Businesses and consumers alike are waiting to see what President Donald Trump’s decision will be on the legalization of marijuana. Earlier this month, the president signaled that he would likely support a bipartisan effort in Congress to ease the U.S. ban on marijuana. If this proposal moved forward, it would dramatically reshape the nation’s landscape for both marijuana users and merchants.
As of now, the federal ban pushes marijuana into the same category as LSD and heroin (a Schedule I substance). This has created a conflict with the approximately 30 states that have legalized cannabis in one form or another. The result? A two-tiered enforcement system at the state and federal levels.
This recently introduced proposal would ensure that the states have the right to determine the best approach to cannabis within their borders. At the federal level, some restrictions would remain. For example, sales of non-medical marijuana to individuals under 21.
Some are surprised at President Trump’s signals towards supporting marijuana. While campaigning for president, he had promised to respect the states that had already legalized marijuana, but also criticized legalization and any further efforts to do so. Now, the president’s remarks have put him in conflict with U.S. Attorney General Jeff Sessions, who has been an outspoken opponent of marijuana. The U.S. Attorney General not only lifted an Obama administration policy, but also freed federal prosecutors to more aggressively pursue cases in states that have legalized marijuana.
Even so, when recently asked about the legislation, Trump told reports in Washington that “I support Senator Gardner. I know exactly what he’s doing.” He went on to say, “We’re looking at it. But I probably will end up supporting that, yes.”
POB for Marijuana Industry
The current conflict between state and federal regulations has made it incredibly difficult for marijuana merchants. Because banks are afraid to offer their services to the industry – and risk federal prosecution – most stay away from marijuana merchants altogether. This has forced these businesses to operate in cash-only, which is obviously neither safe or efficient.
One solution to this problem has been Point of Banking or marijuana merchant account POB solution. This option is often referred to as cashless ATM’s. POB for marijuana allows your customers to use any PIN-based debit card, ATM card or Visa/MasterCard credit card with a PIN to access funds from their account for their purchase. Once the transaction has been made, the customer receives a receipt.
The customer can then use that receipt to pay for their purchase by giving the receipt to you, the merchant. Funds from that transaction are deposited into your business’ checking account in just 1-3 business days. If your business needs a payment processing solution to weather the changes and restrictions of the marijuana industry, consider using a solution like POB for marijuana.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants. His passions include producing music and traveling