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US drug control agency will move to reclassify marijuana

(apnews.com)
662 points JacobHenner | 9 comments | 30 Apr 24 17:32 UTC | HN request time: 2.776s | source | bottom
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mannyv ◴[30 Apr 24 18:15 UTC] No.40214223[source]▶
One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.
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andrewxdiamond ◴[30 Apr 24 18:24 UTC] No.40214371[source]▶
A lot of them have wiggled around this problem by offering “atms” at the cash register. You pay with a debit card, but it’s not a normal transaction, it’s an ATM withdrawal! I don’t understand how the money is vended to the business, but it keeps it out of the store
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1. wnevets ◴[30 Apr 24 18:45 UTC] No.40214642[source]▶
That's a fairly a common practice for cash only businesses, normally a different company is supplying the ATM and its cash. For example I've seen cash only ice cream shops with the same setup.
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2. mattmaroon ◴[30 Apr 24 20:33 UTC] No.40215958[source]▶
That's not what he's describing. In this case there actually is no cash or traditional ATM involved on-site. It's connected to the dispensary POS, not a physical ATM. (They often have a regular ATM like you describe also, though.)

So you do an ATM transaction, but the money goes to the dispensary somehow. I do not know how it works on the back end, but I've used it as a customer. It's lovely and can even be done over your phone.

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3. wnevets ◴[30 Apr 24 21:30 UTC] No.40216601[source]▶
Oh interesting. Does it appear on your end as a cash advance when using a credit card?
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4. andrewxdiamond ◴[30 Apr 24 21:36 UTC] No.40216668{3}[source]▶
Nope. ATM withdrawal. My bank even reimburses the ATM fee associated with it
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5. czscout ◴[30 Apr 24 21:43 UTC] No.40216727{4}[source]▶
An ATM withdrawal with a credit card is a cash advance.
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6. andrewxdiamond ◴[30 Apr 24 22:47 UTC] No.40217391{5}[source]▶
Oh my bad, read the question wrong. They just don’t support CCs. Debit only
7. cgriswald ◴[01 May 24 03:57 UTC] No.40219351[source]▶
Isn't that how a traditional ATM transaction works? You use the ATM and the money goes to the ATM owner (plus a fee). The only difference here is you get weed instead of cash.
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8. olyjohn ◴[01 May 24 19:40 UTC] No.40228309{3}[source]▶
Except at my dispensary, you can only do transactions in $10 increments. So if you buy $9.95 worth of stuff, you get a nickel back.
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9. cgriswald ◴[02 May 24 01:34 UTC] No.40231813{4}[source]▶
Yes, but any ATM tells the bank that you took out $10. The bank never sees the cash and the cash doesn’t belong to the bank. Substituting goods may or may not be allowed but the bank doesn’t know about it and customers are unlikely to complain to the bank.