Pennsylvania Govoner’s Office Calls for Cannabis Bank Protections
August 29, 2018
This couldn’t be more needed! As a small (cannabis) business owner, I am having trouble getting a merchant account without a $10-15,000 reserve in the bank. I currently cannot accept credit cards because very few merchants will work with a cannabis business and the ones that do charge ridiculously high fee’s! It’s (internet) highway robbery. I was accepting payments through Paypal, but they recently closed my account permanently for selling CBD! I suppose I could go ahead with the very expensive options, but I would have to raise my prices, and I won’t do it. In fact, I will lower my prices – offering cash discounts. I have a sale happening right now, with no end in sight! Good for my customers! No credit card fees = lower prices for you.
So when you want to place an order with me for CBD oil, I take checks, deposits into my bank account (Wells Fargo), cash, Cash App, Facebook payments… We can make it happen.
But again there are risks and dangers in operating a cash business. I hope this comes around!
“We urge Congress to consider legislation that creates a safe harbor for financial institutions to serve a state-compliant business, or entrusts sovereign states with the full oversight and jurisdiction of marijuana-related activity. … The well-documented conflict between federal and state law creates barriers for banks desiring to serve businesses involved in state-licensed marijuana activities. This has resulted in regulatory and legal risk … and created a ‘cash and carry’ industry. … This raises concerns with respect to public safety, increases difficulty tracking the flow of funds, and contributes to a loss of economic activity, workforce development and community development opportunities.” — Letter from Robin L. Wiessmann, PA Secretary of Banking and Securities
https://www.ganjapreneur.com/pennsylvania-gov-office-requests-cannabis-banking-protections/