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LATEST NEWS
OPINION



 1. HOME>
 2. News>
 3. cannabis>



A legal cannabis dispensary stands in New York City on June 16, 2023 in New York
City.

(Photo: Spencer Platt/Getty Images)


MASTERCARD MOVE AT CANNABIS SHOPS INTENSIFIES CALL FOR US DECRIMINALIZATION

"AN INDUSTRY THAT EMPLOYS HUNDREDS OF THOUSANDS OF PEOPLE, PROVIDES BILLIONS IN
ECONOMIC BENEFITS, AND PROMOTES SAFER ALTERNATIVES TO PHARMACEUTICALS AND
COMMONPLACE VICES CONTINUES TO BE TREATED LIKE A PARIAH," SAID ONE CANNABIS
ENTREPRENEUR.


Julia Conley
Jul 28, 2023
1
Jul 28, 2023



Cannabis reform advocates on Friday said a new decision by credit card company
Mastercard illustrates why the substance must be decriminalized at the federal
level to ensure that legal U.S. dispensaries are able to operate safely and
securely.


The company announced this week that it has instructed U.S. financial
institutions to stop allowing customers to use its debit cards to purchase
marijuana products at cannabis stores, which now operate legally in 38 states
for medicinal use and 23 states for recreational use, as well as in the District
of Columbia.

Mastercard said it made the decision because marijuana remains criminalized at
the federal level, despite major progress in recent years as the Marijuana
Opportunity Reinvestment and Expungement (MORE) Act was passed by the U.S. House
last year.


Darren Weiss, president of multistate cannabis operator Verano Holdings, said
Mastercard's decision shows how the industry is still treated as a "pariah"
despite its annual national sales projected to reach $57 billion by 2030, or as
much as $72 billion including several states where cannabis is expected to be
legalized.



A number of advocates including Sen. Jeff Merkley (D-Ore.) said Mastercard's
move demonstrates the need for the Secure and Fair Enforcement (SAFE) Banking
Act, which would protect banks and credit unions for being penalized by federal
regulators for working with legal cannabis stores.



"I will not stop pushing to get SAFE Banking passed so legal cannabis businesses
can access necessary financial services," said Merkley. "Cannabis businesses are
still in dire need, and the majority of the country with state-legalized
recreational cannabis can't wait."

While expressing appreciation for the SAFE Banking Act and its advocates in
Congress, Weiss pointed out that the legislation would not address the fact that
marijuana is criminalized at the federal level, which was the objection
Mastercard said it has to working with cannabis dispensaries.

"SAFE Banking as drafted won't fix the credit card issue, and Mastercard's
position won't change as a result," said Weiss. "We need comprehensive cannabis
reform, and we need it yesterday."

The "awful news," said Columbia University fellow Raúl Carrillo, "shows the
pitfalls of trying to reform cannabis finance without decriminalizing and
legalizing weed on the federal level."

Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to
republish and share widely.

Julia Conley
Julia Conley is a staff writer for Common Dreams.
Full Bio >
Jeff MerkleyMarijuanacannabis reformcredit card companiesmastercardmore actsafe
banking actcannabis


Cannabis reform advocates on Friday said a new decision by credit card company
Mastercard illustrates why the substance must be decriminalized at the federal
level to ensure that legal U.S. dispensaries are able to operate safely and
securely.


The company announced this week that it has instructed U.S. financial
institutions to stop allowing customers to use its debit cards to purchase
marijuana products at cannabis stores, which now operate legally in 38 states
for medicinal use and 23 states for recreational use, as well as in the District
of Columbia.

Mastercard said it made the decision because marijuana remains criminalized at
the federal level, despite major progress in recent years as the Marijuana
Opportunity Reinvestment and Expungement (MORE) Act was passed by the U.S. House
last year.


Darren Weiss, president of multistate cannabis operator Verano Holdings, said
Mastercard's decision shows how the industry is still treated as a "pariah"
despite its annual national sales projected to reach $57 billion by 2030, or as
much as $72 billion including several states where cannabis is expected to be
legalized.

> — (@)

A number of advocates including Sen. Jeff Merkley (D-Ore.) said Mastercard's
move demonstrates the need for the Secure and Fair Enforcement (SAFE) Banking
Act, which would protect banks and credit unions for being penalized by federal
regulators for working with legal cannabis stores.

