{"id":1984277,"date":"2023-07-27T15:34:02","date_gmt":"2023-07-27T19:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mastercard-blocks-marijuana-purchases-on-debit-cards\/"},"modified":"2023-07-27T15:38:18","modified_gmt":"2023-07-27T19:38:18","slug":"mastercard-blocks-marijuana-purchases-on-debit-cards","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mastercard-blocks-marijuana-purchases-on-debit-cards\/","title":{"rendered":"Mastercard prohibits debit card transactions for marijuana purchases."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmastercard-blocks-marijuana-purchases-on-debit-cards%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1984277&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Mastercard Cracks Down on Marijuana Purchases<\/h2>\n<p>Mastercard \u200dhas taken a firm stance against the use of its debit cards for buying marijuana, citing \u200bthe drug&#8217;s illegal status under federal law. The credit card company recently discovered that some individuals were using Mastercard debit cards to purchase pot and swiftly contacted banks to put\u200d an end to this practice.<\/p>\n<blockquote>\n<p>\u201cAs\u2062 we were made \u200daware of this matter, we quickly investigated\u2064 it. In accordance with our policies,\u200c we instructed the financial institutions that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-giant-coinbase-gets-singapore-licence\/\" title=\"Crypto giant Coinbase gets Singapore licence\">offer payment services<\/a> to cannabis merchants and\u200b connects them to Mastercard to terminate the\u200c activity,\u201d said a Mastercard \u2064spokesperson on Wednesday.<\/p>\n<\/blockquote>\n<p>The spokesperson emphasized, &#8220;The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mastercard-blocks-marijuana-purchases-on-debit-cards\/\" title=\"Mastercard prohibits debit card transactions for marijuana purchases.\">federal government considers cannabis sales illegal<\/a>,\u2063 so these purchases are not allowed on our systems.&#8221;<\/p>\n<h3>Legalization \u2062vs. Federal Law<\/h3>\n<p>Despite the fact that 38 states have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-lit-florida-dem-could-profit-from-legal-weed\/\" title=\"It\u2019s Lit: Florida Dem Could Profit From Legal Weed\">legalized medical marijuana<\/a> and 23 states have legalized its recreational use, cannabis remains illegal under federal law. Even Washington, D.C.\u2064 has legalized both uses.<\/p>\n<p>Most \u200cbanks in\u200b the country \u2063refuse \u200bto service marijuana companies due to the federal\u200d illegality. However, some buyers and sellers have found a loophole by\u200c making PIN transactions using debit cards.<\/p>\n<p>Marijuana companies were quick to condemn Mastercard&#8217;s decision.<\/p>\n<h3>Industry Reaction<\/h3>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\" data-testid=\"paragraph-4\">\u201cThis \u200cmove is another blow\u200c to the state-legal cannabis industry and patients\/consumers who want to access this budding category,\u201d said Sunburn Cannabis CEO Brady Cobb in a statement.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\" data-testid=\"paragraph-5\">\u201cWe will continue to advocate for cannabis reform in \u2064Washington\u2062 through\u2063 further dialogue with elected officials and stakeholders to \u2064advance conversations supporting the growth of safe, legal cannabis across the U.S.,\u201d said marijuana firm Verano\u2019s president \u200cDarren Weiss.<\/p>\n<p data-testid=\"paragraph-5\"><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1690455510071000&#038;usg=AOvVaw0zc8zwWGoXeRzcNJLiJVWI\">CLICK HERE TO\u200c GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>The marijuana\u2062 industry is already \u2062facing challenges despite increased legalization. New York, in particular, has experienced disappointing profits since legalizing the drug for recreational \u200buse.<\/p>\n<p>New York\u2064 City <a href=\"https:\/\/www.dailywire.com\/news\/new-york-losing-millions-in-taxes-from-legal-marijuana-sales-while-illegal-market-booms-report\" target=\"_blank\" rel=\"noopener\">expected<\/a> to generate\u2064 $56 million in tax revenue in its first year of legal weed. However, \u2064it \u2063is \u200dinstead losing millions due to\u200b sluggish legal marijuana sales while the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-losing-millions-in-taxes-from-legal-marijuana-sales-while-illegal-market-booms-report\/\" title=\"Report: Legal marijuana sales in New York losing millions in taxes as illegal market thrives.\">illegal market thrives<\/a>. Currently, only 15 dispensaries are operational in the state, while New York City alone has <a href=\"https:\/\/www.lohud.com\/story\/news\/2023\/05\/31\/marijuana-in-ny-crackdown-poised-illegal-weed-shops-what-to-know\/70270367007\/\" target=\"_blank\" rel=\"noopener\">hundreds<\/a> of\u200c illegal \u2062pot dealers operating under the radar of regulators. A report supported by medical marijuana operators revealed that the state had only generated $16.5 million in retail revenue \u200dsince opening\u2062 its first legal dispensary in December.<\/p>\n<p>In Canada, cannabis\u200d was <a href=\"https:\/\/www.cnn.com\/2018\/10\/17\/health\/canada-legalizes-recreational-marijuana\/index.html\" target=\"_blank\" rel=\"noopener\">legalized<\/a> nationwide in 2018, allowing customers to make payments with credit \u2063or\u2064 debit cards.<\/p>\n<h3>Public Opinion and Concerns<\/h3>\n<p>Support for\u2063 legalizing marijuana has surged over the past two decades, with a majority of Americans now in favor of both medical and\u2062 recreational use. According to an October Pew Research Center survey, approximately 88% of Americans support legalizing marijuana for medical purposes, while 59% support legal recreational use.<\/p>\n<p>However, despite increasing legalization, marijuana still faces criticism. Scientific research has <a href=\"https:\/\/www.dailywire.com\/news\/going-green-the-physical-mental-and-emotional-problems-associated-with-marijuana\" target=\"_blank\" rel=\"noopener\">linked<\/a> the drug to various issues, including anxiety, memory problems, lung complications, and even psychosis. Several studies have shown a connection between marijuana and schizophrenia, particularly in individuals with a genetic predisposition\u200b to \u200cthe condition. One study revealed that THC, the active compound\u200b in cannabis, exacerbates \u200dschizophrenia and psychosis symptoms, leading\u2062 to\u2062 more relapses and hospitalizations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mastercard instructs banks to cease marijuana purchases with its debit cards due to federal illegality. The credit card firm swiftly intervened upon discovering individuals using Mastercard debit cards for cannabis transactions, urging banks to discontinue such activities.<\/p>\n","protected":false},"author":107,"featured_media":1984278,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1984277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1984277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1984277"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1984277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1984278"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1984277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1984277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1984277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}