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ReadersSpeak

What about cannabis payments? enterprises. While laws are subject to change, at this point,
there is no money to be made by processing traditional
t an industry tradeshow last year, I met some credit and debit card payments for the marijuana industry,
folks who were excited about payments in the because it can't be done.
marijuana industry. They said they'd formed
A an ISO and wanted to serve that industry to However, people continue to explore possible alternatives.
the exclusion of other verticals. They didn't have any Recently, for example, SinglePoint Inc. and First Bitcoin
accounts, but said they'd been building relationships with Capital Corp. formed a joint venture to develop and
marijuana growers and sellers. They stressed that more distribute a viable payment solution using blockchain
states would be legalizing cannabis, and that the fed- technology that can be used by the marijuana industry.
eral government was bound to go along eventually. They SinglePoint President and Chief Executive Officer Greg
wanted to get in on the ground floor. Some pretty savvy Lambrecht said, "This Joint Venture with First Bitcoin
people at the show overheard their remarks and told me Capital is perfect timing. Bitcoin payments are catching on
it was absurd to focus on that industry because no banks and cannabis dispensaries need a solution fast." Whether
would agree to process marijuana payments. They would this will represent an opportunity for ISOs is not apparent.
be risking too much because the federal government could
shut them down. So is there any real opportunity here? For now, it seems to make sense to keep an eye on the
Geoff Slotter marijuana industry if it interests you but to not exclude
Merchant Level Salesperson other industries with more immediate potential.
Editor
Geoff,
Do you work with or know anyone providing lawful
Because marijuana remains illegal under federal law, when payment services to the cannabis industry? If so, do
it comes to banking, it doesn't matter whether individual let us know how it is being done. We'll also appreciate
your thoughts on other payments issues and trends at
states have legalized marijuana for recreational and/or
medicinal purposes: banks would be breaking the law greensheet@greensheet.com, as well as welcome your news
at press@greensheet.com.
if they were to process payments for marijuana-related

ingenuity But the kind

where no one’s

wearing a tin hat.

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