A Cash Problem for the Cannabis Industry
Banks are leery about signing up marijuana dispensary owners as customers. Giving pot store owners checking accounts and credit cards could open the door to a federal investigation.
As a result, the cannabis industry is struggling with how to deal with the mountains of cash it takes in, which at best, is an inconvenience, and at worst is an easy target for robbers. Increasingly, dispensary owners are turning to a burgeoning mini-industry of “ganjapreneurs” who provide store security and payment systems.
“These guys are basically showing up at the tax assessor’s offices with duffel bags of cash to pay their taxes,” George Jage, publisher of Marijuana Business Daily, said in describing one of the odd consequences of being on the banking blacklist.
It’s a growing problem as the cannabis industry emerges from the shadows into semi-legality. Twenty three states and the District of Columbia have legalized medical marijuana, while recreational...
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