Jacob Sullum on Banks' Cannabusiness Conundrum
Last fall, Bank of America agreed to accept revenue from the license fees paid by marijuana growers, processors, and retailers in Washington. But Bank of America, like most financial institutions, does not accept deposits directly from marijuana businesses, which under federal law still qualify as criminal enterprises.
"The only way to really get banking is to not give the bank the entire story," one cannabusiness owner told Jacob Sullum. In "Marijuana Money in the Mattress," Sullum looks at how federal law leaves cannabusinesses with few financial options.