Voters in Washington and Colorado just approved measures legalizing marijuana for recreational use. But businesses that want to sell marijuana in those states will face a problem: No bank wants to do business with them
Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.
So people who want to go into the marijuana business — who want to legally grow, distribute, sell marijuana in the state — are going to have to operate, basically, like drug dealers.
They're going to have to run a cash business.
Payroll is a mess. It's impossible to order supplies — baggies, lights, display cases — without a credit card. PayPal works for some things, but not for others.
Credit David McNew / Getty Images
Even if selling marijuana is legal under state law, it's still illegal under federal law. And banks and credit unions worry that this could get them in trouble.
So people who want to go into the marijuana business — who want to legally grow, distribute, sell marijuana in the state — are going to have to operate, basically, like drug dealers.
They're going to have to run a cash business.
Payroll is a mess. It's impossible to order supplies — baggies, lights, display cases — without a credit card. PayPal works for some things, but not for others.
Credit David McNew / Getty ImagesCopyright 2012 National Public Radio. To see more, visit http://www.npr.org/.
Source:
Banks balk at backing marijuana sellers, even when it's legal | KPLU News for Seattle and the Northwest
Link: http://www.kplu.org/post/banks-balk-backing-marijuana-sellers-even-when-its-legal
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