(Reuters) â The U.S. cannabis business has a very particular cashflow problem â too much of it.
Marijuana can be sold legally in 36 U.S. states and the District of Columbia for medical use and in 15 of them and in D.C. for recreational purposes. But it s still illegal on a federal level, meaning most banks won t service the industry in case they fall afoul of money laundering laws.
With the Covid-19 pandemic and increasing legalization driving a surge in cannabis use, the sector s producers, manufacturers and retailers are awash in cash, adding risk and costs to the most basic business transactions from paying employees and filing taxes to finding somewhere to store their income.
U S pot sellers stash cash as banks leave them high and dry
wtaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wtaq.com Daily Mail and Mail on Sunday newspapers.
U S pot sellers stash cash as banks leave them high and dry
wtvbam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wtvbam.com Daily Mail and Mail on Sunday newspapers.
U S pot sellers stash cash as banks leave them high and dry
msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Swampscott heaps praise on Ron Mendes as assistant TA enters final days
Officials describe outgoing employee as unwavering, loyal, helpful and patient
Wicked Local
Before the town hired Ron Mendes as the town treasurer and tax collector in 2014, he was the business manager in the Newton Department of Public Works for a year and seven months.
Mendes recalled the job required what one might consider professional sleepovers and all-nighters during blizzards and nor easters. From the headquarters of the public works department, he helped coordinate and supervise the city’s snow-removal response.
“I would have to drive into Newton – which is a significant drive – before or during snowstorms,” recalled the Lynn native in a recent interview with The Swampscott Reporter over Zoom. “I had a cot that I slept on there – literally a cot in my office because I practically lived there through the duration of snowstorms.”