Alt Thirty Six is making its digital payment platform focused on the cannabis industry available to the wholesale network of CannTrade, a partnership the companies say will eliminate the need for using cash.
Even though legalized cannabis and cryptocurrency payments are still vexing markets by themselves, WebJoint and Alt Thirty Six are quickly looking to take their combined dispensary play to other businesses.
As financial institutions find themselves at the center of political fights on topics like energy financing, marijuana and guns, they should avoid caving in to activist demands.
Retracting an Obama administration policy that shielded banks servicing marijuana companies threatens financial firms and makes the pot industry too reliant on cash.
Despite the growing legality of marijuana sales, banks have largely written off the industry as being too high-risk. Recent remarks by Attorney General Jeff Sessions would seem to reinforce that position.
The cashless ATM is meant to make it easier for legal dispensaries and other high-risk stores to accept card payments. But for Alden Linn, owner of World of Weed, it became a hassle.
Though recreational pot is legal in a number of U.S. states, big banks don’t want to work with cannabis sellers. And that is unlikely to change anytime soon.
