Hawaiian state officials announced Tuesday that Hawaii will be the first state to require the sale of marijuana to be cashless, paid with a special debit card payment system next month.
“Oct. 1 is our target date to try to go cashless as much as we can,” Iris Ikeda the state’s financial institutions commissioner, told reporters at a news conference.
While marijuana is legal for medical use in Hawaii, the feds still consider it a Schedule I drug. This status has brought problems for many banks and credit unions, which is the reason why cannabis dispensaries have been cash-only.
The Governor of Hawaii, David Ige, has praised the cashless move stating:
This cash-free solution makes sense. It makes dispensary’s finances transparent, and it makes it easier for the patients who are being served.
Instead of cash, customers will have to download and install CanPay, a mobile app that processes payment for medicinal marijuana shops using a Colorado-based credit Union, Safe Harbor Private Banking.