During the summer, there are many individuals that travel to states where recreational marijuana is legally dominant. Some people end up going to these places for the first time; just to explore their options. These things are quite common to the local resident, but tourists are awestruck by it, especially those who have never tried something like that. The usual challenge for the novice is to understand the type of payment accepted by marijuana dispensaries. So that you stay on the right page, it is good to know more about the payment aspect of purchasing products at a local marijuana dispensary; whether you are a tourist or resident. Let’s did in!
The Best Shopping Experience
For people to enjoy the best and most dependable shopping experience in cannabis dispensaries, it is best to pay in cash. In fact, it is the one form of payment accepted at most cannabis dispensaries. It is also the fastest method and the most convenient method to go in and out of the dispensary without delay. If you pay in cash, your purchasing experience will be free of problems. It is the ideal option to withdraw cash at an ATM machine in advance and pay for your cannabis products. By so doing, you are certain that you have available funds and you avoid all the high fees as well. In addition, machines at the cannabis dispensaries are frequently used and so they could run out of cash at any time. So, it is best that you plan ahead and use the most reliable option of getting cash to pay for your goods. This will help you avoid wasted time and frustrations. There are many cannabis dispensaries that offer options where you can order ahead of time over the telephone. In so doing, you will know the amount of money you owe upfront and so when you arrive, you will have the exact amount that is needed to complete the sale.
The Payment Issue
Cannabis is classified as a “Schedule 1” drug by the federal government and so in their eyes; it is still illegal, even though, it is legal in the state where cannabis dispensaries are lawful. For this reason, it is hard to do business in a commerce system that is so strictly regulated. Many cannabis dispensaries try to stay within cash payments for fear of being indicted for money laundering. For this reason, banking services are kind of tricky for those in the cannabis industry. In the future, this could be possible, but as of now, it is not. As long as the owners of cannabis dispensaries pay their appropriate taxes, the feds don’t seem to mind the cash payments collected.
The Cash Model
The marijuana banking services is quite uncertain now and so there are many cannabis dispensaries that have to operate their business with a cash only model. However, there seems to be some progress in a few states. For example, Fourth Corner Credit Union has provided banking solutions to the marijuana market; winning the approval of the Federal Research in February 2019 and securing a master account. Cannabis dispensaries will now be able to transact business with banking entities. If you are able to secure a bank account with one of these Credit Unions, it opens the door to improved solutions, which means you can take credit card, cash, debit card and other payment options.
The most common payment options are the debit card where the dispensary has an ATM machine indoors and direct cash payment. It makes the transactions seamless and with less challenge. It makes the owners of cannabis dispensaries have more options than before. Learn more about cannabis dispensaries and the future of banking solutions by going to the Cannabis Training University.