The cannabis industry boom in North America is just getting started. It is the opinion of this writer that we will see federal legalization happen in the next 1-5 years. With 11 states passing a fully legal cannabis bill and over 30 states with some sort of medical bill on the books, the cannabis industry will continue rapid growth.
As for our neighbors, Canada fully legalized the herb in 2018 and Mexico is in serious talks to do the same. So, why are U.S.-based banks and processors still hesitant to get involved with this green rush? Many federal insured banks do not want to put their merchant-acquiring license at risk. Therefore, they choose to stay on the sidelines awaiting a full legalization bill to pass.
Performance Card Service (PCS) has been actively developing cannabis payment processing solutions for each segment of the industry for many years. We are now proud to offer cannabis merchant accounts that support ancillary products in the industry. Products and services such as devices, packaging, logistics and marketing that were once a challenge to obtain are now easy.