As States Legalize Medical Cannabis, Banking Remains an Issue

Starting a new business should be a rewarding and exciting experience. When your business is in the medical cannabis industry, it can be all that and more. But your experience can also be fraught with problems that other industries do not have to deal with. The lack of bank access is a good example. Did you know that the majority of medical cannabis dispensaries around the country are cash-and-carry operations? A few have managed to find partners willing to facilitate electronic transactions, but most deal only in cash. They have to for the simple fact that banks will not do business with them. The banking issue is directly related to marijuana being classified as a Schedule I controlled substance under federal law. Because of its status, businesses operating in the medical cannabis ...

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