Canada: America's Next Marijuana Capital
In a number of states, the legal use of marijuana for recreational purposes is well on its way, but it remains illegal on a federal level. This is causing major problems for the industry’s emerging dealers. According to The Guardian, people like Andy Williams of Colorado are faced with numerous financial complications as a result of the situation. The First Bank of Colorado has closed his accounts and those of all his family members involved in the business. This effectively prevents him from attaining any financial help from the institution, forcing him to fund expansion through personal loans from friends and family. All his transactions have to be in cash, and his employees are faced with difficulties when applying for loans and mortgages as they have no proof of income. In addition to this, Williams estimates that he gives the IRS an additional $600,000 per annum regarding expenses which,...
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