Why marijuana businesses can’t get a checking account

Why marijuana businesses can’t get a checking account

By Jeff Ostrowski, The Palm Beach Post, Fla.
McClatchy-Tribune Information Services

Aug. 23–Marijuana dispensaries are awash in green — not just cannabis but also the stacks and stacks of cash they receive for their product and can’t deposit in a bank.

In Colorado, Washington and other states that have legalized marijuana, dispensaries are all-cash businesses with nowhere to stash their money but safes. If Florida voters approve a medical marijuana referendum in November, they could create an industry that generates hundreds of millions of dollars in revenue, much of it held outside the formal banking system.

http://insurancenewsnet.com/oarticle/2014/08/23/why-marijuana-businesses-cant-get-a-checking-account-a-547167.html#.U_y5pUs2Xtk






Comments are Closed