The Smoakland team says it is at the bleeding edge here, and wants to keep its cards close to its chest regarding who the exact payment processor is. Anything involving crypto is deemed high risk, and you’re going to be charged a higher rate for the risk,” Dillon explains. We’re a little bit lower, because there’s still a physical transaction.

If we were to open a porn site, it could be even higher than that. We are probably around 5% with high risk. “Two to three percent is standard for e-commerce, if you open a Shopify account or something like that. Of course, cannabis is a higher-risk market, and Smoakland expects it needs customers to pay a bit more in processing costs, but the team believes the customers are willing to do that in order to go up in a blaze of convenient glory.ĩ high-tech gift ideas for the cannabis users in your life For my purpose, and for the purpose of the customer, no idea what’s going on.” Crypto doesn’t give a shit what you do with it. That way, your credit card company knows users are purchasing crypto. “You’re purchasing crypto, and then we immediately use the crypto to purchase cannabis, before cashing the crypto back out. “You’re not actually purchasing cannabis with a credit card,” says Jeff Dillon, managing director of Marketing at Smoakland. Smoakland is currently beta-testing a loophole that lets its customers pay by credit card. In a world that is increasingly cashless, that’s a problem for both consumers and businesses. One of the major places that shows up is in payments and payment processing even after recreational cannabis became legal in 21 states and decriminalized in another dozen or so, cannabis has become largely a cash business. What do you do when you have a very successful and popular product (marijuana) that is legal in some places, but federally has been a Schedule 1 drug since 1970? Well, you can’t rely on any national institutions as your business partners.

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