Credit cards are being used by commercial marijuana merchants in Colorado despite the official rules. Is this a sign of things to come? Regulators and corporations looking the other way as the recreational pot market grows? Robin Sidel of WSJ speaks with officials in the credit card industry to get the scoop on the Justice Department’s stance on the issue. >>>>>>>
Card Conundrum Develops in Colorado Over Marijuana Sales – Customers Use Visa and MasterCard to Make Purchases Despite Card Company Ban – January 6, 2014 – by Robin Sidel
The official rules of Visa Inc. V -0.35% and MasterCard Inc. MA -1.05% prohibit the use of their debit and credit cards for marijuana purchases, but some Colorado merchants are allowing customers to use them anyway.
That is because the card giants, owners of the processing networks that handle electronic payments, have quietly decided not to enforce their rules, according to people familiar with their strategies.
Instead, the people said, the companies are following the lead of the federal government, which has said it won’t challenge state laws that decriminalize the drug.