California Marijuana Delivery

Visa Tightens Financial Restrictions on Cannabis Companies

Visa will likely stop many cannabis users from using their debit cards when buying weed. This change is sure to devastate the industry. Many companies exist specifically to address the payments problem facing the market, more so now with financial companies refusing to process cannabis transactions. It is not only Visa. It is MasterCard too, as well as Discover Financial Services, and even all the major banks. All of this fuss is simply because cannabis remains illegal at the federal level. According to a memo published in Marijuana Moment, “Visa is aware of a scheme where POS devices marketed as “Cashless ATMs” are being deployed at merchant outlets.” It claims this is violation of its core rules and principles. While this may be so, cannabusinesses are facing a real dilemma. It is forcing them to find workarounds. Many a cannabis dispensary has been offering “ATM withdrawal services.” Customers can use …

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