Tommy Chong’s solution for pot’s banking problem

Tommy Chong, the man most famous for pot-infused “Cheech and Chong” movies and whose name is already on marijuana deodorizing wipes, is putting his name on a few other things, including a loyalty and payments card and a strain of marijuana.

The Tommy Chong Green Card is being marketed as a payments solution for medical marijuana dispensaries and recreational marijuana retailers that are now largely operating as all-cash businesses because of U.S. banking laws.

The cards sell for $19.95 each and must be loaded using cash — not a credit or debit card.

Most marijuana shops operate using cash instead of bank accounts and credit cards because marijuana, while legal in some form in 23 U.S. states, is still illegal on a federal level. Many banks worry they’ll run afoul of federal banking laws by working with legal marijuana businesses.

“Right now the toughest thing for the industry is how to deal with the cash problem,” Chong said.

– Read the entire article at Yahoo.

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