Most banks want nothing to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, but 33 attorneys general are urging Congress to open banks' door to marijuana businesses.
Many cannabis businesses can operate only in cash — sometimes vast amounts — making them ripe targets for crime.
Most Americans live in states where marijuana is legally available in some form. But most banks want nothing to do with money from the cannabis industry for fear it could expose them to legal trouble from the federal government, which still considers marijuana illegal.“This is simple: not incorporating an $8.3 billion industry into our banking system is hurting our public safety and economy,” said California Atty. Gen. Xavier Becerra, whose state is the nation’s largest legal pot shop.
The conflict between state and federal law has left many growers and sellers in the burgeoning pot industry in a legal dilemma, shutting them out of everyday financial services such as opening a bank account or obtaining a credit card. It also has forced many businesses to operate only in cash — sometimes vast amounts — making them ripe targets for crime.
The number of banks and credit unions willing to handle pot money is growing, but they still represent only a tiny fraction of the industry.
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