US|Legal Marijuana: The $9 Billion Industry That Most Banks Won’t Touch

Imagine an industry with $9 billion in sales — equivalent to the entire snack market — where only 30% of businesses had a bank account. That’s the situation we face today in the legal marijuana business. Hardworking commercial operators are struggling to find banks that will work with them, forcing these entrepreneurs to conduct most business with cash. Serious security concerns and a lack of funding to scale these businesses are just two of the unfortunate outcomes.

While medical marijuana is legal in most U.S. states, it remains illegal under federal law, and is currently labeled a Schedule 1 drug under the Controlled Substances Act. That puts cannabis, a powerful plant offering significant medical benefits, on par with such harmful narcotics as heroin, at least in the eyes of the federal government.

Source: reposted by Cannabis News World . Original article by Kevin Murphy


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