Month: April 2019

PaymentsCompliance: In-Depth: Marijuana Businesses Face Up To Payments Problem

4/25/19

By Chris Sieroty Despite the perception that U.S. legalized marijuana has a payments problem, industry executives and analysts believe an increasing number of financial institutions are quietly opening their doors to the industry. “I would say instead of unbanked, it’s underbanked,” said Dustin Eide, chief executive of CanPay, a debit-based, digital payments network for the cannabis industry. In total, 33 U.S. states now have some sort of legalization of marijuana. Eide told attendees at this month’s Power of Prepaid 2019 conference in Washington, D.C. that his company now has approximately... Read More >

Is this the pot banking fix?

4/3/19

By Nathan DiCamillo Marijuana habits are pretty predictable. Poorer young people tend to smoke pot, while older consumers tend to use concentrated products like vape pens and edibles. While that conclusion may not be shocking, it's based on reams of proprietary data examined by NCS Analytics, a Denver-based firm that is building a data portal between banks, two states and marijuana-related businesses (MRBs) that sifts through information to alert bankers and regulators to suspicious activity. “You can take one of our markets, drop a pin on the map, and I can tell you with a pretty... Read More >