The Nevada Legislature has sent a bill authorizing the creation of a closed loop payment processing system for the cannabis industry to Governor Sisolak for his signature.
AB466 authorizes the creation of an electronic payment system for the cannabis industry by July 1, 2020. The closed loop payment processing system will be operated as a pilot program by the State Treasurer.
The voluntary system allows customers, medical marijuana patients, and marijuana establishments to establish accounts using a mobile app or a card. The accounts can be used to engage in financial transactions related to marijuana. The system would provide the state with real time recordkeeping, and will provide the cannabis industry with an electronic business-to-business payment platform.
Nevada will charge fees that are sufficient to cover the cost of administering the pilot program, which will also be used by the industry to electronically pay state taxes.