Marijuana prohibition never stopped marijuana sales. Blocking legal marijuana businesses from the legal banking system isn’t working, either.
The legal marijuana industry in the United States is awash in cash. Literally.
With reports that cannabis businesses generated almost $61 million in tax revenue for California in just the first quarter of recreational marijuana sales, it’s important to remember that the money moving through the marijuana financial system is almost 100 percent in cash. Why? Most banks won’t touch money from legal marijuana businesses because cannabis remains a Schedule I illegal drug at the federal level, meaning banks in the strictest sense risk committing crime providing the industry ordinary commercial banking services. That leaves marijuana entrepreneurs working in a cash-only world.
– Read the entire article at Entrepreneur.