If you have ever frequented a marijuana dispensary, chances are you have both arrived and left with plenty of green. That’s because many shops require cash to complete a transaction, a byproduct of pot’s illegal status on the federal level.
But one cannabis company is aiming to change that. CBS News reported last week on a credit card that is being offered to customers of Columbia Care, a medical marijuana company that operates in 11 states, along with the District of Columbia and Puerto Rico.
With the card, patients can make purchases at Columbia Care dispensaries without forking over a thick wad of cash. Columbia Care offered the service to fill a void left by banks and credit card companies, which are skittish about doing business with marijuana companies.
“You have this industry, which is measured in the tens of billions of dollars, and people can’t transact using normal forms of commerce,” said Columbia Care CEO and co-founder Nicholas Vita, as quoted by CBS News.
The Case for Cannabis Credit Cards
The inability to use credit cards for such purchases underscores the divide between the federal government and states and cities which have lifted marijuana prohibition in some form. More