America’s burgeoning marijuana industry has a unique problem- where should entrepreneurs keep their money? Pot dispensaries now litter the nation, with some properties raking in six-figure profits every month. Banks have been notoriously reluctant to give accounts to businesses associated marijuana, but attitudes are changing rapidly.
There are now 400 banks serving the once-illicit industry, a massive 18 percent spike from last year. As more states legalize recreational marijuana, smaller banks are becoming more comfortable doing business with dispensaries.
“We’re definitely seeing more businesses in the industry getting banked every day,” said Aaron Smith, executive director of the National Cannabis Industry Association, a trade group.
Dispensary owners often deal with huge sums of cash. It’s both dangerous and impractical to constantly lug around tens of thousands of dollars. The business suddenly becomes a high-value target for thieves and money and time must be spent devising plans …
Read more at the Conservative Daily Post
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