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The STATES Act for Needed Clarity to Cannabis Payment Law

The STATES Act for Needed Clarity to Cannabis Payment Law

Currently, more than 30 states and Washington, D.C., have legalized marijuana (cannabis) and/or marijuana-based products for various purposes.

Unfortunately, however, this legalization conflicts with federal laws, which still cite cannabis as a Schedule 1 drug under the Controlled Substances Act (CSA). In the banking world, federal law trumps state laws — making it illegal for banks to work with merchants in this particular vertical. As a result, cannabis sales declared legal by states are transacted in cash.

Can you imagine being a business owner with a garage full of unprotected cash and the inability to make large purchases the legitimate way? For many cannabis merchants, that scenario is their reality.

by Heather Peterson Altepeter (on PaymentsSource)

September 25 2018, 12:01am EDT

Read Full Article to get clarity about cannabis payment law.

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