Cannabis industry faces payment crisis as regulators and card networks close loopholes
By
MJ Biz Daily
Lightly browned and well buttered. A solid pick from the rack.
Summary
The cannabis industry, which has long relied on payment workarounds like cash, cashless ATMs, and loosely coded merchant codes to bypass federal banking restrictions, is now facing increased regulatory pressure. Regulators and major card networks (Visa, Mastercard, Amex) are tightening enforcement, closing loopholes that allowed cannabis businesses to process payments despite federal illegality. This creates a reckoning for operators who must now navigate an increasingly constrained payment landscape.
Key quotes
· 3 pulledFor most of its state-legal life, the cannabis industry has relied on a series of workarounds in lieu of traditional payment systems such as debit and credit cards.
Regulators and card networks are tightening enforcement
Operators have relied on cash, cashless ATMs, and loosely coded m
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