Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mastercard bans cannabis shops stop accepting debit cards

by July 27, 2023
July 27, 2023
Mastercard bans cannabis shops stop accepting debit cards

Mastercard has said financial payment companies must stop allowing US customers to buy legal marijuana in shops with its debit cards.

Because marijuana remains illegal at a federal level in the US, customers in the 38 states where it is allowed are usually forced to pay in cash.

Mastercard said the move comes after it found some shops accepted debit payments despite the federal ban.

Marijuana advocates have called for new laws to ease sales of legal cannabis.

“As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payment services to cannabis merchants and connects them to Mastercard to terminate the activity,” Mastercard said in a statement on Wednesday.

“The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems,” the statement continued.

The crackdown aims to stop marijuana businesses, known as dispensaries, from offering the option to customers of paying with a debit card after entering their account’s PIN number.

Marijuana is currently legal for medical use in 38 states. It is also legal for adults over 21 years old to buy for recreational use in 23 states, including Washington DC and the entire US West Coast.

In Canada, where cannabis was legalised on the national level in 2018, customers are often permitted to make payments with credit or debit cards.

Sunburn Cannabis CEO Brady Cobb criticised Mastercard’s decision, saying “this move is another blow to the state-legal cannabis industry and patients/consumers who want to access this budding category”.

The Democrat-controlled US Senate is hoping to pass a law that would make it easier for cannabis businesses to interact with financial institutions.

But earlier this month, top Republican Senator John Cornyn described the bill’s passage as “wishful thinking”.

Read more:
Mastercard bans cannabis shops stop accepting debit cards

0
FacebookTwitterGoogle +Pinterest
previous post
Can Collaboration Technology Help Prevent Quiet Quitting?
next post
Evaluating the 3 Best Wallets for Crypto Assets

You may also like

Conservatives Promise Pub and Club Revival in First...

June 24, 2024

Cost of average UK home rises by just...

February 20, 2023

Brits brave storms to back small businesses, spending...

December 11, 2024

eBay announces small business grants to boost income...

December 8, 2022

Small businesses set to be swamped with £23BN...

December 19, 2022

Importance of PDF Templates to Businesses

May 27, 2024

British Airways owner IAG splashes out $23bn on...

May 9, 2025

Navigating UK Online Gambling Regulations: What Hong Kong...

November 18, 2024

HSBC buys Silicon Valley Bank’s UK business for...

March 13, 2023

Barclays launches £22bn fund and new business prosperity...

November 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved