Payments News

On The Web

nbsp;

Use

Visa Warns Against Misuse Of ‘Cashless ATMs’ Used By Cannabis Retailers To Skirt Restrictions – Marijuana Moment

“Visa, the world’s second-largest card payment company, recently issued a compliance memo to customers warning them that miscoding point-of-sale transactions through the use of so-called cashless ATMs—a practice used by some cannabis retailers as a workaround to accept credit or debit cards for purchases—could lead to penalties or other unspecified enforcement action. The warning comes […]
nbsp;

Use

Higher Growth to Enable Cannabis Business Banking

“California’s North Bay Credit Union partnered with Austin Capital Trust Company and Silicon Valley FinTech MRBD to create the Credit Union Service Organization (CUSO) HigherGrowth, the Credit Union Times reported. The new CUSO, which has been in development for more than two years, will enable credit unions and community banks to provide financial services to […]
nbsp; nbsp;

Use

Banking on cannabis: the new network of lenders for a semi-legal industry

“Cannabis companies such as Dreamfields are caught in a gap between state and federal law. Despite California making weed legal for recreational use in 2016, the federal government still classifies marijuana as an illegal substance. With top US banks such as JPMorgan Chase and Wells Fargo and payments companies including Visa and Mastercard adhering to […]
nbsp;

Use

Eaze to Become America’s Largest Cannabis Delivery Service After Buying Green Dragon

“Eaze this week announced significant plans to expand into one of the U.S.’s largest cannabis delivery services. One of the original on-demand cannabis delivery services, the Bay Area-based company is set to acquire cannabis retailer and cultivator Green Dragon, which operates in the hot markets of Colorado and Florida. Combined with existing operations in California […]
nbsp;

Use

Pot Banking Bill’s Prospects Fade Amid Broader Legalization Push

“When Democrats took control of the White House and Congress in January, the conventional thinking was that they would move quickly to pass pot banking reform. But Democrats’ broader legalization efforts have turned the issue on its head. Experts said lawmakers themselves know that sweeping marijuana reform will not pass.”
nbsp;

On The Wires

nbsp;

Use

Valley Bank Launches New Digital Payment App for Cannabis Industry

“Valley National Bank , a subsidiary of Valley National Bancorp (NASDAQ:VLY), announced today that it is creating a new digital payment platform designed specifically for cannabis-related businesses. Valley Pay, Valley’s new digital payment solution, will migrate cash usage to a secure, web application, easing the burden on cannabis operators who are reliant on cash transactions […]
nbsp;

Use

Blaze & Spence Labs Announce Partnership With Fully Integrated Cannabis Payment System for Online Ordering and Delivery

“Spence Labs, a bank-backed, compliant digital payment system for the cannabis industry, today announced a full POS integration with BLAZE®, the industry-leading enterprise resource planning and point of sale (POS) platform for legal cannabis. This partnership is a game changer for both dispensaries and customers, who have for far too long relied on cash transactions. Now […]
nbsp;

Use

RocketFuel Introduces Crypto Payment Solution for Cannabis Dispensaries and Merchants

“RocketFuel (OTC: RKFL) (“RocketFuel” or the “Company”), a global provider of one-click online payment options using Bitcoin and 50+ other cryptocurrencies, today announced that it will be making its payment solution available to be used by licensed cannabis dispensaries and merchants. Integrating RocketFuel into the merchant’s payment checkout will ensure that, unlike the typical cash […]