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. 

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