July 26 (Reuters) - Mastercard (MA.N) has told financial institutions to stop allowing marijuana transactions on its debit cards, dealing a blow to an industry already on the fringes of the financial system in the United States.
Most banks in the country do not service cannabis companies as marijuana remains illegal at the federal level despite several states legalizing its medicinal and recreational use.
"As we were made aware of this matter, we quickly investigated it. In accordance with our policies, we instructed the financial institutions that offer payment services to cannabis merchants and connects them to Mastercard to terminate the activity," a spokesperson for the company said on Wednesday.
Dumb dumb dumb.
Being able to head into a local dispensary, thumbing through their iPad, and easily picking some weed has been a game changer for folks across the country. You can find the weed you like and purchase that shit with a quickness. AND, if you're like me, you can get your weed and rack up some airline miles too. That's right. Typically I'm not particularly eager to flaunt my vast wealth of airline miles but your boy is a United Card holder. Not the free kind. The kind of card that you have to pay like 500 dollars a year for. Rich right? It's the kinda card where I get access to the United Lounge, so yeah. You could say I take my airline perks seriously.
But I can't do that if Visa soon adopts Mastercard's awful rules. "You cant buy things that are federally illegal on our credit system." Outrageous. It's just simply outrageous.
You're tellin me that because of some legal technicality, I'm not gonna be able to rack up double miles for every single dollar I use? You're telling me that I gotta go get fuckin cash in order to get some gummies? This won't stand, Mastercard. We will not take this lying down so contact your representative and tell them that you want bud on credit. It's that simple.