Fine Print Reveals Apple Has Long Thrown Its Weight Behind Cannabis Normalization
Unlike Amazon which is vocal in its support of cannabis reform, Apple avoided making a big splash when it dramatically changed its stance toward the substance last summer. It was only recently that the media discovered the fine print in the App Store’s new guidelines that removes the prohibition of apps used for marijuana sales and deliveries.
The implementation of the new rules, though, is no easy matter as the usage of an app must be confined to those jurisdictions that have legalized marijuana sales. New technical solutions must be developed that would enforce “geo-fencing” and also make sure that only licensed businesses use the apps to sell weed online.
A Tide-Turning Moment
Apple joining the ranks of Amazon and Uber in its overt support of cannabis normalization comes at a time when a growing majority of Americans think it’s time to legalize the substance. The recent Gallup poll found that 68 percent of respondents want marijuana to be federally legal in one way or another.
The popular support is reflected in the change of attitudes toward the issue among the political class. It was only a couple of decades that cannabis became a subject of mainstream discussion, and there are already a number of initiatives that seek to finally end the prohibition on the national level.
The most recent one is the Cannabis Administration and Opportunity Act. It was proposed by the Democratic senators, but the idea enjoys bipartisan support as the Republicans have earlier suggested their own and hardly less comprehensive version.
Cannabis Market Needs Cutting-Edge Tech
Apple’s decision to stop fighting the inevitable is much more than a mere sign of a paradigm shift in our society. The nascent cannabis industry is in dire need of fintech solutions to continue its growth.
While the sector in general is booming, the developments in the way it is financed and the payments are processed are lackluster at best. Cannabis is still banned from platforms like Facebook and Google, and banks refuse to work with the industry for fear of federal prosecution. Only when it’s allowed to enjoy all the perks of modern banking and state-of-the-art fintech solutions, will the cannabis business soar.
