If you followed the recent news that cannabis decriminalization is being discussed in Congress, you’re probably aware of how confusing it’s been for marijuana-based businesses, banks and payment processors to navigate the conflicting state and federal laws governing the sale of these increasingly legal products. Segpay has been on top of this issue for some time now. In a March article on XBiz.com, our CEO Cathy Beardsley weighed in on the future of handling payments for cannabis, and now this month PaymentsSource has published a similar article by Cathy arguing for the type of Congressional action that appears (finally) to be gaining momentum:
If and when lawmakers do act, there is no doubt that medical dispensaries will come online in the U.S. and many other countries. Once this legal channel opens there is a big opportunity for payment processors. Laws need to be put in place to control where the money goes, and credibility needs to be developed in the marketplace.