The cannabis industry on the East Coast has seen significant developments in 2021, with New Jersey, New York, and Connecticut joining the growing list of states legalizing recreational cannabis. This change brings the total to 18 states plus Washington D.C., marking a shift in an area often perceived as conservative compared to the West Coast.
Recent market analysis predicts that U.S. legal cannabis sales could reach $43 billion by 2025, highlighting the economic potential of this emerging market.
New Opportunities and Industry Growth
The legalization in these East Coast states has sparked excitement in the cannabis industry, offering new opportunities for growth and innovation. This enthusiasm will be on full display at the upcoming 2021 Cannabis Industrial Marketplace Tri-State Summit And Expo, where we are proud to participate as exhibitors and speakers.
The event will provide valuable insights into legislation, licensing, and strategies for new cannabis businesses, and we’re eager to share our expertise in cannabis payment services.
The Evolving Cannabis Landscape
As the East Coast cannabis market develops, it brings the potential to become one of the nation’s largest. States like New York, with its financial influence, contribute significantly to this potential. The region is also taking a coordinated approach to developing regulatory frameworks, focusing on social justice and economic equity.
Despite learning from the West Coast’s experiences, East Coast cannabis businesses face similar challenges, such as limited operational areas due to municipal bans and the ongoing struggle with banking and financial services access.
Financial Challenges in the Cannabis Industry
The lack of banking and payment solutions continues to be a major obstacle for cannabis businesses, often leading to misinformation and risky practices. As we move towards more transparent and compliant payment solutions, we are dedicated to providing services that meet regulatory standards and support the legitimacy of the cannabis industry.
Ancillary Businesses in the Cannabis Ecosystem
The growth of the cannabis market also impacts ancillary businesses, now categorized as cannabis-related due to their association with the industry. These businesses, crucial to the industry’s success, are finding themselves in need of compliant payment processing solutions.
Advancing Compliant Payment Solutions
At Bankcard International Group, we have been advocating for fair financial services access for the cannabis industry since 2012. Our payment solution allows cannabis businesses to accept card payments transparently and prepares them for future federal changes in cannabis credit card processing.
We believe in paving the way for fair banking access through compliant, transparent, and legal merchant services, demonstrating cannabis as a legitimate industry.
Join us at the 2021 Cannabis Industrial Marketplace Tri-State Summit And Expo for our presentation on ‘The State of Cannabis – A Payments Perspective’ and visit us at Booth #202 to learn more about how we can support your cannabis business.
Bankcard International Group is committed to shaping the future of compliant cannabis payment processing.
