The marijuana industry is picking up as legalization sweeps the country, but there are still some wrinkles to be ironed out.
Business clients with Scotiabank, Royal Bank scramble to find other financial institutions.
The marijuana industry faces a huge problem: Few banks will touch cannabis cash.
The Senate Appropriations Committee voted on Thursday to allow banks to provide financial services to legal recreational and medical marijuana dispensaries, according to The Denver Post.
The media glare after January’s jailbreak revived buzz over a separate, sensational crime: the brutal kidnapping and torture of a local pot shop owner.
Credit union designed to serve the state’s pot industry can’t take deposits or issue credit
Two months from now, on July 1, Oregon will become the fourth state to allow residents to legally purchase marijuana for recreational use.
In the U.S., possessing and selling marijuana is a federal crime, so banks have ignored this emerging market. In Canada, financial institutions are beginning to back corporate cannabis producers.
Banks that accept money from legal Illinois marijuana growers won't "come on our radar for prosecution" if they are "careful" and "transparent" and "follow the laws," U.S. Attorney Zach Fardon said.
Colorado is missing $21.5 million in pot taxes.