Cashless ATMs are a popular method of payment for consumer cannabis purchases. However, the legality is questionable, and as cashless ATMs may be violating the policies of major credit card companies, the method may soon be shut down.
On Thursday, April 28, join us for a virtual discussion and industry advisory on the current state of permissible payment platforms in the cannabis industry. Frank A. Segall and Scott Moskol of Burns & Levinson, one of the nation's leading law firms in cannabis, and Terry Neeley of West Coast AML Services, a top compliance advisor to cannabis lenders, will address how cashless ATMs and blockchain technologies accepting major credit cards are not safe harbor loopholes. Our panel will discuss how these payment options may violate credit card company policies and expose dispensary operators, customers, and their banks to potential claims.
Tina Sbrega of Lighthouse Biz Solutions, an affiliate of GFA Federal Credit Union – one of the first lending institutions to provide banking services to the cannabis industry – and Cathy Corby Iannuzzelli of KindTap Technologies, a first of its kind digital payments platform, will discuss their partnership that offers a new pioneering service to the cannabis industry. They provide revolving lines of credit to consumers purchasing cannabis at dispensaries in a compliant manner, and independent of the major credit card companies who cannot allow cannabis purchases due to the plant's federal illegality. KindTap's digital payment method enables dispensaries to avoid the risks of using cashless ATMs, and provides consumers with a legal, ethical payment option with no red tape.