Hawaiʻi’s Licensed Medical Cannabis Dispensaries Weigh in On New Banking Solution
Hawaiʻi Educational Association for Licensed Therapeutic Healthcare or HEALTH has long been involved in seeking banking options for Hawaiʻi’s nascent medical cannabis dispensaries.
In a statement issued today, the trade association for Hawaiʻi’s licensed medical cannabis dispensaries expressed appreciation for the leadership of Governor David Ige and Hawaiʻi Financial institutions Commissioner Iris Ikeda that culminated in yesterday’s announcement that the state had secured a banking solution for its legal cannabis industry.
“We join thousands of Hawaiʻi registered medical cannabis patients in thanking them for paving the way for this simple, safe alternative to cash-only sales,” the statement read.
Partner Colorado Credit Union’s Safe Harbor Private Banking Program is a pioneering program that takes on the regulatory burden required for our industry to be in compliance with federal guidelines so that state-licensed cannabis dispensaries can access banking services. Because these services are unavailable in Hawaiʻi, the association said it is grateful that Colorado has stepped up to help.
The CanPay debit payment application is an alternative to cash payments that will be offered for patients and dispensaries alike. Unlike a credit or debit card, payment will be instantly transferred from the patient’s existing bank account to the dispensary’s account in Colorado to facilitate a cashless purchase.
“We recognize that the success of Hawaiʻi’s medical cannabis dispensary program is directly linked to the ability of patients to have safe access to cannabis products to help manage their medical conditions. As employers, we also want to ensure our employees enjoy a safe work environment. These options take us in the right direction at the right time,” according to the HEALTH statement.
“Hawaiʻi’s aspiration to have a predominantly “cashless system” for all medical cannabis dispensaries is admirable. However, it is important to clarify that progress toward this goal will take time. We will work with all stakeholders to successfully implement the proposed system,” the statement read.
HEALTH representatives say the few patients who choose not to participate in a program that requires checking account transfers will still be able to make cash purchases in all Hawaiʻi-licensed medical cannabis dispensaries.
“Qualified patient access and compassion are two key tenets to any successful medical program,” HEALTH representatives said.