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Recreational cannabis has officially become legal in Minnesota. Many businesses are now looking to find legal cannabis payment processing solutions in the wake of this new legislation. Finding the right service provider can be difficult because very few offer much transparency, network reliability, and level of service. Ian Rassman offers exactly that along with white glove concierge services for you and your team.

If you’re a new cannabis business owner in Minnesota seeking to bring legal cannabis payment processing to your establishment, Ian Rassman is the man to call. With a wealth of expertise and experience in the industry, Ian offers seamless integration of legitimate and compliant payment solutions for your cannabis venture. If you’re looking for a cannabis-friendly bank, Ian will help you find a local bank ready, willing, and able to serve you for your business needs.

Amidst a sea of less-than-legitimate methods that plague the market, Ian Rassman provides a secure, above-board approach that ensures your business stays compliant with industry-standard solutions. His cannabis payment processing solutions will help foster growth and success in your dispensary or cannabis retailer with confidence.

You might have numerous inquiries regarding both the cannabis payment processing services and the recently legalized cannabis landscape in Minnesota. We’ve put together a complete guide to understanding the upcoming recreational cannabis market in Minnesota, and how to bring payments to your new business.

Who Is Ian Rassman & Why Should You Trust Him?

With over 12 years of experience in the Banking and Payments industry, Ian is an industry-leading payment specialist, establishing partnerships in various domains. He actively excels in providing cutting-edge technology to support POS, credit card processing, cashless ATM, PIN Debit, ATM Machines, eCommerce, ACH, check processing, gift/loyalty programs, mobile applications, and other payment processing and financial services.

Additionally, Ian has been involved in the cannabis culture for over 30 years and currently holds the position of Executive Director and President of Los Angeles NORML, a non-profit 501(c)(3) organization founded in 1973. He actively works at the local, state, and federal levels to reform cannabis laws and repeal prohibition. One of his notable achievements is the active donation of over $5 Million worth of medical cannabis to veterans and other patients in need (https://bit.ly/cannabis-donation).

Moreover, Ian regularly engages with the cannabis community, keeping them in the loop about upcoming events through his widely popular Cannabis Business Event Calendar (https://www.rassman.com/events/). He is a well-known figure in the global cannabis industry, frequently attending major cannabis business events around the world. Ian’s extensive connections have earned him recognition, making him familiar to many within the industry.

Weed Becomes Legal In Minnesota: What Does This Mean For Retailers?

Starting August 1, 2023, Minnesotans will legally possess and grow marijuana for recreational use as approved by a 300-page bill signed into law by Gov. Tim Walz. Sales will be allowed by at least one Minnesota tribe immediately, while the state is preparing a licensing and regulatory system, projecting most legal retail sales to begin in early 2025. Minnesota becomes the 23rd state to legalize recreational marijuana, marking a significant milestone in the state’s history.

Right now is the perfect time to start considering how you’re going to bring cannabis payment processing to your future dispensary or legal business. 2025 is literally right around the corner and you don’t want to be caught getting held back by trying to run a cash business.

The Limitations Of Running A Cash Business In Cannabis

Retail cannabis merchants and cannabis delivery services have historically been operating in cash. Thus amplifying issues of storing, transporting, depositing, auditing, theft, and safety for cannabis retail businesses operating heavily in cash. Ian Rassman, however, offers Point Of Banking (POB) services to retailers and delivery services, enabling them to accept safe, secure, auditable, and compliant digital cannabis payments from their customers, while also increasing the average ticket price per sale. 

Ian Rassman actively helps minimize cash reliance and increases digital cannabis payments that directly fund your bank account. For cannabis delivery services, Ian helps provide 4G mobile terminals for secure, compliant digital cannabis payments. If you’re used to running a cash business for cannabis, let Ian Rassman be your foray into the world of digital payment solutions.

Benefits Of Using Digital Payments

Cannabis retailers can enjoy various advantages when opting for non-cash payments, notably an increase in the average ticket price compared to cash transactions. Moreover, they eliminate the liability of handling cash at the counter, ensuring a safe, secure, and compliant payment environment. These solutions are also proven to increase ticket sales on average by 30% and tips by 50% with next-day funding. What average person even carries a substantial amount of cash on them these days, anyway? 

Additionally, businesses can benefit from avoiding processing fees, leading to cost savings. The approval process for non-cash payments is quick and hassle-free, requiring only a cannabis license, a driver’s license, articles of incorporation, and a voided check. With these benefits, embracing non-cash payment options through Ian should be an easy decision.

What Weed Is Legal? How Much Can One Person Possess?

Adults 21 and older in the state can legally possess limited cannabis products for recreational use. The law allows possession of up to 2 ounces of cannabis flower, 8 grams of concentrate, and THC-containing edibles (totaling 800 milligrams of THC). 

