Michael Halfacre Quoted in Article on Payment Processing Obstacles for Legitimate Marijuana-Related Businesses in the US
January 20, 2016
Of Counsel Michael Halfacre was quoted in a CreditCards.com article, “Marijuana businesses find card processing still elusive”, which was also featured on Nasdaq.com and Yahoo Finance.
The article offers a snapshot of the Marijuana industry in the US and covers a major obstacle many legitimate marijuana-related businesses are currently facing: elusive credit card transaction processing banks.
While the article touts patience among other key strategies for dealing with this issue, Michael Halfacre offers insight on a potential legislative remedy. Mr. Halfacre discusses the Marijuana Business Access to Banking Act, a bill pending in Congress since April 2015 that could pave the way for the processing of marijuana transactions by banks. "It would prevent the Justice Department from using federal funds to keep states from carrying out their own medical marijuana laws," says Mr. Halfacre.
For the full analysis on this national emerging issue, please click here.