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ReadersSpeak

Must you be shady to process for cannabis businesses is daunting. While a number
for cannabis businesses? of states have declared marijuana for medicinal and/
or recreational to be legal, the federal government still
n March, a Manhattan jury found classifies marijuana as a Schedule 1 drug. Thus, according
Hamid Akhavan and Rugen to the federal government, it has high potential for abuse,
Weigand guilty of one count each is highly addictive and has no medical use—and the
I of bank fraud conspiracy. They government can go after banks that handle transactions for
worked with Ease, a cannabis-selling app I've heard called cannabis businesses. Of course, states that have legalized it
"the Uber of pot." They were accused of defrauding banks disagree and would not likely deem processing payments
by tricking them into processing more than $150 million for marijuana businesses to be "inherently shady."
of pot transactions by building a network of fake websites
and dummy companies. What does this mean for other The situation is evolving. Those serving cannabis
companies involved in processing payments for cannabis businesses need not resort to subterfuge like the felons
businesses? Are other companies doing similar things? from Ease did. Max Miller, CEO of Paybotic, has expertise
Using dummy companies and fake websites does sound on processing payments for cannabis businesses and has
disreputable to me. Is processing payments for marijuana written several articles for us. You'll find them at https://
businesses too risky and inherently shady, too, no matter bit.ly/3vnZZJf. However, by providing information on this
how you do it? topic, neither Max Miller nor The Green Sheet is offering
Bart Ryerston legal advice. For that, it is wise to seek the advice of a legal
Merchant Level Salesperson professional.
Bart, Editor
What's on your mind?
You are correct that processing transactions for cannabis-
related businesses is a high-risk endeavor. Since banking Have a question about the payments biz? What about an
is regulated in the United States on both state and federal opinion on the state of payments as we recover from the
levels, determining whether and how to process payments pandemic? Reach out to us at greensheet@greensheet.com.

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