The cannabis industry in the United States is currently experiencing a huge wave of momentum. Ten states and the District of Columbia now already legalized marijuana for recreational use, and all but four states now permit it at some level for medical use. Since most cannabis businesses operate on a cash basis, ATM machines are an excellent investment for marijuana dispensary businesses.
Why Cannabis Businesses Need ATMs
In the short time since individual states began legalizing marijuana, legal cannabis has exploded into a $10 billion industry, with projections running as high as $50 billion in the next ten years. However, dispensary owners still face some real challenges — largely because while states continue to legalize the substance, the federal government still has not. Credit card companies won’t process payments for cannabis, and federally backed banks can’t take dispensaries as customers, forcing these businesses to run almost exclusively on cash. Marijuana dispensaries need reliable ATMs so their customers have easy access to cash when they need it.
Considerations for Marijuana Dispensary ATMs
What are the best ATMs for marijuana dispensaries? The answers will vary based on size, location, and layout of your space, but generally speaking, you want to look for the following in an ATM machine:
- Time is money. When your customers lose access to cash, you’re losing sales. We recommend only using proven, reliable brands like Triton, Genmega or Hyosung with a proven track record of low maintenance issues.
- Since ATMs are basically portable bank vaults, you want your unit to be equipped with the latest security and anti-theft protocols.
- ATM machines come in a number of styles — standalone, kiosk, tabletop, and wall units. The kind you choose will largely depend on where you need to place your unit for maximum visibility and easy access.
Given the rise of cryptocurrencies, bitcoin ATMs can also be an excellent option for marijuana dispensaries. Rather than dispensing cash, these units are basically cryptocurrency exchanges that allow customers to purchase bitcoin or other cryptocurrencies using a credit card. The customer then uses the cryptocurrency to make a purchase.
Bottom line — if you run any type of marijuana dispensary business and you don’t provide your customers with an ATM machine, you’re basically leaving money on the table. Fortunately, getting an ATM is easier than you think. To learn more about how to get a cannabis dispensary ATM, call National ATM Wholesale at 1-866-295-2329.