Despite a total of 28 states having now legalized marijuana in some form, the U.S Drug Enforcement Administration still classifies cannabis as a Schedule 1 substance, alongside heroin and LSD. With this mind, it has been hard for the banking industry to support legal marijuana businesses.
Because such businesses have fewer options in opening bank accounts with national banks, they are pressured to accept cash payments, making them vulnerable to all of the issues associated with operating a cash business. Cash transactions make cannabis businesses prime targets for theft and break-ins, not to mention the gap left open for…
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