"An industry that employs hundreds of thousands of people, provides billions in economic benefits, and promotes safer alternatives to pharmaceuticals and commonplace vices continues to be treated like a pariah," said one cannabis entrepreneur.

Mastercard’s recent decision to prohibit the use of its debit cards at cannabis dispensaries highlights the challenges facing the legal marijuana industry. While the SAFE Banking Act would protect banks that work with cannabis businesses, it would not address the underlying issue of marijuana’s federal illegality which was Mastercard’s stated reason for the policy change. Advocates argue that comprehensive federal cannabis reform through decriminalization and legalization is ultimately needed to resolve these financial and banking issues plaguing the legal marijuana industry. Mastercard’s move demonstrates that piecemeal reforms are insufficient and that full federal decriminalization is the only sustainable solution.

I hope in my lifetime we will see federal decriminalization. Enough already!

  • HousePanther@lemmy.goblackcat.comEnglish
    6·
    2 years ago

    Who would’ve thought that MasterCard would be the unlikely ally. Well, more to the point, their greedy noses are smelling money. If it just happens to have a faint hint of ganja, so be it! Well, I guess MasterCard may be a friend here, in as much as a corporation really could be at any rate.

    • psudo@beehaw.orgEnglish
      59·
      2 years ago

      I think you misread the headline: “[MasterCard] announced this week that it has instructed U.S. financial institutions to stop allowing customers to use its debit cards to purchase marijuana products at cannabis stores…”