Cannabis Banking in Washington
Washington is well regarded for its Cannabis business. It is amongst the 33 out of the 50 states which have legalized the production, purchase, retail, and consumption of cannabis products.
It is for both medical & recreational purposes despite the illegality of the substance at the Federal level. People can gate help with medicinal cannabis payment processing, recreational cannabis payment processing, and medicinal marijuana payment processing. Anyone 21 years old and above is authorized for the consumption of Cannabis under certain guidelines laid down by the state. The capital state of Washington is renowned as a tourist hotspot for its Cannabis and related products and attracts tourists throughout the year. The Leafly Store Finder app, which provides an interactive map to current marijuana retailers with detailed information about the various strains available in the shop. Moreover, Seattle Hempfest Events organizes and sponsors several cannabis-themed events throughout the year, including their annual festival each August. Legalization of Cannabis is as following-
- One ounce of usable Marijuana
- Marijuana-related paraphernalia
- 16 ounces of solid marijuana-infused product
- 72 ounces of liquid marijuana-infused product
- 7 grams of marijuana concentrate
However, a sudden halt created by the novel Coronavirus has led to a stoppage of commerce of any sort. While Cannabis Banking in states like Washington has been experiencing their breakthrough moment as their sales graphs have been increasing exponentially, the retailers in Washington, on the other hand, have seen a drop in their marijuana business.
Commercialization of Cannabis
According to some research, the total tax received for Cannabis in Washington was way higher than alcohol in the year 2018. No doubt, Americans are avid pot smokers and celebrate the legalization of Cannabis ever since 2013. Present times mandates leisure as an integral pursuit of life, and thus many people believe that Marijuana as an adult entertainment product should not be legalized across the entire country.
Young entrepreneurs in the states where the commercialization of Cannabis is allowed has sprung up in huge numbers, are earning substantive revenue. The issue that they generally face is with the finances. No bank is ideally ready to invest or lend credit for such a business since it is deemed as socially inappropriate. The newspapers and media have always painted a very shady image of stuff like hemp.
In other words, banks are generally not cannabis-friendly. As a result of which the business owners suffer in terms of monetary capital resources, and the smoothness of running a successful business often gets ruptured. The entire company runs on cash before delivery (CBD) system, which is more than often very risky. That is where the cryptocurrency mediums like Forex and Bitcoin come into play. The imperative role played by such firms has enabled the ease of business for the retailers.
Washington State Cannabis law
Each state and each country may have different laws and regulations regarding licensing. It may include business requirements and renewal periods that you must comply with. In some areas, you may only need to file documents to renew your marijuana license annually. In other places, it may be quarterly. Depending on the frequency, you may have more requirements from a future financial institution.
Despite gaining a vast popularity, and even after I-502 has fully been implemented, the following will continue to be illegal under the Washington State recreational marijuana law:
- Possession of amounts above the defined limit
- Possession by a person below the age of 21 years
- Use by the general public, including the opening and consumption of a marijuana-infused product
- Transportation of marijuana products to another state
- Driving under the influence of Marijuana
- Production or sale without a state license
Local and federal regulations make it very challenging for the marijuana business to conduct banking for the cannabis industry and cbd payment processing. For this reason, banking and payment processing solution companies are stepping in to help cannabis founders. SiftPay sets up merchant accounts for retailers of the Cannabis and CBD industry. The SiftPay directory compiles the companies that implement these solutions.
SiftPay can process payments for your CBD online store!
As soon as your business is set up and maintained, you will need a merchant account to process online payments from your customers.
SiftPay sets up merchant accounts for retailers of Airlines, Vape/eCig/CBD, Adult entertainment, Agriculture, Alcohol, Accounting, Construction, Cryptocurrency, Financial services, Bad Credit, Dating Websites, Gambling, Insurance, Legal Services, Lending, Manufacturing, Mining, Newspaper Agencies, Liquor/Hard Alcohol Outlets, Auction Websites, Nutraceuticals, Real estate companies, Online Video Gaming, Fantasy Sports, Direct Response/Infomercials, Time Cancellation Services, Online Tobacco, Debt Consolidation, Electronics, Restaurants, Retail, Staffing, Transportation, Travel agencies, Trucking, Utilities, Wholesaling, Collection Agencies, Event Ticket Sales, Pharmacies (Retail), Educational Seminars/Leadership Coaching Centers, Ticket Brokers, Merchant lenders (short term loan financing), Loan Services, Direct Marketing/Multilevel Marketing (MLM) Agencies/Biz Opportunity, US-based online pharmacies, Adult, retail and streaming hubs, Online Firearms and Gun Sales, High Volume Merchants, Continuity/Subscription Merchant Accounts, Credit Repair/Collection Agency, Document Preparation Centers, High-Risk Processing, e-commerce and Credit Repair Companies, Tech Support, Software & E-books, Dropshipping, Foreign Exchange, Stock Exchange, Timeshare services, Weight Loss and Diet Programs, Payday Loans, Social media/ Gaming, Subscription Based Services, Telemedicine, Coaching Centers for Real Estate, Business, and Life, Medicinal/Recreational Marijuana Retailers, CRB Retailers, CBD, Hemp, and Cannabis Lab Testing Centers, Paraphernalia Processing Companies, and Membership Sites.
However, SiftPay also plans to cover various low risk industries including, Auto Repair, B2B, Business & Professional Services, Car Dealerships, Churches/Nonprofits, Contractors/Home Improvements, Coffee Shops/Cafes, C-Store/Independent Gas Stations, eCommerce, Fitness Studios & Gyms, Flooring, Grocery Stores, Legal Services, Liquor/Beer Stores, Lodging & Hospitality, Medical & Dental Offices, Pet Stores, Pharmacy & Drug Stores, Property Management, Restaurants & Bars, Salons & Spas, Schools, Universities & Educational Institutions, Veterinaries and more.
SiftPay provide services like CBD credit card processing, CBD online banking registration, CBD online banking login, CBD credit card, CBD business account, CBD oil merchant account, CBD oil payment processing, CBD payment gateway, CBD payment and CBD credit card apply, and other services of Vape/eCig/CBD cannabis payment solutions.
Nonetheless, if you have a company that operates CBD products, you will be barred from payment processing at least once. CBD is considered a “high risk” industry because of its affiliation with many payment processors, gateway service providers, and Marijuana. In the case of CBD online shops, CBD merchant processing is riskier due to scams related to internet retail. It is where SiftPay in handy.
Do you want to become an online seller of CBD by providing cannabis delivery services? SiftPay sets up merchant accounts for retailers of the Cannabis and CBD industry. Our more services include cannabis payment services, banking for the cannabis industry, cannabis dispensaries payment processing, hemp payment processing, cbd oil payment processing, and cbd products payment processing.