Medical Marijuana: A Real Hot Potato
Imagine walking into your office one morning and finding out that your credit card services had been terminated overnight. They were cut off not for lack of payment and not for being involved in an illegal business, but rather they were cut off for indeterminate “unacceptable business practices.” This is a reality facing many owners of
Left Without Service
The story above isn’t uncommon. It happened recently to Alternative Medical Choice, Inc., a consultation service based in Oregon. What does AMC do that got them in trouble with their service provider Intuit? AMC is a business which offers consultations with doctors for the approval of medical cannabis use under Oregon law. Even though the clinic does not dispense or distribute medical cannabis, it has lost its services.
Intuit states that they terminated services because AMC did not reveal its involvement with
DEA, FDA, IOM and Other Alphabet Soup
Part of the problem businesses face stems from the question of whether or not
Even the large Institute of Medicine study frequently cited by proponents of medicinal
Where Do We Go Next?
Just like many other hot potatoes, few people want to handle this one. For those who have opened dispensaries, the challenges involved in obtaining traditional financing, accounts and services have sometimes become overwhelming. For others who remain in the business, alternatives are available.
While selling cannabis online remains illegal, the Internet is a good place to search for companies willing and even eager to enter the market. By searching specifically for merchant account providers familiar with the risks involved in legal
With 15 states and the District of Columbia already de-criminalizing the sale of
Is it About Money or Perception?
It is easy to imagine the government moving in either direction.
Cannabis remains illegal in most of the world, and possession is considered a capital offense in many countries. The US government is unlikely to want global opinion to be so effected. On the other hand, the taxes provided by legalizing an already flourishing industry could reach $2-6 billion.
Unfortunately for merchants, there is no conclusive argument at this time. Obtaining business services will remain difficult and sudden terminations likely until all government agencies, state, local and federal are on the same page.