Currently just four states have taken the step forward and allowed the recreational use of marijuana; it is no longer a criminal offense to use the drug if you are over 21.
This will allow businesses to grow and develop, to take part in this potential profit making business. It is important that you understand the requirements set out in the state you live, because some rules are different. For example in Washington they chose not to bring in the legalization of selling the drug, however you are able to grow your own.
Unfortunately, Florida didn’t manage to push through legislation for the use of medical marijuana this time; it missed the mark by just a few votes.
With 23 states now able to allow the use of medical marijuana, it might not be long until this increase to other states who understand the importance of allowing an individual to decide if they want to use a drug, which can help relieve the pain and suffering of many different conditions.
Running your own business in the field isn’t as difficult as before, there are now more options to consider when it comes to the merchant account provider who will allow your customers to pay using their credit and debit cards.
Applying for a marijuana merchant account is possible; it is a high risk business and you will need to consider this when you apply, it doesn’t mean that you should expect excessively high charges or payment terms that you don’t agree with.
There are many business regulations and licences that you would need to apply for first, and while many people think that this is easy money, it is not. There is a lot of hard work involved and in some states it is not possible to set up a normal business, it needs to be a non-profit business.
There are also differences in business that you can claim back as part of normal expenses and others you have to fund yourself. It can get very complicated as to the amount of federal tax you have to pay. Understanding all these restrictions is key in making a successful business in the marijuana field.
For a Marijuana Merchant Account, contact us today!