A Cannabis Credit Card is Now Available
A cannabis credit card is now available. This is big news for the cannabis industry. It’s also, obviously, big news for cannabis consumers. But there are a few caveats.
What you need to know
First, you should know it’s only available (so far) through one multi-state dispensary- Columbia Care. Secondly, you need to know that it’s only available in New York, Delaware, and Pennsylvania so far. But, it’s coming soon to Arizona and Illinois. You can use the card, called the CNC Card, for purchases at the dispensary and for cannabis delivery, where available.
So, if you live in one of the states where the cannabis credit card is available and you buy your cannabis from Columbia Care, you’re in luck. You can skip the lines at the ATM and you don’t have to be nervous about carrying cash to make your purchases.
This is also great for Columbia Care because they reported that, after launching the CNC card in New York, website purchase amounts increased by 18%.
The cannabis credit card has also boosted sales for home delivery cannabis purchases. Basket sizes for purchase with the CNC card online went up by 40% in New York, their first credit card market.
Why is this a big deal?
As you know, cannabis is illegal federally. That means that banks and credit unions are not available to cannabis dispensaries. Banks report to the FDIC and they can’t take deposits from illegal operations. It’s also very difficult for the cannabis industry to open checking accounts for the same reason. So, for a cannabis dispensary to offer its own credit card to consumers is definitely a big deal.
Colombia Care hopes to offer their cannabis credit card services to other dispensaries and cannabis companies in the future.
“We are in the business of expanding the entire national cannabisNicholas Vita- CEO,Columbia Care
market and this is exactly the type of industry-wide challenge our team
excels at solving. By launching the first credit card in the country
that can be used by consumers and industry participants to purchase
cannabis products, we now exclusively offer an important capability that
will serve Columbia Care’s national growth initiatives, including home
delivery, automatic fulfillment and e-commerce,” said Nicholas Vita,
The cannabis credit card is also a good thing for consumers because it offers benefits including cash back affinity programs, discounts, educational seminars, first access to new products and other exclusive offers.
It’s hoped that soon Congress will act to pass legislation to allow banking for the cannabis industry. But until that happens it looks like innovative companies in the cannabis space will find their own solutions. They know that cannabis is here to stay and consumers are demanding easier, safer ways to make their purchases.
What do you think about a cannabis credit card? Would you use it? Do you think you would buy more cannabis products if you had a credit card? Share your Cannabis In Real Life thoughts with us. Email us at firstname.lastname@example.org