Economics

Why aren’t more marijuana dispensaries taking Visa?

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It seems like everyday there are more and more medical marijuana dispensaries popping up across the country. With legalization right around the corner for many states, “the green industry” is really living up to the hype. Not even in full bloom, the nation’s fastest growing industry grossed an estimated $2.5 billion in 2014 alone. So the question is, why aren’t more companies taking advantage of this seemingly unstoppable force? Even multi-national corporate giants like “The Scotts Miracle-Gro Company” have made partnerships and are looking to get a piece of the pie.

Nowadays, not only can you get your marijuana prescription delivered directly to you, but even if you don’t have a prescription you can consult a doctor with “Eaze“. An app that allows you to video chat a doctor to get a prescription and secure delivery in less time than it takes to take a shower. With all this new growth and opportunity in the sector it’s hard to believe that most marijuana dispensaries do not accept credit cards as a form of payment. Even with the huge potential in earnings, most financial companies still don’t want to deal with the legality and general taboo issues that still lurk in the industry. In an age where everything is on demand and at your fingertips and competition is plenty, dispensaries are feeling more pressured to implement an alternative form of payment for their clients. Some owners have even gone as far as to create a false side business just to get approved and are only now able to boost sales through their new found method of payment.

Fortunately it seems more recently we are seeing a large resurgence in small businesses and the entrepreneurial spirit in this country. With this turning of the tide comes a new generation of businessmen and investors that bring with them a different way of thinking than that of the old “shot-callers”. And maybe,that is just what this country needs…

-Michael Anthony

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