Medical marijuana dispensaries are required to apply for and obtain licensure from the DHSS before opening. If the application is approved, you will be required to pay a fee of $6,000 to $10,000. This will vary based on the type of license you are applying for.
Missouri charges extremely low taxes on cannabis sales, but this number is likely to increase when recreational cannabis is approved. Dispensaries must pay a 4% tax on all medical cannabis sales. You have to remit payment to the Missouri Department of Revenue on a monthly basis. Failing to do so can result in substantial financial repercussions for your business.
The best way to protect yourself from reporting errors is to partner with a Missouri payment processing team like Paybotic. We provide detailed transaction reports and can even assist in maintaining compliance with state guidelines.
Need further clarification on how payment processing laws in the state of Missouri can affect your cannabusiness? Contact a Paybotic representative today.
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All of these services can streamline the customer experience and help you more accurately track transactions. We have a proven record of success and are experienced at navigating the complex restrictions placed on high-risk merchants.
We have an unwavering commitment to the success of our clients. The benefits of partnering with Paybotic are:
If you are ready to optimize the earning potential of your business, then you need to partner with Paybotic! Contact us at the link below for more information.