POSTED ON November 8, 2023
The availability of reliable banking and payment services is crucial for cannabis retailers to be successful. Mastercard is currently threatening the commercial viability of the cannabis industry on a global scale, and it’s impacting both consumers and cannabis dispensaries.
In the US, Mastercard has reportedly blocked cannabis purchases on debit cards. In Canada, where cannabis is federally legal, Mastercard has been imposing an unjust, prohibitive, and unwarranted merchant fee for the cannabis industry.
Regardless of the evidence that cannabis transactions are less risky than standard retail commercial transactions, Mastercard has been imposing an annual $500 USD special merchant fee on Canadian cannabis retailers since legalization in 2018.
The egregious fee by Mastercard is creating a challenge for retailers to remain competitive when they are already faced with stringent federal and provincial regulations.
Please help us in our effort to advocate for fairness and end the discriminatory fees for the entire cannabis sector. Click the link below and sign the petition today!