By Jennifer Kane, Associated Press
(AP) — Blüm marijuana dispensary certainly doesn’t look like a food truck. There are no chicken wings or tacos at the Reno, Nevada store, just displays of bagged gum drops, jarred marijuana and oils and balms.
If you use your credit card, though, your statement will show that you just made a purchase at the “Midgrun Eats LLC food truck.”
Why? Canna-business experts say it’s a backdoor tactic to skirt federal banking regulations and boost business.
“It’s not even back door, it’s more like an upper window,” Jeremy Skaff, of Colorado-based Journey Business Solutions, told the Reno Gazette-Journal.
The “food truck” label might be the key to the business’s rare ability to take credit cards — an anomaly in the traditionally cash-only marijuana industry.
Blüm representatives declined to comment. But calls to all six Blüm marijuana dispensaries in Nevada and California confirmed they all take credit cards.
Visits and calls to all other dispensaries in Washoe County found no other dispensaries taking credit cards.
Because marijuana remains illegal at the federal level, regulated and insured banks typically refuse to deal directly with marijuana-related businesses. Business experts say the dispensary, owned by California-based cannabis titan Terra Tech, could face federal inquiry and banking fines.
AP Photo/Morgan Lee