Consumers already favored electronic transactions before the pandemic, but online commerce during the stay-at-home order and early fears of virus transmission accelerated the move.
One subset of the general population has reason to rely on cash that cuts across socio-economic boundaries — people who purchase cannabis products in an industry that, pending a change in federal law, remains almost entirely a cash-only proposition.
Alex Levine, the co-CEO of Colorado’s Green Dragon dispensaries, said that while retail cannabis has adapted somewhat to its federal banking prohibition, the fact that the stalled cannabis banking bill was even mentioned recently in the midst of discussions about the coronavirus stimulus package represents a shift in the way the industry is regarded.
“If there’s any silver lining to all this,” he said, “I hope it’s that people understand the importance of getting cash out of this business or reducing the cash exposure of the cannabis business. But until a bill like that passes, no one’s been able to do anything.”
Colorado Sun Article