Nevada to try limited banking for cash-heavy pot industry — ElkoDaily.com

June 26th, 2019|Categories: HB Risk Notes|Tags: , , , , , , , , |

Most marijuana dispensaries are forced to handle massive amounts of cash. Business owners are paying their employees with envelopes full of dollar bills, and bringing duffle bags full of money to government buildings to pay their taxes. That could all change with the new Nevada state law that allows dispensaries to offer a cashless option. This program will be tested for three years before being considered as a permanent feature. State Treasurer Zach Conine likened the system to gift cards or digital apps such as Venmo and said the program would not include broader banking services like loans. Since marijuana is still not legal federally, states are on their own with coming up with a cashless option. Hawaii took similar steps and included a debit payment app, which has spread to other states as well. California lawmakers are also devising a cashless system by creating a class [...]