Mastercard Blocks Debit Card Purchases of Cannabis on Its Network

The move is 'another nail in the coffin,' Reepher CEO says.

cannabis gummies and marijuana plant
(Image credit: Getty Images)

Marking another setback for the marijuana industry, Mastercard recently sent cease-and-desist letters to banks and payments processors that assisted in the purchase of legal cannabis.

In the letters, the credit card giant told the recipients to suspend accepting marijuana transactions using PIN debit cards on its network, according to a July 26 Bloomberg report.

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Kathryn Pomroy

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.