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US legal marijuana sellers stash cash as banks leave them high and dry

505 An employee holds a jar of marijuana on sale at the Greenstone Provisions after it became legal in the state to sell recreational marijuana to customers over 21 years old in Ann Arbor, Michigan, US, December 3, 2019. Reuters May 24 The US cannabis (marijuana) business has a very particular cash-flow problem too much of it. Marijuana can be sold legally in 36 US states and the District of Columbia (DC) for medical use and in 15 of them and in DC 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.

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US pot sellers stash piles of cash as banks refuse them

US pot sellers stash piles of cash as banks refuse them Reuters The US cannabis business has a very particular cash flow problem too much of it. Marijuana can be sold legally in 36 US states and the District of Columbia for medical use and in 15 of them and the district for recreational purposes, but it is still illegal on a federal level, meaning most banks do not 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.

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US pot sellers stash cash as banks leave them high and dry

(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.

New yorkUnited statesDistrict of columbiaNew mexicoLos angelesRachel prossGilbert milam jrChris driessenBryan haleGeorge floydSenate majority leader chuck schumerOperational security solutionsMaps credit unionWellness incUs navyWorldwide inc

U S pot sellers stash cash as banks leave them high and dry

U S pot sellers stash cash as banks leave them high and dry
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U S pot sellers stash cash as banks leave them high and dry

U S pot sellers stash cash as banks leave them high and dry
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