This Is Why Medical Marijuana Dispensaries in Illinois Are Cash Only
Currently, medical marijuana dispensaries in Illinois only accept cash. This is because many banks and credit card companies are hesitant to pursue business with dispensaries and growers. As a result, all medical marijuana patients must come prepared with plenty of cash in hand.
Michael Mayes is the CEO and founder of the Chicago-based cannabis consulting firm, Quantum 9. In this article from the Daily Herald, Mayes discusses what to expect while purchasing medical marijuana from a dispensary in Illinois.
According to the expert cannabis consultant, such investments for banking companies could ultimately put at risk their federal license. Therefore, banks “fear involvement in the narcotics business” because marijuana use is still federally illegal. For now, marijuana dispensaries in Illinois will have to continue its cash only restriction.
Michael Mayes, CEO of the Cannabis Consulting Firm, Quantum 9 States The Cannabis Industry Is A “Multibillion-Dollar Business”
Although state banks are more open to working with medical marijuana businesses, it’s important to anticipate various banking issues that may occur while investing in marijuana. According to Mayes, this can include marijuana dispensaries depositing exceptional amounts of cash deposits with money smelling [~loud~] like marijuana.
He adds how health insurance does not cover medical marijuana. However, despite the tightly controlled process of purchasing medical marijuana with cash, there is still a very promising high demand for the cannabis industry in Illinois.
With Illinois legalizing adult-use marijuana starting on January 1st, 2020, the competition for new cannabusinesses will be highly competitive. Below is a timeline of what to expect moving forward for Illinois in the adult-use cannabis market:
With that said, many start-up businesses will need to acquire the necessary licenses and requirements in order to commercially sell cannabis products. Therefore, Mayes and the team at Quantum 9 continue to work diligently toward providing expert cannabis consulting worldwide.