Legal pot is an all-cash deal since banks are wary
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The subscription service is currently unavailable. Please try again later.The legal marijuana industry bears one major likeness to the black market: It’s an all-cash business.
Even in the four states that have legalized marijuana, banks generally have refused to open accounts for store owners, growers and owners of ancillary enterprises. Without a gateway into the banking system, owners of legal-marijuana businesses cannot write checks, access online banking tools or directly deposit paychecks. They must pay employees, suppliers and even the tax man the old-fashioned way – with currency.
Proponents of Ohio’s Issue 3 say that if voters legalize marijuana Nov. 3, the industry could explode by 2020 to more than $2 billion. That number, plus the size and political clout of the Buckeye State, could finally push the federal government to allow banks to handle money from legal marijuana without risk of prosecution.
Right now, “It’s basically perceived as money laundering,” said James Thurston, vice president of public relations...
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