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"This is hitting dispensaries, 100 percent. On the manufacturing side, you have much less volume of payments," explains Tom Scudder, a dispensary owner in Aurora and Colorado Springs and president of the Colorado Springs Cannabis Association."It's going to hurt sales, and that's really sad. We've just started coming out of the depths of an industry recession, which was so serious that it caused the extinction of 35 percent of our cannabis producers.
"I certainly understand Mastercard's point. I spent fifteen years in the credit card business and know a lot of folks on that side. I certainly understand their perspective of federal law, but I would make the argument that cash-only industries increase danger and cost, and put a lot of people at risk," he says. "I can tell you as a former credit card executive, when we sold credit cards to a business, we knew it increased sales 10 to 20 percent.
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