Payment Processing For Marijuana | Marijuana Dispensary Merchant Accounts

As campaigning continues for Amendment 2 in the state of Florida, a Florida attorney and his law firm are adamant that medical marijuana is already legal under the state’s case law. Florida’s “Doctrine of Medical Necessity” declares that medical marijuana is legal as long as one’s doctor approves of the substance for that patient. There are also certain criteria that are required to be met by that patient.

Another reason the Florida attorney feels that the substance is already legal is that the Health Law Services have already started issuing ID cards to qualifying patients for medical marijuana in the area. Keep in mind that Amendment 2 is still waiting for the vote on November 2.

According to JD Journal, Ian Christensen, the Florida attorney explains that “It [ID cards] helps or aids the officer in the investigation so they can determine whether there’s probably cause to make an arrest”.

Many who are in favor of the legalization of medical marijuana in the state of Florida feel that, if you are ill and the substance is an option, that the benefits out way any negative effects. If you are a Florida resident, the charge of $799 is incurred by the Health Law Services. This fee is then used to gather medical records, cover legal services and pair the patient with a suitable doctor.

Even with these cards being issued, medical marijuana is still technically illegal in the state of Florida. The possession of a card with a certification for use does not mean that you have any legal standing. In most situations, it will depend on the judge to decide the outcome. It will be very case-specific.

As Florida moves towards legalization, the best option for those in the medical marijuana business is to obtain a medical marijuana merchant account. Even if medical marijuana is legalized, it will still be difficult to obtain help from financial institutions. Medical marijuana merchant accounts provide options for those battling with this issue and the high risk aspect of the industry.

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In February 2014, the Obama Administration gave the banking industry the thumbs up it needed to offer financing to pot distributors, as long as they legally conduct business. This decision was welcomed as a step forward for marijuana commerce. However, the financial system felt that it was too much of a risk to do business with companies whose products were still technically illegal under federal law.

According to The Washington Post, “Credit unions and banks are wary of running afoul of money laundering statutes by accepting proceeds from an activity considered illegal under federal laws. That has made it difficult for legal marijuana dispensers who must operate exclusively in cash, placing them at greater risk of being robbed.”

To address this issue, some guidelines were implemented to make the process for the banking system more efficient and safe. There are now new rules concerning the notification of federal regulators when activity appears to be suspicious. There are three categories of marijuana-related reports in place to use in such situations.

The first category, “marijuana limited” is used when dealers are truly following the government’s guidelines and ensuring that sales revenue is not falling into the wrong hands. According to Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Network, the banks have filed 502 such reports since the change was issued.

The second report, the “marijuana priority”, is used to alert regulators when a dealer’s revenue is not coming from legal exchanges. The final category and report is the “marijuana termination” report; this report involves the relationship between the bank and the pot seller coming to a close. According to Calvery, 475 such reports have been filed.

Fortunately, services offered by high risk merchant account providers have made life much easier for these businesses as they struggle with the changes in the financial system that are moving slower than many hoped.

We can get your dispensary approved for merchant processing!

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Tag Archives: Payment Processing for Marijuana

Law Firm Claims Medical Marijuana is Already Legal in the State of Florida

Banks are Slowly Warming to Legal Marijuana Dealers

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