The legalization of recreational and medical marijuana in many states and countries around the world has made the global marijuana market one of the fastest-growing industries. According to a recent report by the Grand View Research, Inc., the global legal marijuana market will grow to $66.3 billion by 2025.
Cannabis is being widely used as a pharmaceutical product. It is said to be effective in treating severe medical conditions like arthritis, cancer, and Parkinson’s disease. This has contributed to the increased demand for medicinal marijuana.
Moreover, recreational marijuana or the use of cannabis without medical justification is being legalized in many states and countries. In the United States, 11 states and the District of Columbia have legalized the recreational use of cannabis among adults. Countries like Canada, Belize, Jamaica, Argentina, and the Netherlands have also decriminalized the use of marijuana.
All these developments point to the expansion of the cannabis industry in the years to come. Marijuana dispensaries can maximize their growth potential by complying with the Payment Card Industry Data Security Standard (PCI DSS), an information security standard for payment processing. Cashless ATM or point of sale (POS) banking is considered a viable and important platform for marijuana dispensaries to grow their sales. With POS banking, online cannabis dispensaries can accept purchases from customers who use their credit and debit cards.