With Jeff Sessions, will potted payments prosper?

As US Attorney General, Jeff Sessions was a vocal opponent of the legalization of cannabis sales. Now that Sessions has resigned – and states like Michigan, Utah and Missouri have voted in favor of legalization in mid-term – legal marijuana is poised to become a growing industry.

Sessions had adopted a tough line against legal cannabis, urging federal prosecutors to be more assertive in enforcing federal laws that might contradict more liberal state laws. At the beginning of the session, this position had an obvious effect as debit card processors ceased operations with some New England dispensaries.

As cannabis remains illegal at the federal level, merchants are unable to access the banking system and can not accept credit and debit cards. However, American card brands seem to want to penetrate this market. Last month, as Canada legalized sales of cannabis for recreational purposes, American Express, Visa and Mastercard rushed to handle these payments.

Sessions began pushing back the pot legalization last year, sending letters to congressmen asking them to repeal the Rohrabacher-Farr amendment that protected marijuana companies for medical purposes . The sessions also presented more than two dozen requests for medical research, frustrating the pot industry organizations.

Although Sessions' position has contradicted the Obama era's policy, the legalization of marijuana has its supporters on the Republican side. Former Speaker of the House, John Boehner, has notably joined the advisory board of a clinic holding company this year.

Earlier this year, Trump said he could support legislation allowing states to regulate their own cannabis industries.

Some observers said that the tough stance taken by the marijuana sessions had helped advance the discussions, but it was difficult to predict what his replacement would do. The chief of staff of the sessions, Matthew G. Whitaker, will become Acting Attorney General. In a previous letter, Whitaker had sent President Obama his resignation as US attorney for the South District of Iowa, citing Whitaker's commitment to "reduce the availability of methamphetamine, cocaine and cocaine." marijuana in our communities. "

The legal weed market is huge because consumer demand, pushed back for decades, is finally taken into account. Although Canada has legalized marijuana for recreational purposes only this year, it has authorized use for medical purposes since 2001; Mexico approved cannabis for medical purposes in June 2017.

According to Frontier Financial Group, companies have sold more than $ 7 billion worth of marijuana products for medical and recreational purposes in the United States in 2017. Even with Sessions as Attorney General, this figure is expected to rise to over from $ 10 billion in 2018 to over $ 24. billion in 2025.

Several companies are looking for ways to reduce the legal reliance of the cannabis industry on cash. CanPay offers a "Starbucks" mobile app for shopping. Alt Thirty Six has created a cannabis payment platform for marijuana dispensaries. Meanwhile, companies such as Tokes Platform and Dash are using crypto-currencies to solve the problem. GreenStar Payment Solutions has developed Cashless ATMs to meet the needs of merchants.

Pot stocks rose Wednesday at the announcement of Sessions' departure.

John Adams contributed to this article.