Cannabis Industry Payment Solutions

Nov 16, 2020 | Merchants

The cannabis industry is rapidly growing across the United States as medical and recreational marijuana continues to be legalized at the state level. Despite this, it is still considered an illegal drug according to the Federal Government and maintains a schedule 1 status.

Because cannabis is an illegal substance, federally licensed banks are prohibited to do business with the industry. Banks are not allowed to accept any money that comes from “criminal” proceeds, and profits from the cannabis industry are considered illegal drug proceeds.

When you consider the variations with local laws and federal regulations, payment solutions outside of a cash-only policy are challenging.

Luckily, there is the GenieCard — a payment solution that is perfect for the cannabis industry.

Did you know that companies who deal mainly in cash lose 33% of their business to those that can process payments. Customers are always looking for the quickest and easiest way to purchase the products they want whether it’s in-person or online. With Genie FastPay, customers can pay for their purchase using just their cell phone number. It’s a self-contained, closed loop system where you get paid immediately. That means it’s safe, secure and easy to use.

Take the cash you earn from sales and load it directly to your Genie account. Then use it as payroll with our Direct Deposit feature, pay vendors for goods and services or even print a check to deposit in a traditional bank account.

Whether you’re a dispensary, grower, transporter, laboratory or deal with cannabis waste disposal, True Payments has a payment solution that will work with your business. We look forward to working with you.