The Nevada state treasurer’s office will “set up a three-year pilot program” to ease some of the burden for businesses who have to pay employees with envelopes of cash and drive to government buildings with duffel bags of cash to pay state taxes.
Most banks won’t do business with the industry because the U.S. government still considers marijuana illegal. Last month, attorneys general from 33 states urged Congress to approve a proposal to open the U.S. banking system to the legal marijuana industry. But until the federal government steps in, states are coming up with their own plans. Hawaii set up a similar cashless, debit payment app for medical marijuana sales, a system that’s available in several other states. In California, the nation’s largest legal marijuana market, lawmakers are considering legislation that would create a special class of banks for the industry.