Seeing green: More banks willing to deal with legal marijuana businesses
As more states contemplate legalizing recreational marijuana, the businesses that pop up are going to need banking solutions. Fortunately for them, more US banks are becoming willing to dabble in the cannabis trade.
Over the last two years, the number of banks and credit unions open to dealing with marijuana businesses has increased by almost six times, the Associated Press reported, citing federal data. Back in March of 2014, only 51 banks and credit unions in the country were willing to deal with cash from pot businesses, but the number now stands at 301.
The large increase is surely due, in part, to the momentum that supporters of legalization have gained over the years. Since 2012, four states – Washington, Colorado, Oregon and Alaska – and the District of Columbia have legalized recreational marijuana. This year, several states, including California and Nevada, could vote to permit casual pot use as...
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