Here's Why Marijuana Will Be An All-cash Business In New York

Jane co-founder Jeff Foster speaks with the media at the Cannabis Expo & Business Conference in June at the Javits Center in Manhattan.

When it arrives in New York, the medical marijuana industry will be an all-cash business. 

New York’s five companies licensed to grow and sell medical marijuana under the Compassionate Care Act must grapple with the security, safety, and legal challenges of dealing in cash because they can't keep it in banks like other businesses.

Federally regulated banks are often unwilling to work with clients whose money comes from the business of medical marijuana, the legality of which varies state to state. Licensees, dispensary employees, patients, and other affiliated vendors are therefore barred from using credit or debit cards, or holding bank accounts that contain money made from cannabis. The payroll and all business transactions go down in cash. Thousands and thousands of pounds of cash, sometimes...

Rate this article: 

This marijuana news is brought to you by 420 Intel. For the latest breaking cannabis industry news, subscribe to the 420 Intel newsletter. If you'd like to promote your product or service in this area after every article, contact us.