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Arizona cannabis dispensaries look to new financial service for transactions
Arizona cannabis dispensaries look to new financial service for transactions
A new financial system is helping the cannabis industry in Arizona with purchases until most financial institutions allow for transactions until the SAFE Banking Act is passed.
PHOENIX - Tuesday is the first legal 4/20 in the state of
Arizona, a day where using cannabis is typically celebrated, but there are still hiccups in how marijuana is being bought in the state.
A brand new start-up in Arizona is solving a banking problem the cannabis industry has faced as many banks don t provide financial services to dispensaries.
Each application cost a whopping $25,000. Author: Niala Charles Updated: 10:25 AM MST April 20, 2021
PHOENIX Thirteen new recreational marijuana dispensaries are headed for rural Arizona.
The Arizona Department of Health Services gave out 13 licenses in a raffle Monday. Each application cost $25,000.
AZDHS says they received 355 applications. Each person was able to submit a maximum of five applications. The proceeds will go back to state, city and school budgets.
“I think there’s an incredible demand and it started when we saw the results from last November’s election,” said Samuel Richard, executive director of the Arizona Dispensaries Association.
Since recreational marijuana dispensaries opened up in January, the state has collected more than 14 million in taxes from them. More money is still on the way.
Operators in the Arizona cannabis industry attribute the phenomenon of long lines to a variety of factors.
For one, there s the public s sheer enthusiasm for marijuana. People are coming to dispensaries in droves. Even before Proposition 207 the ballot measure that legalized the consumption and sale of recreational marijuana was approved during the 2020 general election, medical marijuana sales were through the roof.
Then there s the fact that many dispensaries are maintaining social distancing and other pandemic-era protocols, despite Governor Doug Ducey s recent executive order repealing the remaining COVID-19 mitigation measures. I see the lines continuing probably towards the end of the year, in part because of social-distancing requirements and in part because the demand is still there, said Raul Molina, chief operating officer at The Mint, which runs dispensaries in Tempe, Mesa, and Phoenix. There’s still the sexiness of coming into the dispensary, seeing it for t
Arizona Medical Marijuana Sales Fall but Patients Still High phoenixnewtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from phoenixnewtimes.com Daily Mail and Mail on Sunday newspapers.