Utah’s medical cannabis patients are now allowed by the state to spend their money inside marijuana pharmacies, but that doesn’t mean the nation’s major financial institutions want their fingerprints on transactions involving the federally illegal substance.
Credit card companies generally avoid cannabis transactions, for fear of federal repercussions. PayPal and Venmo are also leery of wading into the industry, state health officials say.
But over the past few weeks, Utah’s cannabis pharmacies have started to experiment with an app that caters to marijuana transactions and gives patients a payment option that doesn’t involve paper currency.
“People want a very similar experience to what they have with CVS or REI or anywhere else, where you do curbside pickup,” said Chris Jeffrey, managing partner and CEO of WholesomeCo Cannabis, which has a West Bountiful pharmacy. “Avoiding the whole need for cash is something that consumers want.”
Richard…
