As the pandemic continues to grow, the cannabis industry does too. However, due to a new order from the Federal Reserve, the coin change is posing to be a problem for the cash-heavy cannabis industry. Since the cannabis industry lacks access to proper banking services, all cash inflow and outflow within the industry remains crucial.
If dispensaries run out of change very quickly, the cost will burden the consumer as the cost is rounded off to a whole dollar. Consequently, with transactions as ambiguous as they are in the cannabis industry, the added cost would soon jump up to a huge dollar.
National Cannabis Industry Association’s media relations director states, “Customers don’t want to see their purchase costs rounded up during these tough economic times or be forced to find exact change elsewhere, and businesses can’t afford to round down on every transaction”.
A situation as small as coins may result in a much bigger problem towards the overall economy.