Home / Economy / Hawaii Becomes First U.S. State To Go Cashless For Marijuana Sales

Hawaii Becomes First U.S. State To Go Cashless For Marijuana Sales

By Aaron Kesel

Hawaiian state officials announced Tuesday that Hawaii will be the first state to need the sale of pot to be cashless, paid with a special withdraw label remuneration complement next month.

“Oct. 1 is the aim date to try to go cashless as much as we can,” Iris Ikeda the state’s financial institutions commissioner, told reporters at a news conference.

While pot is authorised for medical use in Hawaii, the feds still consider it a Schedule we drug. This standing has brought problems for many banks and credit unions, which is the reason because cannabis dispensaries have been cash-only.

The Governor of Hawaii, David Ige, has praised the cashless pierce stating:


This cash-free solution creates sense. It creates dispensary’s finances transparent, and it creates it easier for the patients who are being served.

Instead of cash, business will have to download and install CanPay, a mobile app that processes remuneration for medicinal pot shops using a Colorado-based credit Union, Safe Harbor Private Banking.

The app is already an option for pot exchange in 6 states, including California and Colorado.

“You download it on your smartphone. It will couple up to a checking comment and you will get a QR code. With that code you are means to use that at the dispensary,” Ikeda said.

Now a battle starts with credit label estimate companies like Visa and Mastercard who contend they won’t concede their cards to be used to buy cannabis or marijuana-related products.

Dispensaries should consider instead using cryptocurrency for their payments given they are already using a QR code and digital resources use a wallet that can only be taken from with the private wallet password, so their supports would be protected from intensity robbers and from the supervision seizing assets.

Hawaii was among the first states to legalize medical pot in 2000 but the state didn’t extend licenses to dispensaries until last year. Maui Grown Therapies became the first to open last month after the state Department of Health gave it the capitulation to start sales.

There is an increasing doubt over how the Trump administration will react. Attorney General Jeff Sessions has invariably pronounced he wants to “crack down on the authorised pot industry” and that the plant causes “violence.”

Aaron Kesel writes for Activist Post and is Director of Content for Coinivore. Follow Aaron at Twitter and Steemit.

This essay is Creative Commons and can be republished in full with attribution. Like Activist Post on Facebook, allow on YouTube, follow on Twitter and at Steemit.

Image Credit: Forbes

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