AmEx Won't Accept Charges For Medical Marijuana
Those old Visa commercials used to highlight places where they "don't take American Express." Well for legal medical marijuana dispensaries, it looks like a reversal: American Express won't take them.
Starting April 30th, consumers using their American Express cards to buy medical marijuana received notice that their cards were declined. The rejection of the cards is due to American Express' decision to no longer allow purchases of such products with their cards. American Express made this move despite the fact that the purchase of medical marijuana is legal in 15 states.
The reasons for this is unclear--is AmEx scared of federal prosecution? Are they receiving too many fraudulent charges at the dispensaries? The Washington Independent says that Colorado Representative Jared Polis is going to try to remedy any potential misunderstanding:
Colorado Rep. Jared Polis has said he will introduce legislation that makes it clear that banks can maintain normal business relationships with legal medical marijuana businesses without fear that they are in violation of any federal laws.