Accel Network to allow cannabis-related card transactions

by Synergent

Synergent is pleased to announce that our partner, the Accel Network, is the first and currently only U.S. debit network that will allow cannabis merchants to accept payments for the purchase of cannabis and cannabis products in states where it is legal. A beta program is currently underway with general availability expected later this year.

Credit unions who take advantage of this offering will have the opportunity to attract new cardholders in an expanding market while also adding a new source of interchange income. Currently, thirty-eight states and Washington D.C. have legalized cannabis for medical and/or adult use. With further legalization expected across the country, sales of recreational cannabis are expected to reach approximately $49 billion by 2026 and $57 billion by 2028. (Source: 2023 U.S. Cannabis Report, New Frontier Data, Pew Research Center, Statista.)

Cannabis merchants have faced challenges with limited payment options, operating on a cash-only basis or having to use expensive software solutions to accept payment.

The Accel Network will permit card transactions for cannabis and cannabis products under the following conditions:

 

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