Colorado’s legalized marijuana sales in 2015 may have hit two major records. While the numbers are not yet certain, the Colorado Marijuana Enforcement Division believes that the legalized products brought in over $900 million in 2015, doubling 2014’s numbers. The other big number belongs to the tax revenue for the state that the marijuana sales brought in 2015, which is upwards of $80 million. These numbers alone should legitimize the industry, but many still are wary of it.
Besides the fact that marijuana – in any form – is still a federally illegal substance, its legalization keeps growing state by state. Currently 22 states allow either legalized medicinal or recreational marijuana growth, sales, and usage. Colorado also allows for the production, sell, and usage of cannabis oil, a medicinal oil that is known to help children with severe autism and seizures. Even though this substance is proven to work, parents who try to take it from Colorado to their home state would face federal penalties if they were caught. This has led many to relocate to Colorado, helping fuel the large economic boom.
Aside from the Feds, some in the public are still questioning the green. While many believe it to be a gateway drug, for many the benefits outweigh the risks. You must remember that many believe the same about cigarettes and alcohol, both of which have been legalized and taxed by the Feds for decades, if not centuries. Merchants should not worry about the fear mongers, for they exist in almost every industry. What they should worry about is their payment options.
Payment options are growing with technology. From the standard options of cash, check, debit and credit cards, to BitCoin, PayPal and ApplePay, there are many types of payments that a merchant can accept. The problem comes when your payment processor will not allow you to accept all of these payment sources. Marijuana payment solutions are available, even for new businesses. A new business can be just as risky as one that is categorized as “high risk”, and a new marijuana business can bring double trouble for many processors. You need to do your research before signing with a processor, but cause not all will allow you to accept your preferred payment methods.
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