The cannabis industry has come pretty far from the days of universal prohibition, but the industry still faces a couple of major setbacks. Chief among them is a lack of access to banking and cashless payment services. Although numerous states have legalized either medical or recreational cannabis, it still remains illegal at the federal level and banking institutions avoid working with cannabis businesses in fear of retaliation from the federal government.
The coronavirus pandemic hasn’t made it easier; with the government advocating for cashless payments to reduce the spread of the virus, it has become clear just how much the industry needs access to cashless payment systems. Most other businesses have switched over to contactless transactions to keep both consumers and staff safe, but cannabis dispensaries have had to continue…
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