top of page
  • Writer's pictureOMNI Medical

Mastercard Halts Cannabis Transactions: A Major Setback for Medical Marijuana Users

Updated: Jul 27, 2023

Mastercard Halts Cannabis Transactions


In a surprising turn of events, Mastercard, one of the leading payment platforms, has instructed banks to discontinue the facilitation of marijuana transactions through its debit cards. This comes as a significant setback to the cannabis industry, particularly in the US, which is already grappling with financial constraints due to its ambiguous legal status.


“Note to patients: OMNI Medical Services are NOT affected by this change. This change applies to those who buy and sell cannabis in states where it is legal.”

Mastercard Halts Cannabis Transactions
Mastercard Halts Cannabis Transactions

Mastercard will only Exacerbate Existing Financial Hurdles


Despite numerous states legalizing marijuana for both medicinal and recreational purposes, the herb remains illegal at the federal level. Consequently, most banks in the United States shy away from offering services to cannabis-related businesses.


Upon becoming aware of the cannabis transactions, Mastercard swiftly investigated the issue. In keeping with its existing policies, the company then directed banks offering payment services to cannabis vendors to cease these activities. A representative from Mastercard stated, "Given the federal government's stance on cannabis as an illegal commodity, its sale is prohibited on our platform."

This decision by Mastercard has dealt a further blow to the budding state-legal cannabis industry and its consumers, particularly those reliant on the plant for medical purposes.


"As CEO of OMNI Medical Cannabis Services, I understand the concerns many of our patients may have regarding Mastercard's recent decision. Let me reassure you that patient care remains at the forefront of our mission. As we navigate these waters, we remain committed to exploring alternative solutions and advocating for reform to ensure continuous, reliable access to medical cannabis for all patients. Remember, challenges are opportunities for us to innovate, and together, we will weather this storm and come out stronger on the other side." - David Koyle, CEO, OMNI Medical Cannabis Services

Republican Senator John Cornyn Dismisses SAFE Banking Act "Wishful Thinking."


The news of this move by Mastercard comes hot on the heels of Republican Senator John Cornyn dismissing Majority Leader Chuck Schumer's plan to push through a marijuana banking bill as mere "wishful thinking". This proposal, known as the SAFE Banking Act, is a crucial piece of legislation for the cannabis industry, aiming to ease its access to banking services.

Mastercard's decision could hurt their brand and patients' access


At the end of the day, this development highlights the complex and tumultuous relationship between the banking sector and the cannabis industry, bringing the dire need for legislative reforms into sharp focus.


Join the OMNI Medical Marijuana Research Group!


Are you interested in contributing to groundbreaking research in medical cannabis? Do you want to join a community of fellow cannabis patients, discuss experiences, and perhaps even participate in upcoming studies?



As a member, you will gain access to the latest studies and may be invited to contribute your own experiences to our research. By joining our group, you can play an active role in enhancing our collective understanding of cannabis and its potential.


Comments


bottom of page