AAFCPAs would like to make cannabis clients aware of an emerging issue with the use of cashless ATMs. Visa Inc. issued a memo in December 2021 to customers, and reported in Marijuana Moment, warning that “miscoding point-of-sale transactions through the...
AAFCPAs would like to make cannabis clients aware of an emerging issue with the use of cashless ATMs. Visa Inc. issued a memo in December 2021 to customers, and reported in Marijuana Moment, warning that “miscoding point-of-sale transactions through the use of so-called cashless ATMs—a practice used by some cannabis retailers as a workaround to accept credit or debit cards for purchases—could lead to penalties or other unspecified enforcement action.”
AAFCPAs advises clients using Cashless ATMs to review the processes of their financial providers and to ensure you are using appropriately registered, regulated, compliant, and reporting solutions.
We continue to monitor ever-changing developments in federal legalization & banking reform. If you have questions, please contact David McManus, CPA, CGMA at 774.512.4013, dmcmanus@aafcpa.com; or your AAFCPAs Partner.
AAFCPAs was an industry pioneer and since 2012 has been deeply immersed advising cannabis businesses in tax, finance, and outsourced accounting! With national recognition, our multi-disciplinary team of advisors include CPAs, CFOs, estate planning & tax attorneys, wealth advisors, as well as business process, data analytics, IT, and cyber security professionals.
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