The marijuana industry faces a huge problem: Few banks will touch cannabis cash.
Even though big bucks are on the line — Colorado is predicted to pull in more than $140 million from taxes on marijuana sales in 2016 alone — marijuana is still classified as a Schedule I drug at a the federal level.
Most banks don’t want to deal with that kind of risk, forcing dispensaries to operate on an all-cash basis.
“There’s still a great stigma in the banking community around marijuana. It’s palpable,” says Jeff Foster, a cofounder of Jane, a startup that provides hardware and software for cash-management solutions for marijuana companies.
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