The Credit Union Times reports that Commerce Online is launching a debit card that can be used at medical marijuana dispensaries in California and Colorado.
"Being an established player within the merchant services sector and aligning ourselves with the strongest banking and technology partners within the space, we believe Commerce Online is uniquely positioned to offer the most reliable pre-paid debit and identification card to the medical marijuana industry, and roll out our pilot program immediately. Presently, most of these operations only accept cash, as well as pay cash to suppliers to the collectives, subjecting operators and collective members to theft, unregulated and potential criminal activity. There is no doubt that with new legislation for the operation of these facilities and potential legalization in select states, there will be tighter safeguards put into place by federal, state and local governments,” said Kyle Gotshalk, CEO of Commerce Online. Read MoreWith conservative Mormon, PANista, and FORMER assistant secretary of agriculture in Mexico Jeffrey Jones using the narcotics industry as an economic model for Mexican farmers and the US banking industry now using a legitimate debit card (excluding the illegal laundering done by banks), we might be looking at a new industry in the New World.