> — (@)

"I will not stop pushing to get SAFE Banking passed so legal cannabis businesses
can access necessary financial services," said Merkley. "Cannabis businesses are
still in dire need, and the majority of the country with state-legalized
recreational cannabis can't wait."

While expressing appreciation for the SAFE Banking Act and its advocates in
Congress, Weiss pointed out that the legislation would not address the fact that
marijuana is criminalized at the federal level, which was the objection
Mastercard said it has to working with cannabis dispensaries.

"SAFE Banking as drafted won't fix the credit card issue, and Mastercard's
position won't change as a result," said Weiss. "We need comprehensive cannabis
reform, and we need it yesterday."

The "awful news," said Columbia University fellow Raúl Carrillo, "shows the
pitfalls of trying to reform cannabis finance without decriminalizing and
legalizing weed on the federal level."

From Your Site Articles
 * 80+ Groups Mark 4/20 With Call for Biden to End Federal Marijuana Prohibition
   ›
 * Sanders Says Stop Busting People for Marijuana and Start 'Prosecuting Crooks
   on Wall Street' ›
 * Marijuana Justice Coalition Applauds 'Long Overdue' Senate Legalization Bill
   ›

Related Articles Around the Web
 * Federal marijuana legalization is stopped in its tracks - Vox ›
 * Marylanders can't use Mastercard debit cards to buy cannabis ›


Julia Conley
Julia Conley is a staff writer for Common Dreams.
Full Bio >


Cannabis reform advocates on Friday said a new decision by credit card company
Mastercard illustrates why the substance must be decriminalized at the federal
level to ensure that legal U.S. dispensaries are able to operate safely and
securely.


The company announced this week that it has instructed U.S. financial
institutions to stop allowing customers to use its debit cards to purchase
marijuana products at cannabis stores, which now operate legally in 38 states
for medicinal use and 23 states for recreational use, as well as in the District
of Columbia.

Mastercard said it made the decision because marijuana remains criminalized at
the federal level, despite major progress in recent years as the Marijuana
Opportunity Reinvestment and Expungement (MORE) Act was passed by the U.S. House
last year.


Darren Weiss, president of multistate cannabis operator Verano Holdings, said
Mastercard's decision shows how the industry is still treated as a "pariah"
despite its annual national sales projected to reach $57 billion by 2030, or as
much as $72 billion including several states where cannabis is expected to be
legalized.

> — (@)

A number of advocates including Sen. Jeff Merkley (D-Ore.) said Mastercard's
move demonstrates the need for the Secure and Fair Enforcement (SAFE) Banking
Act, which would protect banks and credit unions for being penalized by federal
regulators for working with legal cannabis stores.

> — (@)

"I will not stop pushing to get SAFE Banking passed so legal cannabis businesses
can access necessary financial services," said Merkley. "Cannabis businesses are
still in dire need, and the majority of the country with state-legalized
recreational cannabis can't wait."

While expressing appreciation for the SAFE Banking Act and its advocates in
Congress, Weiss pointed out that the legislation would not address the fact that
marijuana is criminalized at the federal level, which was the objection
Mastercard said it has to working with cannabis dispensaries.

"SAFE Banking as drafted won't fix the credit card issue, and Mastercard's
position won't change as a result," said Weiss. "We need comprehensive cannabis
reform, and we need it yesterday."

The "awful news," said Columbia University fellow Raúl Carrillo, "shows the
pitfalls of trying to reform cannabis finance without decriminalizing and
legalizing weed on the federal level."

From Your Site Articles
 * 80+ Groups Mark 4/20 With Call for Biden to End Federal Marijuana Prohibition
   ›
 * Sanders Says Stop Busting People for Marijuana and Start 'Prosecuting Crooks
   on Wall Street' ›
 * Marijuana Justice Coalition Applauds 'Long Overdue' Senate Legalization Bill
   ›

Related Articles Around the Web
 * Federal marijuana legalization is stopped in its tracks - Vox ›
 * Marylanders can't use Mastercard debit cards to buy cannabis ›

Jeff MerkleyMarijuanacannabis reformcredit card companiesmastercardmore actsafe
banking actcannabis

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