Tribal nations may want to stash your marijuana cash
The legal marijuana industry continues to grow as more and more states legalize the drug in some form. But despite the fact that the industry already generates billions of dollars in sales per year, marijuana entrepreneurs still struggle to find a way to store and manage all of the cash rolling in from the green rush.
The fact that weed is still very much illegal on the federal level means that most federally-regulated banks are reluctant to come close to any businesses that handle the drug personally, such as dispensaries or growing operations. But Bloomberg reports that the answer to the marijuana industry’s banking woes could be found in the form of a a banking system run by the more than 560 sovereign American Indian nations. The Bloomberg article focuses on Anthony Rivera, a Harvard-educated leader in California’s Acjachemen Nation, who wants tribal nations...
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