arijuana merchant accounts are very high in demand. With legalization in thirty-one states and the District of Columbia, the industry is just in the earliest stages of what is required to be a revenue windfall for merchants. If there is one business on our aspiration list for offering e-commerce merchant accounts, it is definitely the marijuana industry. At present We have solutions for all things regarding hemp and CBD (we wish to have a solution for medical marijuana in a matter of days), but payment processing for the cannabis industry has evaded payment service providers.
We keep seeing the glow of hope, however.
Newly, a Massachusetts credit union announced in a Boston Globe news article that it was inclined to provide marijuana merchants banking services initiating in October. Many U.S. banks have also announced such, only to confront roadblocks, such as the federal reserve. The credit union in the matter, however, previously has the support of the Massachusetts Cannabis Control Commission, which is offering with a process called seed-to-sale tracking, a software program constructed for cannabis merchants to continue compliance for state laws.
The MCCC also stated it is also in talks with various other Massachusetts banks and credit unions.
The good friends here at Ipaytotal are cautiously monitoring developments, as our home office actually borders the state line among New Hampshire and Massachusetts. It takes us to wonder if Massachusetts could be the ‘litmus test’ of the kind for potential marijuana banking.
We have had a long delay to see which banks would be the first to render banking services for the marijuana industry (and we’ve reported about the likelihood of e-commerce merchant accounts for marijuana ad nauseam). Quite certainly, it may be a small credit union (with merely 11 locations) in central Massachusetts.