COLORADO: Buyers of state-legal medical marijuana or recreational marijuana use now have non-cash payment options.
The payment options now include credit, debit, prepaid cards, mobile applications, and Bitcoin, with some even including rewards programs.
The legal Marijuana business has its own trade group, the National Cannabis Industry Association (NCIA). NCIA’s focus is to provide merchant solutions. Being accepted as a NCIA member delivers a sort of Seal of Approval to a payment vendor.
This new niche in payments was created on 14 February 2014 when the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued its guidence report. It specifies ways financial institutions can provide services to Marijuana-related businesses.