What Cannabis Legalization Means for New York State

by May 10, 2021New York Cannabis Merchant Services0 comments

The day has finally arrived and recreational Cannabis is now 100% legal in the State of New York. That means necessary changes for the criminal justice system and huge opportunities for new business, growth, and jobs from the Big Apple to Niagara Falls, Catskills to the Great Lakes, and Hudson Valley to the Southern Tier. If you’re looking to get into the legal marijuana business there is going to be a huge runway and high demand for all things related to the industry. Let’s look at a few of the moving parts and what they mean to the Cannabis and CBD industry at large and the people of New York State. 

Cannabis Cultivation & Processing

New York Cannabis Merchant Services

New York Cannabis Merchant Services

If you can’t legally grow Cannabis you can’t legally sell it, so it all starts at the farm. The marijuana farming, harvesting, and processing industries are poised to exceed hundreds of millions in revenue in NY State within the first few years and quickly reach billions as the statewide infrastructure expands. But operating legally will require special licensing and merchant services to manage large purchases at all levels of the supply chain. 

We’re not just talking about farmers growing plants either. Where will they get their soil, lights, and plant nutrition? What about their industrial fans or heating and cooling systems? Cannabis plants love water, who will install the plant’s automated irrigation and watering systems? Who will tend the large gardens, prune the plants, and keep them healthy? You get the idea. It isn’t just about growing pot, we’re talking about a major industry here, and being able to capitalize on that industry will require some planning. 

Cannabis Dispensaries and Payment Systems

After the plants have been tended the buds are harvested and cured, then they are ready for sale. Operating a storefront to sell marijuana will have some legal requirements and challenges like any other business. Right now most dispensaries are still taking cash-only transactions here in the United States which is a problem. Touchless payments are more important than ever due to the threat of the pandemic and the increased customer scrutiny on cleanliness. So having a sign that says cash only may not be in your business’s best interest.

Unfortunately, traditional banks and merchant services are still unwilling to offer credit and debit card processing accounts to Cannabis dispensaries, or if they do, at incredibly high processing fees and with large cash reserves. Considering the change in the laws that simply should not be the case and forward-thinking merchant service providers should have no issues providing standard processing rates. You just have to know where to look. 

Ecommerce Websites & Online Ordering

Americans are getting more and more goods delivered every day and soon Cannabis will be purchased through an online shopping cart. If your dispensary has no online presence, scheduling, or purchasing system you will likely miss out on a huge opportunity. How do people find something they want to buy locally? They go to Google and do a search or ask Siri or Alexa for a, in this case, “local cannabis dispensary”. If your business has no website and can’t be found on the web you’re missing the vast majority of potential customers in your local area. 

Getting set up with a functional website, whether you’re offering online sales or not, is incredibly important to the long-term success of any business. It helps you build up your brand and increase awareness in your local area as well as online through your website and social media handles. In today’s world, all of these moving parts need to be combined to get the most out of your Cannabis business. 

Work with THC Merchant Services

Cannabis is a real industry that now includes publicly traded companies valued at billions of dollars. But it is the people on the ground who make this a reality. The farmers, shop owners, and Cannabis accessory businesses who matter the most in our local communities will shape the face of the Cannabis business for years to come. 

For the best in New York Cannabis Merchant Services look no further than right here at THCMerchantServices.com we offer complete web solutions including credit & debit card processing, web design, online marketing services, and more.