Could Ohio Solve the Cannabis Industry’s Cash-Only Problem?

420Patients.com is accepting qualified medical marijuana patients and caregivers to join our network. We value every registered member and we hope to serve you in Arizona. This article brought to you by 420 community friends mmjbusinessdaily.com

By Omar Sacirbey

Could Ohio wean the marijuana industry from its need to do business in cash?

Ohio’s new medical marijuana law proposes a “closed-loop” payment processing system. It would be similar to pre-paid debit or gift cards. Regulators must still decide whether to use the system.

The proposal comes at a time when legal marijuana companies have had to rely on cash-only transactions. That’s because most banks, credit unions and credit card companies are reluctant to do business with them, given the uncertain federal regulatory environment.

That conundrum has forced marijuana businesses to use cash

Could Ohio Solve the Cannabis Industry’s Cash-Only Problem? is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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