Could Ohio Solve the Cannabis Industry’s Cash-Only Problem?

By Omar Sacirbey

Could Ohio wean the marijuana industry from its need to do business in cash?

Ohio’s new medical marijuana law proposes a “closed-loop” payment processing system. It would be similar to pre-paid debit or gift cards. Regulators must still decide whether to use the system.

The proposal comes at a time when legal marijuana companies have had to rely on cash-only transactions. That’s because most banks, credit unions and credit card companies are reluctant to do business with them, given the uncertain federal regulatory…