Home possession extends to 2 pounds of cannabis flower. Low-potency edibles from hemp were legalized last year and are subject to a 10% marijuana tax since July 1, applicable to future products (excluding sales on tribal lands).

What Cannabis Business Licences Are Available In Minnesota?

Minnesota’s upcoming adult-use market holds twelve diverse business licenses awaiting applicants, with supplementary licenses available for medical cannabis ventures.

To qualify for operating a business, aspiring owners must attain a minimum age of 21 years, diligently complete all requisite paperwork, and fulfill the necessary license fees. It is crucial to acknowledge that this endeavor demands a significant financial investment, exemplified by the cultivator license application. This application fee alone is $10,000, followed by an initial license cost of $20,000, and a $30,000 renewal fee.

Nonetheless, the financial outlay varies depending on the scope of operations. This offers hope to smaller enterprises aiming to obtain a cannabis “microbusiness” license. These entities can anticipate more accessible licensing expenses, fostering an atmosphere of growth and economic potential within the industry.

How Ian Rassman Makes Cannabis Payments Simple

Whether you’re thinking about starting up your own legal cannabis business in Minnesota by 2025, or you’re already well underway, you’re going to need payment processing solutions. Ian Rassman provides clarity and convenience along with nearly a lifetime of experience in the industry. It’s his goal to alleviate the stress of streamlining payments for your cannabis business, no matter what payment processing service you’re trying to utilize. Let us lay out all of the different solutions Ian can provide.

ATM Machines & Service

Sometimes customers don’t want to use their credit or debit cards to shop at a dispensary and prefer to use cash as their payment method. Offering customers the option to pay with a card is as important as having a well-working, and well-serviced ATM for cash transactions. Custom-branded wraps are available.

Cashless ATM 

Cashless ATM solutions revolutionize the cannabis retail industry by offering numerous benefits to retailers. Retailers actively cater to a broader customer base, leading to increased sales and higher average ticket sizes per transaction when they offer cashless ATM options. Additionally, cashless transactions enhance security, reduce cash handling costs, and ensure compliance with financial regulations, actively providing greater transparency and accountability. 

Customers also benefit from the convenience of using cards. They additionally experience faster transactions and also enjoy a safer shopping environment. Integration with POS systems actively streamlines the payment process, while data analytics efficiently offer valuable insights for retailers to optimize inventory management and marketing strategies. Embracing cashless ATM solutions actively results in a more efficient, secure, and profitable retail operation for cannabis retailers. If you have any questions about setting up Cashless ATM solutions at your weed dispensary in Minnesota, Ian Rassman is the best person to consult.

Debit Processing

Due to federal restrictions, cannabis businesses traditionally ran on a cash-only basis, facing challenges in working with banks and traditional payment processors. However, cash transactions come with risks and inconveniences that hinder business growth and customer experience. The cannabis card processing solution Ian provides offers a convenient alternative for customers to pay for products, reducing the reliance on physical cash within your business. This streamlined approach enhances operational efficiency and improves the overall customer experience.

E-Check

In the legal cannabis industry, electronic payment processing can be challenging due to varying state regulations. Ian offers a game-changing solution that’s incredibly simple. Acting as an intermediary, we enable ACH and digital payments, freeing you from cash-only systems. Our affordable services streamline check and credit card transactions, both in-store and online, revolutionizing your business model and delighting customers.

E-commerce

Customers sometimes prefer using cash over their credit or debit cards when shopping at a dispensary. Therefore, providing the option for customers to pay with a card holds equal importance to ensuring a well-working and well-serviced ATM for cash transactions. Ian offers custom-branded wraps to enhance the experience.

Gift Card Programs

Ian Rassman can assist your company in implementing a gift card system. Thus allowing you to harness the potential profitability of shoppers spending over $25 billion on gift cards during the holiday season. This system strengthens marketing and sales while adding customer convenience to your weed dispensary or cannabusiness.

Minnesota Cannabis Payment Processing: Conclusion

With cannabis legalization on the rise, the industry is set to reach $30 billion by 2025. Retailers are rapidly opening eCommerce and brick-and-mortar dispensaries in legal states. However, compliance with regulations and limited access to banking pose challenges. Credit card payments are not possible due to the Card Brands restrictions. Ian can help provide your business with ATMs, Debit Cards, ACH/Bank Transfers, E-commerce processing, and other payment solutions.

Thank you for reading our guide to MN’s new legalization of weed and the landscape of future retailers seeking Minnesota cannabis payment processing solutions. Ian Rassman is here to address all your present and future cannabis banking needs as legalization continues to mature in Minnesota. Trust Ian Rassman for seamless and compliant solutions to unlock your cannabusiness’s full potential in this exciting market. Reach out now to pave the way for a thriving future in cannabis commerce.

Feel free to reach out to Ian via email at Ian@Rassman.com to schedule a free consultation.