Imagine walking into your workplace one morning and discovering that the bank card services have been terminated overnight. They were cut off not for lack of payment and not for being involved in an illegal business, but rather these were cut off for indeterminate “unacceptable business practices.” This is a reality facing many owners of medical marijuana dispensaries who get “creative” making use of their applications; and if you fabricated your application it could be a legitimate termination – but that isn’t always the case.
Left Without Service
The story above isn’t uncommon. It simply happened recently to Alternative Medical Choice, Inc., a consultation service situated in Oregon. What does AMC do this got them in big trouble making use of their company Intuit? AMC is a business that provides consultations with doctors for the approval of medical cannabis use under Oregon law. Even though the clinic does not dispense or distribute medical cannabis, it has lost its services.
Intuit states that they terminated services because AMC didn’t reveal its involvement with medical marijuana. When further questioned about terminating some 3000 other accounts they hold with clinics offering the exact same services, they stated that they’d not be terminating those accounts simply because they didn’t feature medical cannabis on their web pages. AMC offered to remove the reference, but Intuit won’t reestablish the account because “now we know.”
PayPal, the internet payment service, has additionally terminated accounts related to medical marijuana consultation references.
DEA, FDA, IOM and Other Alphabet Soup
Area of the problem businesses face stems from the question of if marijuana is in fact medicinal. The DEA and the US government hold the career that smoking marijuana doesn’t have medical value. The American Cancer Society, the AMA and the AAP all concur that smoking is not an ideal manner in which to achieve any benefits, when they exist. Alternate methods of ingestion are being investigated.
Even the large Institute of Medicine study frequently cited by proponents of medicinal marijuana actually opposes the utilization of smoked marijuana for medical benefits. Jungle Boys marijuana The study unearthed that there have been some “potentially therapeutic” benefits to cannabinoid drugs, primarily THC, but those other available medications offered better results. The possible lack of standardization, the technique of dosage and other factors all cause the IOM rejecting the notion of more studies.
Where Do We Go Next?
Exactly like a great many other hot potatoes, few people want to deal with this one. For individuals who have opened dispensaries, the challenges involved in obtaining traditional financing, accounts and services have sometimes become overwhelming. For other people who remain available, alternatives are available.
While selling cannabis online remains illegal, the Internet is an excellent place to search for companies willing and even eager to enter the market. By searching specifically for merchant account providers knowledgeable about the risks involved in legal medical marijuana sales, entrepreneurs can find the services they might need without obfuscation.
With 15 states and the District of Columbia already de-criminalizing the sale of marijuana products for medicinal purposes it is likely that the issue will come to a mind soon. Some states, such as for example California, are intending to charge dispensaries sales tax on all of their transactions – leaving such a cash cow alone when state coffers are stripped bare is unimaginable. The question remains: how will the federal government respond to the move?
Could it be About Money or Perception?
It is easy to assume the government moving in either direction.
Cannabis remains illegal in most of the world, and possession is recognized as a capital offense in lots of countries. The US government is unlikely to want global opinion to be so effected. On one other hand, the taxes given by legalizing an already flourishing industry could reach $2-6 billion.
Unfortunately for merchants, there is no conclusive argument only at that time. Obtaining business services will remain difficult and sudden terminations likely until all government agencies, state, local and federal are for a passing fancy page.