colorado legal marijuana sales
Marijuana Business News

Marijuana Stores And Dispensaries Get ATM Accounts Shut Down

colorado legal marijuana salesLess and less Americans use cash. I used to live an ‘all cash’ lifestyle, but once I learned about the convenience of using a debit card, I quit stuffing my wallet full of cash when I would go out. If I need cash, I just hit up an ATM, which are everywhere these days. Unfortunately, this will no longer be an option at hundreds of medical marijuana dispensaries and recreational marijuana stores, as their ATM accounts have been abruptly halted. Per Marijuana Business Daily:

Hundreds of medical marijuana dispensaries and recreational shops across the country abruptly lost their cashless ATM accounts on Wednesday with no explanation, according to sources close to the situation.

One insider told Marijuana Business Daily that at least 300 to 400 shops were affected, and he warned that the number could double in the next few days.

Several sources who spoke about the situation asked not to be named, saying it could harm their businesses.

Has your preferred dispensary and/or recreational shop had their ATM accounts shut down? Why are marijuana industry businesses treated so unfairly compared to other businesses? Especially because those businesses are operating legally where they are located. Why does the financial sector try so hard to keep the marijuana industry an ‘all cash’ industry? The fact that these accounts were shut down with no warning, and no explanation is inexcusable.

  • Jetdoc

    THIS IS FUCKIN BULLSHIT! THIS has GOT to STOP! I’m really tired of them telling me I can use marijuana, and take MY $$ in TAXES, then stand in the way of access to the medication.

    An ALL CASH INDUSTRY places DANGER into a transaction that was designed to make it SAFER & better access for the patients is not only asinine it’s OBSTRUCTIONISTIC and only lends itself to people supporting the “Black Market”.

    ALL this could be STOPPED with the rescheduling of Marijuana. Then they’d HAVE to create rules for banking for these dispensaries.

  • Cyndysub

    Some Smart business man will eventually fill the void.

  • Tim Bambam

    I recently read right here on Weed blog that a Colorado business man is in the process of opening his banking service that will be dedicated to the marijuana industry. Talk about filling the void. He should make his investment back in the first month if he is the only game in town. Once the major banks see all of the money they are losing things will change.

  • Party-King Wes

    Fortunately, this post identifies the solution before it even fully lays out the problem:

    “If I need cash, I just hit up an ATM, which are everywhere these days. ”

    It sucks. Its unfair. But ultimately, this is mostly just a convenience issue.

  • Rhett Baylies

    They were shut down because of unethical service providers taking advantage of the industry – not necessarily the financial system. Instead of setting up TRUE cashless ATM accounts the account reps MIS-Coded the accounts and ran them through the Debit network. This is still considered money laundering on a Federal Level!!! If your business or local dispensary was shut down and would like be set up with a Real Cashless ATM have them call the Merchant Doctor – they know what’s up and what is legal! http://www.merchantdoctor.net

    A cashless ATM can not only be a huge asset for business owners but also addresses the many safety concerns that plague the industry. The safer, more profitable and more professional cannabis businesses are – is good for the industry as a whole, progressive policy making, and public perception.