GROWING CONCERNS FOR MARIJUANA BANKING
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The subscription service is currently unavailable. Please try again later.Many marijuana businesses are running solely on cash operated businesses, having to pay tens and hundreds of thousands of dollars in cash money for protection, utilities and employee payouts. This is causing a safety concern for those that partake in the marijuana industry forcing them to carry high amounts of cash at all times quickly becoming targets for criminals.
Banks are wary of dealing with cannabusinesses because of the fear of being prosecuted for conspiring money laundering under federal law. Many banks have been refusing businesses due to this issue. The banking problem is even spilling over in to state politics regarding marijuana laws.
Deborah Rey, a Maryland delegate who opposes the Marijuana Control and Revenue Act of 2015, questions the banking industry stating the federal status is keeping her from supporting the act.
The Marijuana Control and Revenue Act of 2015 would allow the personal cultivation and recreational legalization of cannabis...
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