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There were a few articles months back talking about how marijuana shops in Colorado were having trouble managing money, mostly because it ended up having to be
by eggbrain 11y ago
There were a few articles months back talking about how marijuana shops in Colorado were having trouble managing money, mostly because it ended up having to be an all cash operation, and banks would not let them deposit it. Private security companies dedicated to managing and transporting that money ended up being created to help relieve that issue.
What the private security companies ended up finding out, however, was that banks started preventing them from depositing _their_ money as well, if only by association.
I think you'll find this isn't only a stripe issue -- it's going to be an issue with many payment processors when you're dealing with federal laws that directly conflict with state laws.
When you create businesses on the knife's edge of a burgeoning new market, you have to prepare yourselves to get cut a few times. It's not easy to build an industry.
- cvanlaw 11y agoSeveral stores in Colorado have started accepting debit cards in the past month or so - maybe this is becoming less of an issue. Source: I live in Colorado