Payment companies thinking about a future in the cannabis market have much to learn from the past experiences of other high-risk industries.

First off, this up-and-coming market—which is still illegal under federal law—requires payment companies to have exceptionally strong underwriting, due diligence and risk-management practices. They also need a thorough understanding of applicable laws, regulations and card brand rules. Additionally, it’s critical that they advocate for cannabis merchants proactively and reactively, if issues arise.

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