Page 8 - GS181002

ReadersSpeak

Support for the STATES Act company does support the STATES
Act. We voiced this support while
e wish to thank Heather (Petersen) Altepeter, CEO of National simultaneously advocating for all
Merchants Association, who sent us the following perspective on merchants when we visited Capitol
why cannabis merchants must be afforded resources to conduct Hill for the Electronic Transactions
W business the right way. Association’s annual Advocacy
Fly-in. While there, we spoke
Remember when you were a kid and wanted to make breakfast but didn’t with legislators about the impact
know how? So you wound up making a mess with runny eggs, burnt toast the STATES Act would have on
and overfilled cereal bowls. When someone finally showed you how to whisk businesses, business owners and
eggs and cook them properly on the stove without burning your house down, our nation.
it was revolutionary, right? Payment processing in the cannabis space is just as As a leading merchant services
revolutionary, but unfortunately, not as simple. provider and advocate, it is our
More than 30 states and Washington, D.C. have legalized marijuana responsibility to empower busi-
(cannabis) and/or marijuana-based products for various purposes. However, nesses – of all types – to succeed
this conflicts with federal laws, which cite cannabis as a Schedule 1 drug and do business the right way. This
under the Controlled Substances Act. In banking, federal law trumps state can’t be done without legitimate
laws – making it illegal for banks to work with merchants in this vertical. financial accounts. Without banks
Thus, cannabis sales declared legal by states are transacted in cash. behind them, cannabis businesses
Can you imagine having a garage full of unprotected cash and the inability not only negatively impact the pay-
ments ecosystem, but the economy,
to make large purchases legitimately? For many cannabis merchants, that is
their reality. Fortunately, a bipartisan bill known as the Strengthening the as well.
Tenth Amendment Through Entrusting States (STATES) Act, was introduced There are thousands of cannabis
to allow legal cannabis businesses to secure merchant accounts at financial businesses in the United States.
institutions in states that have legalized marijuana. Although National Each rakes in ample revenue. How-
Merchants Association does not have a stance on cannabis as a whole, our ever, if they’re only able to accept
cash, their employees are paid in
cash, transactions may not be re-
ported appropriately, and money
doesn’t circulate back into the econ-
omy.
Without the STATES Act, everyone
loses. With the STATES Act, we can
build a better payments ecosystem,
industry and country by untying
merchants’ hands. Through the
STATES Act, we will:
• Resolve conflicts between state
and federal laws by granting
legitimate cannabis companies
access to the financial system
in marijuana-legalized states.
• Protect payment processors by
clearly outlining that compli-
ant transactions are not – and
should not – be considered traf-
ficking.
The cannabis industry is here to
stay. We must do our part to in-
tegrate this robust, albeit contro-
versial, industry into the business
world the right way, while simul-
taneously taking advantage of all it
has to offer.
Got an opinion for us?

Sound off at greensheet@greensheet.com.

8