Cannabis Banking Woes Widen

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For all the successful reforms and increasingly marijuana-friendly attitudes among politicians — not to mention a relentless, nation-wide cultural backlash against the failed policies of prohibition — most legal cannabis companies have remained stuck in a cash-focused industry, forced to tread a disastrously unfortunate line in regards to mainstream bank services.

In case you’ve missed it so far, this is a big deal: perhaps the biggest obstacle preventing cannabis from going irrevocably mainstream.

‘Dude, where’s my 401k?’

Since legalization first touched down in Washington and Colorado, there have been countless reports of cannabis companies waking up to realize their bank account had been shut down, or their credit cards canceled.

Mary’s Medicinals, however, has had a particularly brutal time in 2016. In addition to recently losing its Facebook community of more than 20,000 followers, the Colorado-based infused product manufacturer also lost its credit card processing, payroll services, and 401k — each offered through different banking institutions — within weeks of each...

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