Payments

Mastercard bans marijuana purchase on debit cards

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August 3, 2023

Mastercard is instructing financial institutions that offer payment services to cannabis sellers via a Mastercard debit card to stop allowing marijuana transactions.

The decision is tied to the fact that the federal government views cannabis sales illegal, a spokesperson told Reuters, which cited a Bloomberg News report.

Cannabis sellers describe Mastercard's move as "another blow" to the industry.