The federal government has done their best to prevent marijuana companies and banks from working together. Despite that, some banks are doing it anyway. This is beginning to pave the way for marijuana companies to have more options when it comes to cannabis payment processing.
According to a report from the Treasury Department’s Financial Crimes Enforcement Network, the number of banks and credit unions in the United States that were “actively” operating accounts for marijuana businesses has grown to over 400. That’s an increase of over 20% in the last year.
Despite more and more states allowing marijuana either medically or recreationally, it’s still a difficult situation from a banking standpoint. This is because it’s still federally illegal. For many banking institutions, their hands are tied when it comes to working with cannabis-related companies. This continues to pose major problems for the cannabis industry.
The cannabis industry has been mostly a cash industry because of these banking regulations. As Senator Jeff Merkley of Oregon said, this continues to pose a problem because “it’s great for organized crime, it’s great for money laundering, it’s great for theft and larceny, it’s great for cheating on taxes, it’s great for cheating on your payroll.”
Are You Looking for a Cannabis Payment Processing Option?
Luckily, there are still options out there when it comes to payment processing in the cannabis industry. If your bank isn’t able to work with you for any reason, we can. Contact us today at Paybotic to learn about our cannabis payment processing options.