Medical marijuana dispensaries in three states have agreed to use payment processing services from Cannabis Medical Solutions Inc.
The Los Angeles merchant acquirer specializes in payment services for such dispensaries and other "high-risk" businesses.
It said Wednesday that its agreements with medical marijuana providers in California, Colorado and Montana would enable the operations to accept credit and debit cards. CMSI will also offer inventory-control services.
Kyle Gotshalk, CMSI's president, said in a press release that the company's goal is "to bring the banking industry for these businesses in line with" legislative efforts to legalize the sale of medical marijuana. "We are quickly proving ourselves as the responsible choice for bringing cash alternatives and solutions to the medical marijuana industry."
He said taxing legal sales of marijuana could generate significant tax revenue for states.