In-Depth: Marijuana Businesses Face Up To Payments Problem

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 40 financial institutions in its network that are banking cannabis businesses under the federal guidelines.

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