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Illinois State Government Cannot Find a Bank to Handle Marijuana Cash

Submitted by Marijuana News on Mon, 06/22/2015 - 08:00

In January of 2014, legislation allowing for the use of marijuana to treat certain health conditions took effect in Illinois. As of last Wednesday, the state government has been unable to find a bank to handle the state’s tax and fee collections from the medical marijuana industry.

We have already noted the difficulties that industry players have finding banks willing to take their money. Big banks and credit card companies have stymied cannabis-related business because marijuana sales remain in violation of federal law and they do not want to take the chance. Some smaller banks have tried to serve marijuana businesses, but they have run up against high reporting requirements and regulatory expenses.

The state of Illinois adds to the difficulties because the law that permits the use of medical marijuana expires at the end of 2017 and dispensaries will only be able to begin selling marijuana later this...

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Illinois
United States

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URL: 
http://247wallst.com/consumer-products/2015/06/20/illinois-state-government-cannot-find-a-bank-to-handle-marijuana-cash/

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