18% In One Year, Banks Take Risk On A Different Type Of Green

Sundie Seefried, center, manages a division of credit union exclusively for marijuana entrepreneurs. So far, she has no regrets. The business has been a smashing success and federal interference has been minimal.

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 are often forced to deal entirely in cash. Here, a Colorado owner takes a picture of the week’s profits.

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
(The opinions in this article are the opinions of the author and do not necessarily represent the views of Southern Nation News or SN.O.)

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