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As New York legalizes marijuana use, state-based banks could see a boom in related businesses seeking services
When New York became the 15
th state to legalize recreational cannabis, the move added to a growing number of states willing to enter this bustling market. Recreational marijuana sales are expected to eventually generate $350 million in yearly tax revenue and billions of dollars in annual sales.
But there are still complications, especially for financial institutions servicing marijuana-based businesses.
Marijuana is still considered illegal as a Schedule 1 drug by the federal government. Financial institutions therefore are prohibited from providing banking services to businesses that violate any federal law. And while New York-based marijuana businesses will be legal under
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