Mastercard Blocks Marijuana Transactions on Debit Cards, Citing Federal Law

Mastercard instructed banks to stop allowing marijuana purchases with debit cards due to federal prohibition.
Most banks already do not work with the cannabis industry because of federal illegality.
Mastercard's decision limits options for cannabis consumers and forces dispensaries to rely on cash.
Visa and other payment processors had previously restricted cannabis purchases.
There is some political momentum for allowing banking services for state-legal cannabis companies.