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.

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