[chasebank]

No they don’t. They just want plausible deniability. They’re a bank, they want to make money. Every dispensary has CC processing and a bank account. If they cared about federal law, they would stop obvious money laundering.

[hn_throwaway_99]

> Every dispensary has CC processing and a bank account.

I've never been to a dispensary in the US that takes credit cards, and MC and Visa specifically don't allow cannabis businesses.

https://www.cato.org/blog/cannabis-banking-clash-between-fed...

[chasebank]

I've only been to our dispensaries here in Santa Barbara and they all take cards.

https://www.benzinga.com/markets/cannabis/21/12/24405152/its...

EDIT: Just read the company is issuing and processing their own 'credit cards'. I'm positive I've only used cards when buying from our dispensaries. Come to think of it, it's just debit cards but it's a card and it will buy weed if you want it to.

[hn_throwaway_99]

Point being, the large credit card networks, and more importantly, any FDIC insured bank, will not deal with cannabis funds.

There are a number of workarounds (Colorado credit unions being a notable one), and fintechs like the ones described in the article you linked trying to provide card solutions, but they're still all locked out of the "normal" US banking system.

[chasebank]

"and more importantly, any FDIC insured bank, will not deal with cannabis funds."

This is patently false. My close friend runs a $75M/yr wholesale distribution op out of Carpinteria, Ca, called Headwaters. He has multiple FDIC banking relationships for his business.

[hn_throwaway_99]

Thanks, I stand corrected, looks like some smaller regional banks will accept cannabis businesses: https://flowhub.com/learn/cannabis-dispensary-bank-account

[jachee]

Yeah, you’ve probably used debit cards. That’s functionally just cash.

Credit cards are no-go. No airline miles from picking up psychoactives.

[namlem]

They don't allow cannabis businesses that sell naturally occurring delta-9 THC products. Other cannabis businesses are fine.

[alex64]

I feel like this isn't the case? All dispos in California and Washington were cash only.. because they couldn't get accounts with banks.