Work Item
ASTM WK86606
New Guide for Payment Processing Compliance in US Regulated Cannabis Industries
1. Scope
This standard guide recommends payment provider requirements to conduct financial transactions in jurisdictions in the US where regulated cannabis-related businesses are licensed to operate. The recommended requirements are intended to comply with US federal banking requirements. This standard provides a framework for jurisdictions to maintain an approved list of payment providers and establishes the functional standards a payment provider must meet to be approved. This standard is not intended to address financial transactions for hemp related businesses in the US or cannabis related businesses in jurisdictions outside of the US.
Keywords
banking; cannabis; finance; payment provider
Rationale
This standard provides the newly regulated cannabis industry with guidance for payment providers to provide services to cannabis-related businesses. The restrictions that prevent the industry from using common financial services creates a cash environment that presents many financial and safety risks. This standard can be used by payment providers to establish the policies and procedure to provide financial services to cannabis-related business and by regulators to establish administrative regulations.
The title and scope are in draft form and are under development within this ASTM Committee.
Work Item Status
Date Initiated: 05-31-2023
Technical Contact: Ed Nodland
Item: 001
Ballot: D37.10 (23-01)
Status: Will Reballot Item
Item: 002
Ballot: D37 (23-08)
Status: Negative Votes Need Resolution