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Mastercard is cracking down on cannabis customers.
The payment-processing company asked financial institutions this week to stop allowing marijuana transactions on its debit cards.
Medicinal and recreational use of cannabis is legal in many states but, it remains illegal at the federal level, prohibiting those transactions.
“As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payments services to cannabis merchants and connects them to Mastercard to terminate the activity. Our rules require our customers to conduct lawful activity where they are licensed to use our brands. The federal government considers cannabis sales illegal, so these purchases are not allowed on our systems,” Mastercard said in a statement obtained by CBS Baltimore.
Those in the cannabis industry say it’s going to be up to the federal government to remove the financial restraint around state-legal businesses.
Between July 1 through 23, the government reports $65.7 million in cannabis sales.
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Mastercard To Stop Allowing Marijuana Transactions On Its Debit Cards
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