Tag Archives: Colorado Recreational Marijuana

Colorado Bans EBT Card Withdrawals at Pot Shops

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??????????????????????????????????????????????????????????????????????????????????Pot shop customers (and merchants), pay attention: Colorado has now banned EBT withdrawals from ATM machines in pot shops. While the state previously banned its withdrawals in casinos, liquor stores, and gun shops, this newest ban may leave some shaking their heads. Because pot shops are located in many communities, customers and non-customers alike use their ATM machines as a convenience for EBT cash withdrawal. While this is a setback and inconvenience for many, it should not deter you from operating your shop as you normally would. In fact, it may actually encourage you to look for other payment options beside the popular “cash only” method.

Many Colorado pot shops are “cash only” for many reasons, however it is dangerous. Many establishments have been victimized because of this, and once the cash is gone, your business is out of luck. The revenue is lost, never to return. You need to look for a marijuana payment processing company. You may think this is impossible, because of the stigma on the newly legalized market. True, many processors turn their noses up at the idea of providing a payment processing account to a marijuana merchant, but there are some who do not. One of the best in the business is MMA, or Marijuana Merchant Account.

MMA is different from traditional payment processors for many reasons. For starters, MMA is one of the foremost knowledgeable processors in the legalized marijuana industry. What tends to happen when a new product becomes legalized is that a few payment processors will hop aboard, only to charge huge processing fees. This is not the case with MMA. MMA has been helping legalized recreational and legalized medical marijuana merchants for over 10 years safely accept plastic payment cards with a low processing fee. This low fee does not mean that service is shabby; in fact, it means that MMA wants your business to succeed.

One of the biggest issues with marijuana payment processing accounts is the sub-par security and terminals that are offered up to marijuana merchants. This is not the case with MMA, as top of the line security, software, and terminals are offered. Regardless of how you operate your pot shop, MMA has the tools that you need to succeed.

For Marijuana payment processing and other forms of accepting payment at your dispensary contact us today!

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Recreational Marijuana Has Taken Over Medical in Colorado

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The marijuana state, Colorado stampWhile many states are just now hopping on the medical marijuana wagon, the sales in Colorado are beginning to increase for recreational marijuana. Medical marijuana sales in Colorado actually fell during 2014. The number of medical cardholders also fell; these medical users have begun to purchase through recreational instead.

According to an article by Susan Scutti of Medical Daily, “Looking at the current trend line, the research and advisory firm predicts the average patient count will continue to decline – from approximately 114,000 in 2014 to 99,000 by 2020 – while the number of recreational users grows”.

Despite the legalization of marijuana in the state of Colorado, many remain hesitant and reluctant due to the substance still being illegal on the federal level. Colorado has not full embraced the legalized drug, medically or recreationally. Even though the tax revenues are tempting, most jurisdictions in the state will not allow marijuana sales – of any kind.

In addition, people are avoiding registering for a pot card. The illegal status of marijuana on the federal level is keeping people afraid that doing so will lead to feds busting down their doors. As a result of this fear, people have become willing to pay extra to be invisible.

Business continues to be difficult for those in this industry for the same reason that it is hard for its customers – the illegal status on the federal level. Marijuana has been and continues to be classified as a Schedule I drug; this means, according to federal law, marijuana has “no accepted medical use”.

Because of this, banks remain unwilling to allow dispensaries to deposit their profits with them. Acquiring business funding is also difficult, if not impossible. While legalization in the state of Colorado may be established, the reality and practice of it is a completely different story.

Many marijuana businesses have turned to medical marijuana payment processing. As states continue to legalize medical and recreational marijuana, providers that offer these specialized services are working to fill the gap that businesses need as the states continue to work through the process of acceptance that follows legalization.

For Marijuana payment processing solutions contact us today!

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