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01-05-2021, 10:01 AM #1
Reputation points: 39760
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01-05-2021, 10:47 AM #2
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01-05-2021, 12:56 PM #3
Reputation points: 84416
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I'm very familiar with Trulieve since I have family that is a store manager. They still deal with a huge amount of cash.
All of these lawsuits have a common theme - someone, somewhere falsified information.
https://www.leafly.com/news/industry...enly-shut-down
https://www.alt36.com/blog/point-of-...nabis-industry
https://medium.com/@ken.ramirez/are-...s-c2f4ad62bab3
https://www.greenmarketreport.com/pr...-move-forward/
https://www.law360.com/articles/1330...redit-card-rowDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-05-2021, 01:37 PM #4
Reputation points: 226631
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- Feb 2017
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Dave, it's called a cashless ATM, nobody has to falsify anything. You refuse to believe that it's legal or legit, and you're leaving money on the table. Meanwhile, I have a merchant doing $50,000 monthly in his low months on the platform (and hopefully $500,000 in his high months) and got him free terminals.
Why do you believe Ken Ramirez?Last edited by abfunders; 01-05-2021 at 01:40 PM.
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01-05-2021, 02:24 PM #5
Reputation points: 84416
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Cashless ATM's get shut down quite often. It has nothing to do with Ken Ramirez article - There are many reasons cannabis accounts with the so-called work arounds are being shut down.
It is the FDA/FTC/SEC that can cause an operation to be shutdown , thereby creating a charge-back issue or funds being held, bank accounts being closed, etc.
There is still too much uncertainty within the industry and operators not knowing or just ignoring laws.
https://www.law.com/njlawjournal/202...20210005141110
https://www.ftc.gov/system/files/doc...astatement.pdf
https://www.sec.gov/news/press-release/2020-14
https://www.sec.gov/litigation/litre...20/lr24857.htmDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-05-2021, 11:10 PM #6
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- Florida
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Additional info on why credit card processing is a not allowed for Cannabis
https://cannabusiness.law/new-law-re...and-cbd-vapes/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-06-2021, 09:26 AM #7
Reputation points: 39760
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- 474
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01-06-2021, 10:10 AM #8
Reputation points: 226631
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- Feb 2017
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01-06-2021, 11:17 AM #9
Reputation points: 84416
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IF it was legal - we would not need "workarounds" I challenge to to contact the Risk Department of any of the Top Tier Processors and ask a simple question.
Do you board Cannabis?
1)FIS
2)FISERV
3)Global Payments
4)EVO
5)The Blackstone Group
6)US Bank
7)J.P.Morgan Chase
8)NuveiDave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-06-2021, 12:59 PM #10
Reputation points: 39760
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- Naples, FL
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...workarounds aren't about legality, they are a barrier to entry for a market that is controlled by a select few who seek to dominate the market space quickly to be the #1 leader in the space... i'm going to leave this conversation there...
I love ideas, planning, strategic things... I should've been a lawyer.
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01-06-2021, 01:13 PM #11
Reputation points: 84416
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We don't need more lawyers
That's whom screwed up Elavon/US Bank - We were rocking along until the legal beagles became involved.
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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