterCard, so sales are typically transacted with cash. This adds extra costs for security and exposes dispensaries to robbery and other risks. The Green platform obviates those perils. It also comes with money management functions that handle payroll, payments to vendors and much more.
Things are not getting any easier for cannabis dispensaries. In June, the Senate Appropriations Committee voted down an amendment that would have protected financial institutions that open accounts for state-compliant cannabis businesses from…
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